 "Slowdown: Layoffs and work-from-home begin")
If you don’t believe what experts say about the slowing economy, just wait for your company to take away your benefits. An immediate effect of the dreaded recession or R-word is when companies pull-back employee benefits and reduce hiring.
In one such initiative, RPG Group-owned IT services company Zensar said that it wants to have 30 percent of its employees working from home reported Business Standard.
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This would restrict the company’s expenditure on capacity creation and the investment it would require to make in infrastructure.’ The company has nearly 200 people working from home in Pune, it is in the process of introducing the practice in Hyderabad, its second largest centre in the country and it plans to add close to 200 people who will work remotely in their Bangalore centre’, the BS report said.
Experts say that this is one of the first cost-cutting measures companies resort to. “Companies are squeezing costs in a direct fashion. The IT sector is definitely seeing a decline in hiring. The ‘work-from-home’ scheme generally reduces cost by half,” said CEO of Bangalore-based HR firm, Absolute International in a phone interview with Firstpost.
Banerji without disclosing names indicated that a large global bank will be laying off 350 people soon and some pharma companies are also looking at laying off their research personnel. “During times of recession, companies generally lay off people or department they consider as unproductive,” he said.
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