Virtual ban on fresh recruitments: Assocham

Hit by the economic slowdown, India Inc has virtually stopped fresh recruitments to cut costs, an industry lobby said.

Around 90% of over 150 human resource (HR) officials, participating in an internal seminar organised by the Associated Chambers of Commerce and Industry of India (Assocham) said there was a “virtual ban on fresh recruitments in private sector as attrition rate has subsided in almost all sectors”.

They said the HR departments were under severe pressure to come up with new strategies to cut costs as Indian corporates are now trying to avoid lay-offs and restructure operations with a “human face”.

“In order to compensate against lay-offs, the management in majority of the cases is being advised by HR professionals to curtail to a legitimate extent of 10-15% wage cuts in total emoluments at middle and senior middle level and that of 25-35% at senior levels,” said Assocham president Sajjan Jindal. READ MORE…

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