Cost Cutting !!!!!
Economic depression bought change in few million life's across the globe. It changed the outlook of companies, investors, employer, employee and lost but not least it changed the life style.
If you can, name an industry which is not hit by Economic meltdown.
There is Low (NO) confidence in market. As you know all businesses are links in cycle chain. If one link breaks it will stall the progress of others. The worst hit was received by Banking and Finance sector, not a surprise, as it is the place where it all started.
Measures taken by some companies during this time:
New recruitment Freeze
Reduction in employee strength. (job cuts)
Less number of promotions or No promotions (TCS, Wipro etc.,)
Strict policy in Travel approval
Sabbatical leave offers by employers to employees (Infosys & Satyam)
Extension of Christmas & New year holidays. Forced leaves !!! (SAP)
Variable pay portion become volatile.
Less salary hike or No hike (TCS is best example followed by many others)
No A/C (Some tech companies in Hyderabad did this !!!)
No refreshments in Cafeteria (Google India)
No voice mail service in Office (Kodak did this, can you believe.)
Strict policies on Tele meetings and Live meetings cost.
Less cost spent on Advertising, brand building and New IT projects. (almost all companies)
Some Libraries in US stopped working on Sunday to cover the costs.
All in All this crisis touched every family across the world. Starting from road side shop till Billion Dollar companies.
If you can, name an industry which is not hit by Economic meltdown.
There is Low (NO) confidence in market. As you know all businesses are links in cycle chain. If one link breaks it will stall the progress of others. The worst hit was received by Banking and Finance sector, not a surprise, as it is the place where it all started.
Measures taken by some companies during this time:
New recruitment Freeze
Reduction in employee strength. (job cuts)
Less number of promotions or No promotions (TCS, Wipro etc.,)
Strict policy in Travel approval
Sabbatical leave offers by employers to employees (Infosys & Satyam)
Extension of Christmas & New year holidays. Forced leaves !!! (SAP)
Variable pay portion become volatile.
Less salary hike or No hike (TCS is best example followed by many others)
No A/C (Some tech companies in Hyderabad did this !!!)
No refreshments in Cafeteria (Google India)
No voice mail service in Office (Kodak did this, can you believe.)
Strict policies on Tele meetings and Live meetings cost.
Less cost spent on Advertising, brand building and New IT projects. (almost all companies)
Some Libraries in US stopped working on Sunday to cover the costs.
All in All this crisis touched every family across the world. Starting from road side shop till Billion Dollar companies.
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