In order to cut costs to deal with the global credit crunch, the new recruitments have been put on hold by Indian corporates, says a study by industry body Assocham. 90 per cent out of 150 Human Resource professionals interviewed, said that the fresh recruitments is put on a virtual halt in the private sector as attrition rate has almost subsided in all sectors of economy.
The study also put light on the HR front as the HR professionals are under severe pressure for working out innovative ways and means to cut the unnecessary organizational frills as well as reduce the fringe benefits such as bonus and other allowances, besides curtailment in administrative costs. In order to avoid layoffs, the HR professionals have advised wages cut to the management in the range of 10-15 per cent at middle and senior-middle levels while 25-35 per cent at senior levels.
The study also put light on the HR front as the HR professionals are under severe pressure for working out innovative ways and means to cut the unnecessary organizational frills as well as reduce the fringe benefits such as bonus and other allowances, besides curtailment in administrative costs. In order to avoid layoffs, the HR professionals have advised wages cut to the management in the range of 10-15 per cent at middle and senior-middle levels while 25-35 per cent at senior levels.
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