Corporate India tones down office events to control cost

MUMBAI: Amidst the on-going downturn, Corporate India has been toning down the office events to bare minimum, if not completely doing away with them, as a cost control measure, but curtailment of executive travel still tops in the priority list for them for streamlining costs.

"Unfortunately, office events which facilitate employee bonding or team bonding like staff picnics, annual day celebrations, etc which were considered very crucial in the good times have now been curtailed completely or have been toned down to the bare minimum. 43 per cent of respondents have already implemented this step," recruitment solution provider EmmayHR said in its recent report.

EmmayHR, now owned by the Randstad Holding nv, carried out an on-line survey to take a stock of the current HR challenges by Corporate India in which 921 top-notch decision makers across sectors in five cities took part.

"Cost control is clearly the first step that companies are resorting to during these tough times. As many as 63 per cent respondents mentioned that executive travel tops in the list towards streamlining costs and air travel is done only if it merits physical presence of the executive," the survey revealed.

The focus on cost control notwithstanding, Indian corporates are not oblivious of motivating employees as 63 per cent of the respondents felt it essential to applaud the achievements of high performers not only to encourage them to sustain their performance but also inspire others to come up to the curve.

"While the idea may not be unique or new but the methods of applauding moves from being purely commercial to elements which have higher perceived value," it said, adding that some companies were encouraging employees to work out of home.

Respondents, at the same time, believe that repurposing talent is a great way to tide over the crisis as 62.5 per cent prioritized it in the third rank among the 11 measures they want to initiate in their firms.

"Organisations across sectors are re-looking at their existing human talent and assigning additional or new duties or roles to them. While the term, repurposing talent, may have some negative connotations, organizations are exploring every possible option to become lean and profitable by controlling costs," it said.

But, they are not averse to retain stars, but more encouraged to do so now, as the companies were banking on them to tide over the slump and emerge as a strong player when the economic graph turned upwards.

"Given the current scenario, every company is banking on their rainmakers. If there was a need for retaining stars, it is now!" the survey said.

Over 53 per cent of the respondents believe that involving the high performers in the management decision making was the key to it, the survey said adding, "This not only gives them a higher sense of involvement but also has their buy in for the implementing any strategic decision".