Industry & Economy
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Human Resources
‘Lay offs, not an intelligent option’
Our Bureau
New Delhi, Nov. 27 The global economic crisis, which is compelling companies to cut costs by retrenching their work force, was criticised by Mr Jitesh Khosla, Joint Secretary, Ministry of Corporate Affairs, Government of India.
He said, “Enterprises are cutting costs by issuing pink slips. This is not an intelligent option as human element is the potent mode to augmenting commerce when the economic cycles restore, providing a competitive edge,” addressing an event organised by the Confederation of Indian Industry on total cost management.
“Over the last 20 years India has seen an era of unprecedented growth, but has not encountered downturn. This calls for adopting smart strategies by concentrating more on the bottom of pyramid, which exposes commerce to a whole universe of growth,” he added. According to Mr Gary Cokins, Global Products Marketing Manager, SAS Institute Inc (USA), and one of the speakers at the seminar, “Budgets allocated for the sales and marketing department should be treated as a scarce resource. The finance department should help sales and marketing department in generating high long-term profits by optimally utilising the allocated budget. A shift in the CFO’s emphasis can be of tremendous importance for the companies to target better customers.”
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