Thursday, December 25, 2008


At this point of global meltdown, recession all are tightening belts to battle the economic squeeze. Most companies have implemented to cut cost. Lets join hands together to implement. Here are some tips to follow up.

Air travel…. - Flying has become too much of a luxury even for the well heeled. Corporate honchos have been forced to downgrade from the luxuries of business class to humble economy. Go in for Video Conferencing and reduce your travel.

Bonus down…. – Compensate staff by non-monetary incentives, such as paid time off.

Car drop has become drop car for major companies. Refrain from all the luxuries of hiring taxis.

Downsizing. Reduce number of junior staff. Rather try to combine work.

Energy Conservation. .- Switch off the lights when not in cabins or wherever you find it lighting unnecessarily. Usage of “sleep” function in computers to save computing power.

Fax …..- Curb the costs on messages to be delivered through fax instead use emails for all communications.

Guest Entertainment ….-.Say good bye to five star hotels as company guest houses are in. Don’t impress clients by expensive dinners and leaving the company to pick up the tab.

Hit the classroom. Instead of hiring permanent staff when you need more hands on deck, tap local colleges and universities for interns.

Inventory…Say no to fresh inventory. Rather try to utilize the existing inventory to the maximum.

Join forums and stay updated with latest events and trends in the market rather than going in for expensive conferences, training sessions.

Keep your pockets tied, not only the professional way but on personal front also. Say no to extravagancies, partying, entertainments.

Look for free software. Try hundreds of application through trial downloads, freeware and even limited versions of the full product

Man power suppliers cost…..- Try to reduce hiring from manpower consultants.

No hangovers, get together, partying at companies cost.

Overtime – Invest more in planning to prevent situations in which employees must work overtime to complete projects.

Put forms online. Make frequently used documents accessible on an internal server to avoid having to reprint them each time.

Quantum cuts in perks and salaries. Get ready to forgo your LTA, reimbursements for petrol and cell phones.

Recruitment - may be stopped for a while. Recruitments, if necessary can be done through employee referrals.

Scale back on costly team-building events. Rather, consider volunteering as a group. This will boost morale and offer employees the chance to give back during tough times.

Telephone - usage is also down by encouraging Voice Over Internet Protocol.

Utility cost – Reduce utility costs like gas, electricity, DG sets etc.

Video conferencing has replaced travel in leading firms.

Wastage is banned. Be it food wastage, electricity, stationery etc.

Xerox machines are vanishing from offices. Impose restrictions on the number of photocopies and printouts.

Yes to more responsibilities, multitasking.

Zero … the size of your bonus this year, that’s if you still have the job.

Ref: HR Funda

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