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Shri Vile Parle Kelvani Mandals

Mithibai College of Arts, Chauhan Institute of Science &


Amrutben Jivanlal college of Commerce and Economics
Vile Parle (West) Mumbai 400056

A STUDY ON

SUBJECT TOPIC
IN THE SUBJECT
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SUBMITTED BY
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UNDER THE GUIDANCE OF


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UNIVERSITY OF MUMBAI
FOR
MASTER OF COMMERCE PROGRAMME (SEMESTER - I)
YEAR: 2014-15

Shri Vile Parle Kelvani Mandals


Mithibai College of Arts, Chauhan Institute of Science &
Amrutben Jivanlal college of Commerce and Economics
Vile Parle (West) Mumbai 400056

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submitted by-----------, student of M.Com. Part - I (Semester I) for the academic year 201415. This project is original to the best of our knowledge and has been accepted for Internal
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DR. DILEEP V. KAMAT

Shri Vile Parle Kelvani Mandals


Mithibai College of Arts, Chauhan Institute of Science &

Amrutben Jivanlal college of Commerce and Economics


Vile Parle (West) Mumbai 400056

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----------- for the subject------------ submitted by me for Semester I of the academic year
2014-15, is based on actual work carried out by me under the guidance and supervision of
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First and foremost I seek the blessings of my beloved teachers who keep lot of expectations on
me and showering their infinite love for ever.
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challenging project, which has enhanced my knowledge about the-----------.
I show my gratitude to the Principal, Vice Principal and Co-ordinator of Mithibai College who
gave me a lot of moral support and under their guidance I was successfully able to complete my
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And with deep sense of gratitude I would like to thank Prof. --------------for his immense help
and co-operation.

CHAPTERS
1
2
3
4
5
6
7

PG NO.
4
6
27
29
30
32
32

PREFACE
EXECUTIVE SUMMARY
INDUSTRY PROFILE
OBJECTIVE OF STUDY
SCOPE AND PURPOSE
CONCLUSON
RECOMMENDATION

INDEX

PREFACE
As employee Retrenchment has become increasing everywhere in recent years, the
study of this phenomenon has assumed greater significance. This article develops an
integrative framework that incorporates environmental and organizational antecedents
as well as the implications of Retrenchment for individuals and organizations. Key
empirical studies are reviewed and major patterns and contradictions are identified. The
authors identify and discuss theoretical and methodological concerns related to the
extant literature and provide recommendations for future research aimed at developing
a better understanding of employee Retrenchment.
The thing that people need to remember is that Retrenchment may be back on the front
pages, but the Retrenchment never slowed down. Retrenchment has been a constant
and regular feature of the new working world, and it will continue to be.

EXECUTIVE SUMMARY
Meaning of retrenchment
Retrenchment is something akin to downsizing. When a company or government goes through
retrenchment, it reduces outgoing money or expenditures or redirects focus in an attempt to become
more financially solvent. Many companies that are being pressured by stockholders or have had flagging
profit reports may resort to retrenchment to shore up their operations and make them more profitable.
Although retrenchment is most often used in countries throughout the world to refer to layoffs, it can also
label the more general tactic of cutting back and downsizing.
Companies can employ this tactic in two different ways. One way is to slash expenditures by laying off
employees, closing superfluous offices or branches, reducing benefits such as medical coverage or
retirement plans, freezing hiring or salaries, or even cutting salaries. There are numerous other ways in
which a company can employ retrenchment. These can be non-employee related, such as reducing the
quality of the materials used in a product, streamlining the process in which a product is manufactured or
produced, or moving headquarters to a location where operating costs are lower.
The second way in which a company may practice retrenchment is to downsize in one market that is
proving unprofitable and build up the company in a more profitable market. If one market has become
obsolete due to modernization or technology, then a company may decide to change with the times to
remain profitable.
States or governments may also use retrenchment as a means to become more financially stable. In
capitalist nations, retrenchment is effected by lowering taxes in the hopes of pumping more money into
the economy. This tactic is always healthily debated throughout all levels of government. When applied to
governments, retrenchment may also refer to a state cutting costs by making jobs obsolete, closing
governmental offices, and cutting government programs and services. However, this is not a classic
example of retrenchment, because when expenses are cut in one area, politicians tend to re-direct them
to other areas.
Employees are often the casualty of retrenchment, as the tactic does not take their interests into account.
They are often considered simply as commodities that are either profiting or costing the company, and are
therefore either a necessary expense or a financial liability.

Definition of retrenchment
Retrenchment (French: retrenchment, an old form of retranchement, from retrancher, to
cut down, cut short) is an act of cutting down or reduction, particularly of public
expenditure.
According to the Industrial Disputes Act, 1947, retrenchment is the termination by the
employer of the service of the work- man for any reason whatsoever, otherwise than as a
punish- ment inflicted by way of disciplinary action, but does not include (a) voluntary
retirement of the workman, (b) retire- ment of the workman on reaching the retirement
age of superannuation, or (bb) termination of the service of the workman as a result of the
non renewal of his contract of employment, or (c) termination of the service on the
ground of continued ill health.
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There are five activities that characterize retrenchment:


Captive Company. Essentially, a captive company's destiny is tied to a larger company.
For some companies, the only way to stay viable is to act as an exclusive supplier to a
giant company. A company may also be taken captive if their competitive position is
irreparably weak.
Turnaround. If your company is steadily losing profit or market share, a turnaround
strategy may be needed. There are two forms of turnarounds: First, one may choose
contractions (cutting labor costs, PP&E and Marketing). Second, they may decide to
consolidate
Bankruptcy. This may also be a viable legal protective strategy. Bankruptcy without a
customer base is truly a bad place. However, if one declares bankruptcy with loyal
customers, there is at least a possibility of a turnaround.
Divestment. This is a form of retrenchment strategy used by businesses when they
downsize the scope of their business activities. Divestment usually involves eliminating
a portion of a business. Firms may elect to sell, close, or spin-off a strategic business
unit, major operating division, or product line. This move often is the final decision to
eliminate unrelated, unprofitable, or unmanageable operations.
Liquidation. This is very simple. Take the book value of assets, subtract depreciation
and sell the business. This may be hard for some companies to do because there may
be untapped potential in the assets.

Meaning of recession
In economics, a recession is a business cycle contraction, a general slowdown in economic activity.
During recessions, many macroeconomic indicators vary in a similar way. Production, as measured by
Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household
incomes, business profits and inflation all fall during recessions; while bankruptcies and the
unemployment rate rise.
Recessions generally occur when there is a widespread drop in spending often following an adverse
supply shock or the bursting of an economic bubble. Governments usually respond to recessions by
adopting expansionary macroeconomic policies, such as increasing money supply, increasing
government spending and decreasing taxation.

INTRODUCTION TO THE BUSINESS SCENARIO OF BPO


BPO [Business Process Outsourcing] has been the latest mantra in India today. As the
current sources of revenue face slower growth, software companies are trying new
ways to increase their revenues. BPO is top on their list today. IT services companies
are making a quick entry into the BPO space on the strength of their existing set of
clients. We hope to address all issues related to BPO in India on this portal.
We will attempt to explain what it takes to setup a BPO facility in India. Actually, setting
up a call center is capital intensive. An ordinary BPO center that takes care of pure back
office operation [e.g. payroll, data entry] will not be as expensive as a call center.
The philosophy behind BPO is specific, do what you do best and leave everything else
to business process outsourcers. Companies are moving their non-core business
processes to outsource providers. BPO saves precious management time and
resources and allows focus while building upon core competencies. The list of functions
being outsourced is getting longer by the day. Call centres apart, functions outsourced
span purchasing and disbursement, order entry, billing and collection, human resources
administration, cash and investment management, tax compliance, internal audit, pay
roll...the list gets longer everyday. In view of the accounting scandals in 2002 [Enron,
WorldCom, Xerox etc], more and more companies are keen on keeping their investors
happy. Hence, it is important for them to increase their profits. BPO is one way of
increasing their profits. If done well, BPO results in increasing shareholder value.
Retrenchment strategies
A retrenchment grand strategy is followed when an organization aims at a contraction of
its activities through substantial reduction or the elimination of the scope of one or more
of its businesses in terms of their respective customer groups, customer functions, or
alternative technologies either singly or jointly in order to improve its overall
performance.
1. Turnaround Strategies
Turn around strategies derives their name from the action involved that is reversing a
negative trend. There are certain conditions or indicators which point out that a
turnaround is needed for an organization to survive. They are:

Persistent Negative cash flows

Negative Profits

Declining market share

Deterioration in Physical facilities

Over manning, high turnover of employees, and low morale

Uncompetitive products or services

Miss management
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An organization which faces one or more of these issues is referred to as a sick


company.
There are three ways in which turnarounds can be managed

The existing chief executive and management team handles the entire
turnaround strategy with the advisory support of a external consultant.

In another case the existing team withdraws temporarily and an executive


consultant or turnaround specialist is employed to do the job.

The last method involves the replacement of the existing team specially the chief
executive, or merging the sick organization with a healthy one.
Before a turn around can be formulated for an Indian company, it has to be first
declared as a sick company. The declaration is done on the basis of the Sick Industrial
Companies Act (SICA), 1985, which provides for a quasi judicial body called the Board
of Industrial and Financial Reconstruction (BIFR) which acts as the corporate doctor
whenever companies fall sick.
2. Divestment Strategies
A divestment strategy involves the sale or liquidation of a portion of business, or a major
division. Profit centre or SBU. Divestment is usually a part of rehabilitation or
restructuring plan and is adopted when a turnaround has been attempted but has
proved to be unsuccessful. Harvesting strategies a variant of the divestment strategies,
involve a process of gradually letting a company business wither away in a carefully
controlled manner
Reasons for Divestment

The business that has been acquired proves to be a mismatch and cannot be
integrated within the company. Similarly a project that proves to be in viable in the long
term is divested

Persistent negative cash flows from a particular business create financial


problems for the whole company, creating a need for the divestment of that business.

Severity of competition and the inability of a firm to cope with it may cause it to
divest.

Technological up gradation is required if the business is to survive but where it is


not possible for the firm to invest in it. A preferable option would be to divest

Divestment may be done because by selling off a part of a business the company
may be in a position to survive

A better alternative may be available for investment, causing a firm to divest a


part of its unprofitable business.

Divestment by one firm may be a part of merger plan executed with another firm,
where mutual exchange of unprofitable divisions may take place.

Lastly a firm may divest in order to attract the provisions of the MRTP Act or
owing to oversize and the resultant inability to manage a large business.

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3. Liquidation Strategies
A retrenchment strategy which is considered the most extreme and unattractive is the
liquidation strategy, which involves closing down a firm and selling its assets. It is
considered as the last resort because it leads to serious consequences such as loss of
employment for workers and other employees, termination of opportunities where a firm
could pursue any future activities and the stigma of failure
The psychological implications

The prospects of liquidation create a bad impact on the companys reputation.

For many executives who are closely associated firms, liquidation may be a
traumatic experience.
Legal aspects of liquidation: Under the Companies Act 1956, liquidation is termed as
winding up. The Act defines winding up of a company as the process whereby its life is
ended and its property administered for the benefit of its creditors and members. The
Act provides for a liquidator who takes control of the company, collect its assets, pay it
debts, and finally distributes any surplus among the members according to their rights.
4. Bankruptcy
This may also be a viable legal protective strategy. Bankruptcy without a customer
base is truly a bad place. However, if one declares bankruptcy with loyal customers,
there is at least a possibility of a turnaround.
IMPACT OF RECESSION ON BPO SECTOR
The impact of global slowdown on Indias economy is impacting the employment
scenario in India. In fact the rising joblessness in India has assumed worrisome
proportions. With overall economic growth sharply slowing down, the ranks of those
without work are growing by the day. Five hundred thousand people were rendered
jobless between October and December 2008, according to a first of its kind survey
conducted by the Ministry of Labour and Employment.
It is often said that when the U.S sneezes the rest of the world catches a cold.
Those sectors whose fortunes are closely linked to the fate of the global economy are
feeling the heat.
Consequences of US recession on India job market
Worst affected because of US recession will be the service industry of India. Under
service industries come BPO, KPO, IT, ITeS etc. Service industry contributes about 52%
to India's GDP growth. Now if that is going to get hurt then it will also hurt India's overall
growth but very slightly. India is not going to face a major impact due to US recession.
People may say that there is going to be a huge job loss due to recession. and will cite
the example of TCS firing about 500 employees but these were employees who didnt
perform and for cost cutting one have to reduce Non performing asset and that exactly
what has been done. There is no threat to the skilled people. According to NASSCOM
India will have a shortage of about 5 million skilled people in IT/ITeS. So there are lots of
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opportunities.75 per cent of its revenues come from the US. Low demand for services
may force most Indian Fortune 500 companies to slash their IT budgets. Zinnov
Consulting, a research and offshore advisory, says that besides companies from ITeS
and BPO, automotive components will be affected. During a full recession, US
companies in health care, financial services and all consumers demand driven firms are
likely to cut down on their spending. Among other sectors, manufacturing and financial
institutions are moderately vulnerable. If the service sector takes a serious hit, India
may have to revise its GDP to about 8 to 8.5 per cent or even less.
As per Raman Roy, Father of Indian BPO industry, recession is not a decrease in
consumption. it is just that the rate of growth has changed. Recession actually provides
the opportunity to create value for customers at different price points.
According to Lokendra Tomar, senior vice-president, Integreon, a BPO firm, says
recession is likely to have a dual impact on the outsourcing industry. Appreciating rupee
along with poor performance of US companies will affect the bottom line of the
outsourcing industry. Small BPOs, which are operating at a net margin of 7-8 per cent,
will find it difficult to survive. According to Dharmakirti Joshi, director and principal
economist of CRISIL, along and severe recession will seriously affect the portfolio and
fixed investment flows. Corporates will also suffer from volatility in foreign exchange
rates. The export sector will have to devise new strategies to enhance productivity.
EFFECT OF INTEREST RATES ON BPO INDUSTRIE
Because of the slowdown of Indian economy and BPO industries the interest rates have
also gone down. Bank has reduced their interest rates due to lack of business.
REVENUE GENERATION IN BPO SECTOR
Revenue is generated on the basis of volume / seats a BPO has or is required for any
process. For eg. if a process is outsourced to a vendor, client provides the data on the
volume and a charge per unit is defined in the agreement. Then the vendor is paid on
the basis of volume (no. of calls*price per call). The average revenue earned by BPO
industry in 2007 in India was $ 13,811 million.
EFECT OF RECCESSION ON THE MARKET LEADERS IN
BPO SECTOR
In a year when outsourcing of application development and maintenance projects has
slowed down, top customers such as Bank of America, JPMorgan and Citibank continue
to send more back office projects to India, as they seek to lower their cost of operations
by up to 40 percent. According to Nasscom, Indias back office outsourcing industry will
grow at 18.4 percent this year to reach $14.8 billion. Outsourcing of IT services will
clock a lower growth at around 13.5 percent this year, and could even decline to single
digit growth if the situation does not improve.The Indian BPO industry is likely to
maintain double digit growth rate as most of the work done by them is keeping the
lights on or non-discretionary, said Everest Group principal & country head Gaurav
Gupta. The current recession is forcing companies from other verticals such as media,
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entertainment, healthcare, energy and utilities to consider outsourcing of back office


work.BPO business is largely annuity in nature where the contracts are for a longer
term making it slightly more immune from economic recession, said Intelenet EVP
Sandeep Aggarwal says. A CFO is constantly looking at gaining control on the cost
structure, said Gartner senior research analyst Arup Roy. According to a Gartner study
released in April, 2009, Indian BPO providers have proved to be stiff competition to
western BPO providers, accounting for 5 percent of market revenue generated among
the top 150 providers in 2008. Gartner expects this increase in revenue to be
maintained, with the BPO market share of Indian vendors expected to nearly double by
2010.Meanwhile, Infosys BPO CEO Amitabh Chaudhry said that the BPO growth story
is primarily driven by captive outsourcing. Captives have not stopped outsourcing, they
have in fact increased their pie,.
The sunshine industry of the Indian economy, the BPO firms is the worst hit by the
current global economic turmoil. According to a report released by NASSCOM, the BPO
and KPO industry together generated Rs. 1,160 crore revenue and provided
employment to 7 lakh people in 2007-08. The share of the U.S in the Indian BPO-KPO
export market was 61 per cent making it the largest contributor to exports in the
segment in 2007.
Gurgaon based KPO, The Smart cube has 130 employees at present, and it is
expected that the employment rate of the firm will go down by 30% next year. The
Smart cube managing director Sameer Walia says Future hiring rate of BPOs will be far
worse off as compared to KPO firms. The BPO employment rate is projected to decline
by 60% within a year.
Lokendra Tomar, Senior Vive President, Integreon, a BPO firm says, Small
BPOs, which are operating at a net margin of 7-8 percent, will find it difficult to survive
Implications:
Workers in the globalized sectors who earn more than 30 per cent of foreign exchange
are thrown to the volatility of global market without any protection.
The impact is not short term, the recovery will take time to go back to the original
employment and wage levels.
Small producers / own account workers are the worst sufferers among the producers in
the recession.
No institutionalized arrangements to help workers to look for alternative jobs, leading to
wastage of skills.
The work force in the private sector in their 20s, 30s and 40s is largely unprotected in
terms of security of jobs, investments, retirement and childrens education.
Increased depressions, cases of suicides by workers, a few times with family.

Counter strategies:
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Karthik Ananth, Senior consultant, business development Zinnov says, There is


already a shift in business strategies of corporate India. Large IT and BPO firms have
started looking at other markets like Europe and domestic markets to spread risk and
reduce the impact of the rising rupee.
Diversification of export markets, improving internal efficiencies to maintain cost
competitiveness in a tight export market situation and moving up in the value chain to
impart resilience.
Corporate India will have to spend lot more to develop markets and supply chain
links in alternate markets like Asiaand Europe.
This is the right time to hire as salary expectations of people have become
realistic and referral system (giving referral bonus-an incentive to employees who refer
people for slot that companies look for) helps identify suitable people.
Recession begins to fade:

Economic times said that Many companies have started reworking their hiring
mandate. Infosys technologies, which previously planned to hire 18,000 persons this
year, has said it will hire an additional 2000 during the third and fourth quarters of the
current fiscal. A large number of product firms, R& D companies and mid tier MNCs
have also started hiring.
A survey that Manpower Inc. released, covering 71,000 interviewees across 35
nations and 5,109 companies in India, showed that Indian companies are the most
optimistic in the world about hiring this January to March quarter.
Most companies are coming out of their shell, said Cherian kuruvila, director
operations at Manpower Services India Pvt. Ltd 2009 has been a year of restructuring.
2010 will see a mix of replacement hiring, to fill up vacant positions and hiring for new
positions, signifying expansion.
Fresh jobs are being created in most sectors that depend on domestic
consumption.
FMCG, Retail, Media and entertainment in particular are seeing aggressive
recruitment.
Robust increments are being given to retain talent across sectors.
IT and ITES companies have pared recruitment, but are still doling out (decent)
hikes.

REASON OF RETRENCHMENT
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Merging of two or more firms:


When a certain firm combines its operations with another firm and operates as a single
entity, in order to stay in profit or expand the market reach, it is called a merger. In case
of a merger, certain positions become redundant. The same work is done by two
different staff members. Usually in such a case, the company cuts staff to eliminate
redundancy in work. It is characterized by some employees leaving an organization
voluntarily, or by lay-offs, especially in case of higher management positions.

Acquisition:
If one organization purchases another one, there is a definite change in the
management and the acquired company staff has to face unemployment. The reason
for this is the same as the earlier case, viz to cut costs and and increase the revenues.

Change in management:
The change in the top brass of a company can also result in Retrenchment. The
working methods and procedures vary with the management. Therefore, a significant
change in the management roles may drastically affect the employee size to suit a
particular style of working.

Economic crisis:
This is the single biggest cause of Retrenchment. Often, it consists of huge lay-offs by
a number of organizations across various domains. The recent economic
recession facing the world, has triggered a number of lay-offs in many reputed and
popular firms in the world. According to a survey conducted by the US Bureau of the
Census, organizations consisting of higher percentage of managerial staff downsize
more than the ones with higher percentage of production process employees.

Strategy changes:
Some companies may reduce certain areas of operation and focus on other areas. For
example, if a company is working on a project in which there are no assured returns, it
may downsize it's employees working on that particular project. It focuses its resources
on specific projects, which could be profitable ventures.

Excessive workforce:
In a period of high growth, a company hires excess staff, to meet the needs of a
growing business. However, in times of recession the business opportunities dwindle,
leading to Retrenchment of the surplus staff that was hired.

Increase in efficient work flow and computerized services:


If an organization work process is extremely fast and easily meets the requirements of
the market, it may downsize some of its workforce. Similarly, if manual work can be
done by a machine, in a much better and cost-efficient way, it also results in the
reduction in the number of employees.

Outsourcing practice:
Organizations catering to international markets require a huge and efficient employee
base. If this labor can be obtained by 'exporting' the job to other countries, a huge
Retrenchment takes place in the parent country. For instance, if a certain job can be
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done more effectively in India and is more viable economically there, than in the United
States, the business is operated from that country.

The hindu business line Recession impact: BPO industry sees dip in attrition
rates
12 May 2009 ... Mumbai/New Delhi, May 11 Fewer employees are jumping jobs in
the BPO industry, courtesy the ongoing global recession. ...
Quarterly attrition
Genpact was down by 5 percentage points to 21%
EXL reported a record 12.8 percentage-point dip
WNS fell to 22%, down from 29% last quarter
Wipro BPO has come down to 13% from 18%
Moumita Bakshi Chatterjee
Adith Charlie
Mumbai/New Delhi, May 11 Fewer employees are jumping jobs in the BPO industry, courtesy the ongoing
global recession. As a result, attrition rates (the number of people quitting per 100 employees) for several
listed BPO firms have come down by 5-13 percentage points on a sequential basis.
Genpacts employee attrition rate for the quarter, measured from day one of employment was down by 5
percentage points to 21 per cent from 26 per cent in the preceding quarter and 24 per cent for JanuaryMarch 2008. If the attrition rate, were to be measured after employees completing six months of
employment (as many of its competitors do), Genpacts attrition rate would be 18 per cent.
EXL reported a record 12.8 percentage points dip in attrition for billable employees at 21 per cent from
33.8 per cent reported in the previous sequential quarter. Operationally, our attrition management and
employee engagement programme, in combination with the weaker economy, has resulted in record low
attrition levels, the company said in its earnings statement.
WNS too posted a reduction in its attrition numbers this quarter. Attrition declined by 7 percentage points
to 22 per cent, down from 29 per cent last quarter and 38 per cent in quarter ended March 2008. The
employment market in India is softer compared with this time last year, WNS said.
For Firstsource, the offshore attrition (India, Argentina and the Philippines) remained unchanged at 35.8
per cent during the just ended quarter. The onshore (the US and the UK) attrition was 38.4 per cent
compared with 38.8 per cent in third quarter.
(While Genpact and EXL run a January to December fiscal, Firstsource and WNS follow an April to March
fiscal).
For Wipro BPO, the quarterly attrition has come down by 500 basis points to 13 per cent from 18 per cent
in the previous sequential quarter.
Headcount
BPO firms seem to be hiring in smaller numbers as they prefer to work with on-board employees in a bid
to cut costs.
WNS ended the quarter with an employee base of 21,356, higher only by some 28 employees over the
quarter ended December 2008. WNS smaller rival EXL posted a net increment of 32 employees during
January-March quarter. We continue to hire about 200-300 employees each month spread across India
and the Philippines, a company spokesperson said without going into details.

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EXL, which runs a January-December fiscal, had 9,563 employees on its rolls against 9,531 in the
previous quarter.
An HR head of a large BPO player pointed out that while the industry was hiring fewer numbers,
companies were also cleaning up their bench. Companies are not retaining non-performers. Also, one
has to see the employee count in the backdrop of growth of these companies, the official said.
Mumbai-based Firstsource saw a net reduction of 950 employees in the just-ended quarter compared
with net addition of 2,944 employees in the preceding quarter (October-December), and a net addition of
279 in the year-ago period.
Reduction in headcount in the fourth quarter is due to large ramp up in previous quarter getting in to
production mode and headcount stabilising, its CEO, Mr Ananda Mukerji, said in a recent interaction with
analysts.
The quarterly gross hiring numbers for both WNS and Firstsource for the fourth quarter were not
available. The sole exception to this pack was Genpact, where growth remained more or less intact on a
sequential basis. The companys net addition stood at 300 employees against 200 employees in the last
quarter.
However, the gross addition for January-March quarter stood at 2,200 employees, with hiring largely
focused on BFSI and India-to-India business, sources said.
In fact its gross hiring in the first quarter of 2009 is a tad higher than the gross hiring in the fourth quarter
of 2008 at 2,100 employees.
Genpact had about 36,500 employees globally, as on March 31, 2009.

Could the recession in the United States affect the Indian BPO sector badly?
The possible recession in US has, both, positive and negative effects for the BPO
sector in India. On the positive side, the need to cut-costs and enhance margins will
accelerate the off-shoring of outsourcing of business process which will have a
beneficial effect.
However, the uncertain economic climate in the US may delay the decision process on outsourcing which
may have a negative impact on the growth of the Indian BPO sector. In sum, the BPO industry in India will
continue to grow, though at a marginally reduced rate.
How much does the industry suffer every time the rupee gets stronger against the dollar?
It has been estimated that every one percent appreciation in the value of the rupee impacts the
profitability of the BPO industry by 35 basis points (0.35 per cent). Similarly, every percentage of
depreciation in the value of rupee will enhance the profitability by 35 basis points.
The change in the value of rupee is one of the many parameters that are factored into the business model
of companies.

Outsourcing Chak De (Lift Them) or Chuck Them BPO India (By Ajay
Ohri)
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1)Outsourcing Chak De (Lift Them) or Chuck Them BPO India (By Ajay Ohri) The
Business Process Outsourcing (BPO) Industry is one of the largest providers of
employment in India. They employ an estimated half-a-million Indians, mostly in the 2035 age groups, and these numbers are only increasing. Thus, the number of people
who are directly affected by the Indian call centre industry is nearly 1.5 million Indians
including dependents. For a vast majority of them, the BPO industry is considered a
boon as it enables them to earn wages much more than was possible previously. The
industry is by large un-regulated compared to other industries and has grown rapidly
unchecked over the few past years. It has had systematic issues, especially related to
coping with human resource management, in times of rapid growth .Indeed most BPO
Human resource personnel are either recruiting or trying to control attrition.
A Few Issues The BPO industry is marked with some operational issues and they are
enumerated as follows: -Lack of Labor Guidelines: There is very little over-time pay and
it, thus, leads to systematic overworking or understaffing of resources in both small and
big BPOs. The understaffing is also responsible for the erratic quality or projects due to
rush jobs. Labor regulation has been avoided because historically Indian regulations
have been misused to offer hassles to industry rather than relief or solutions. Recently,
a committee headed by Arjun Sengupta had submitted a draft of the Unorganized
Sector Workers Bill to cover the workers in this sector. Lack of Health Guidelines: There
can be medical counseling (without too much expenses) to cope with effects of
prolonged night-shifts, or sitting in chairs, especially chronic back-aches, and
personality counseling. This shall help especially when there are project requirements
for extended over times.
Employee Retrainabilty: There can be career counseling to help young employees plan
a career in a still turbulent sector (Not everyone will be a team leader). There is no
provision for re-training for workers being laid off and there is little chance of
unemployment benefits in India. Retrenchment in this sector happens at a larger scale
usually when companies lose a few big clients as in the recent mortgage subprime crisis
or even earlier when a big computer maker of American-origin shifted. The insecurity of
being laid off leads to further attrition. In this scenario, companies that offer skill
enhancement and re-training are likely to have a sustainable edge in human resource
management Attrition - An urban legend: Despite the noise about attrition by industry
players, most of the attrition is actually and subtly encouraged to keep operating
margins down. This is because attrition enables middle managers to cut down costs
temporarily by making other team members stretch, and replacing them by unexperienced younger members. It is also very easily explained as due to market
conditions or poaching by other companies. The solution for having an industry wide
database lacks sensitivity to individual personal rights and seems to point the finger
almost entirely on employees for attrition.

Growth of BPO in Indian Economy (By Akinchan Buddhodev Sinha)

19

In spite of tough competition, India has emerged as a global leader in the Business
Process Outsourcing (BPO) industry. India has the advantage of having large English
speaking and computer literate workforce, which are considered as important
perquisites for the success of BPO sector. It explores the factors that have contributed
to the success of BPO industry in India. Sound infrastructure is crucial for the success
of any industry including BPO. The author throws light on the improvements achieved in
the
telecom,
aviation,
power,
offices,
hotels
and
road facilities that have facilitated the growth of the BPO industry. He examines the role
played by the human resource in making India a BPO hub. The article also discusses
the initiatives taken by the government including policy concessions, tax exemptions
and removal of procedural hurdles to enable the growth of the BPO sector. In the last
section the article throws light on the future of BPO industry in India, especially its
contribution towards GDP, exports and employment generation. The author observes
that BPO industry has witnessed transformation from back office service operations to
handling core functions and is playing a significant role towards growth of the economy.
The
author
emphasizes
the
need
for
continued
efforts to maintain the lead in this industry.
Recession impacts salaries, attrition in Indian BPO sector
March 30th, 2011
Earlier this month, the association that supports and promotes Indias business process
outsourcing predicted a bright future for the sector. While the past year has presented
challenges, there is undoubtedly strong growth ahead, NASSCOM said at the CEO
Summit 2009.In fact, Som Mittal, the president of NASSCOM, forecast that outsourcing
to India is likely to increase threefold by 2020, earning aggregate revenues of 5 billion.
While the short-term challenges exist, the potential for this industry is tremendous and
the industry will not be demand constrained, he said.These are optimistic words for a
sector that is accustomed to robust growth, with many graduates aspiring to work for
one of the countrys top outsourcing companies. In recent years, salaries in the sector
have grown in the double digits on an annual basis, while employees have had their
pick of open positions. However, the recession has changed business as usual at
Indias top BPO firms.Rethinking salariesThere are plenty of signs indicating that
Indian outsourcing providers may be rethinking their hiring and salary strategies in the
wake of the global downturn.The recession has resulted in declining revenues for the
countrys major outsourcing providers and also had a knock-on effect with regard to
employees pay. According to a BusinessWeek article, salaries are flagging in the
sector. After years of continually strong salary growth, IDC noted that this year the
average wage increase for outsourcing industry employees was only 1.4 percent.

Title name - Retrenchment and the changing role of HR


Author name sahdev
Magazine Journal of management
20

Publisher SAGE Publisher


Date Oct-5-1999
This paper examines the changing role of Human Resources (HR) in the specific
context of Retrenchment. It highlights the key dilemmas facing HR professionals - on
the one hand, the contribution of Human Resources Management (HRM) to the
achievement of business results has come under increasing scrutiny and, on the other
hand, most of the challenges of Retrenchment are people-related issues that require
sophisticated HR interventions. The paper reports the key findings of a pilot study
conducted in sixty organisations in the UK that downsized in the last three years. The
key conclusion of the study is that the role of HR has become wide ranging, covering
the strategic as well as implementation aspects. The clear message from the study
suggests that, unless there is alignment between the two aspects, the envisaged
benefits of Retrenchment are unlikely to take place. Key challenges facing HR
professionals are managing middle managers, managing careers and managing
employee expectations. There are indications to suggest that the process role of HR is
likely to become more important in the medium and longer terms.

Title name - The impact of Retrenchment on organizational career


development activities and employee career development opportunities
Author name - Daniel C. Feldman
Publisher - University of South Carolina, USA
Date - 29 April 2002.
While most of the human resource management research on Retrenchment has
focused on the short term impact on laid-off workers and survivors, the long term,
systematic impact of Retrenchment on organizational career development activities and
employees' career development opportunities has received much less attention. This
article argues that the rationale for Retrenchment the workforce, the goal of the
Retrenchment and the rate, size and scope of the Retrenchment differ dramatically
across organizations shrinking their workforces. Consequently, this article presents a
theoretical framework for understanding when organizations are likely to pursue
different strategies for reducing their core workforces, why Retrenchment organizations
are likely to pursue different strategies for changing the emphasis of their career
development activities and which employees are most likely to experience deteriorating
career development opportunities as a result. Hypotheses to guide future theory
development and empirical research in this area are discussed as well.

21

Title name - Career Anchors Revisited: Implications for Career


Development in the 21st Century
Author name - Edgar h. schein
Magazine Journal of management
Publisher SAGE Publisher
Date- Nov. 1996

Organizations are undergoing a metamorphosis today. Whether one speaks of


"Retrenchment," "rightsizing," "flattening," becoming a "learning organization," or simply
of a "transformation" into something as yet unknown, no one would deny that profound
changes are occurring worldwide. These changes in the occupational environment have
implications for career development in the future. Will there even be such a concept as
an "organizational career," or will careers become a more fragmented set of jobs held
together far more by what I have labeled the "internal career?" The internal career
involves a subjective sense of where one is going in one's work life, as contrasted with
the "external career," the formal stages and roles defined by organizational policies and
societal concepts of what an individual can expect in the occupational structure. In
studying careers longitudinally, it became evident that most people form a strong selfconcept, a "career anchor," that holds their internal career together even as they
experience dramatic changes in their external career. But will the concept of career
anchor still be applicable in this rapidly changing world? What are the implications for
career development as we look at several future scenarios of how the world might
evolve further in the 21st Century

Title name

Survivor reactions to organizational Retrenchment: Does

time ease the pain?


22

Author name - Tammy D. Allen,Deena M. Freeman,Joyce E. A.


Russell,Richard C ,Reizenstein,Joseph O. Rentz
Magazine Journal of management
Publisher SAGE Publisher
Date - 16. DEC. 2010
The present study used work role transitions theory as a guiding framework for examining
changes in survivors' attitudes following an organizational Retrenchment. A total of 106
managers experiencing a Retrenchment provided data regarding organizational
commitment, turnover intentions, job involvement, role clarity, role overload, satisfaction
with top management, and satisfaction with job security at three different times. Although
the results generally indicated that Retrenchment had a significant impact on work attitudes,
that the impact varied over time, and that the initial impact was generally negative; different
patterns of results among the job attitudes studied were also observed. For example,
satisfaction with top management increased across time, while job involvement decreased.
Findings also indicated that changes in role clarity, role overload, satisfaction with top
management, and satisfaction with job security were significantly related to changes in
organizational commitment and turnover intentions. Changes in job involvement also
moderated several relationships such that there was a stronger relationship between the
independent variable and the outcome variable when job involvement was higher than when
job involvement was lower. Theoretical and practical implications of the findings and
directions for future research are discussed.

Title name - The difference between rightsizing and wrongsizing:


Author name - Davison, Barbara
Book employee Retrenchment
Publisher ICFAI publisher
Date - July 01, 2002
DECREASED SALES, INCREASED COMPETITION, ECONOMIC downturn, lost customers, cost-cutting
mandates, and disproportionate workforces. These are some of the sad facts of business life today. In the
response to these challenges, many businesses are repositioning and reallocating both human and
financial resources through a process called "rightsizing."
Rightsizing, or "resizing" as it's currently known, takes on many different meanings within organizations. It
can mean reducing the workforce, "Retrenchment" or eliminating functions, reducing expenses, or
redesigning systems and policies. It can also involve "upsizing" (increasing the workforce in certain
areas), and "sidesizing" (repositioning the workforce to other areas). Unfortunately, it can also include
"wrongsizing," or losing key talent that a company can't afford to lose.
These days, workforce reduction is one of the most common rightsizing activities -- a decision sometimes
driven by the need for short-term profits. According to consulting firm Challenger, Gray and Christmas,

23

close to two million jobs in the U.S. were lost in 2001. The firm reported an additional 255,000 job cuts in
first quarter of 2002. And it's not over.

Title name - Relationships between firm attributes and Retrenchment.


Author name - Friedman, Sam
Magazine Journal of management
Publisher SAGE Publisher
Date - May 2, 1994
Based on the conventional view that employee Retrenchment reduces labor costs and
boosts profitability, several studies belonging to this link have examined the effects of
firm performance (accounting, market-based, and efficiency measures) on
Retrenchment decisions.
There is general agreement across studies that firm performance is an important factor
in Retrenchment decisions, with performance declines often resulting in employee
reductions (Ahmadjian & Robinson, 2001; Baumol et al., 2003; Budros, 2002, 2004;
Coucke et al., 2007; Hillier, Marshall, McColgan, & Werema, 2006; Kang & Shivdasani,
1997; Tsai et al., 2006; Yu & Park, 2006). However, a few studies (Iqbal & Shetty, 1994;
Perry & Shivdasani, 2005; Yoo & Mody, 2000) have found no significant relationship
between firm performance and employee Retrenchment.

Title name - Relationships between firm strategies and Retrenchment.


Author name - Joseph P. Daly
Magazine Journal of management
Publisher SAGE Publisher
A majority of the 11 studies categorized in this link have investigated the effects of
M&As on subsequent employee Retrenchment. In these studies, Retrenchment is seen
as an avenue by which firms eliminate redundancies resulting from M&As. Findings,
however, have been mixed.

Specifically, whereas Budros (2002), Conyon, Girma, Thompson, and Wright (2002),
and Lehto and Bockerman (2008) observed significant employment declines following
M&As, studies by Budros (1997, 2004), and Wagar (1997) did not. In examining the
relationship between M&As and Retrenchment, OShaughnessy and Flanagan (1998)
24

observed that the relationship between the two was contingent on M&A type, with the
likelihood of employee reductions being greater in the context of related transactions.

Title name - Relationships between firm governance, CEO characteristics,


and Retrenchment.
Author name Deepak k data
Magazine Journal of management
Publisher SAGE Publisher
Studies belonging to this link have primarily used agency theory arguments in assessing
the effects of governance mechanisms (board characteristics, ownership structures, and
compensation systems) on employee Retrenchment. In an early attempt at
understanding the relationships between ownership structures and Retrenchment,
Bethel and Liebeskind (1993) found that firms with greater blockholder ownership
experienced higher levels of employee reductions. In contrast, Filatotchev et al. (2000),
in their study of layoffs among firms in Russia, Ukraine, and Belarus, observed no
relationship between institutional ownership and Retrenchment.

Title name - Relationships between Retrenchment, perceptions of trust and


justice, and work environment changes.
Author name - Deepak K. Datta, James P. Guthrie, Dynah Basuil and
Alankrita Pandey
Magazine Journal of management
Publisher SAGE Publisher
The limited research belonging to this link explores the effects of Retrenchment on
organizational trust, perceived justice, workplace conflict, and changes in the work
environment. The role of perceived justice in the context of Retrenchment was first
highlighted by Brockner et al. (1994). They found that layoff severity did not have a
perceptible impact on organizational trust and support when survivors perceived high
procedural fairness.
However, under conditions of low perceived procedural fairness, layoff severity had a
significant deleterious effect on organizational trust. In a subsequent study, MansourCole and Scott (1998) found that survivors perceive greater procedural fairness when
they learn about impending layoffs from their managers and not from other sources.

25

Title name - Relationships between Retrenchment and turnover intent and


absenteeism.
Author name - Kalimo, Raija; Taris, Toon W.; Schaufeli, Wilmar B.
Magazine Journal of management
Publisher SAGE Publisher
Date Apr. 2003
Most of the studies belonging to this link have examined the effects of Retrenchment on
the likelihood of voluntary turnover among survivors. Findings suggest that although
Retrenchment increases the likelihood of such turnover (Allen et al., 2001; Trevor &
Nyberg, 2008), the effects are less pronounced when employees have greater task selfesteem, are more optimistic, and/or exhibit greater organizational commitment
(Armstrong-Stassen, 1994; Mone, 1994; Spreitzer & Mishra, 2002). In addition,
Armstrong-Stassens (1994) findings suggested that turnover intent is lower when
employees feel a sense of powerlessness; with the opposite being true when they have
a greater sense of mastery (i.e., they believe that they have greater control of their
destiny) or when they perceive greater threat of job loss.

Title name - Relationships between Retrenchment and work performance.


Author name - Shaw, J. D., Gupta, N., & Delery,
Magazine Journal of management
Publisher SAGE Publisher
Date - 2005
The studies here primarily focus on the effects of Retrenchment on the quantity and
quality of survivors work. Studies indicate that Retrenchment results in reduced
creativity (Amabile & Conti, 1999) and also has a negative impact on different aspects
of quality improvement (Mishra & Mishra, 1994). Amabile and Conti (1999) attributed the
reduced creativity to the deterioration in the Downloaded from work environment
following Retrenchment. In addition, there is some evidence that Retrenchment results
in a significant decline in other dimensions of work performance (Amabile & Conti, 1999;
Gilson et al., 2004; Mishra & Mishra, 1994; Travaglione & Cross, 2006).

Title name - Organizational Outcomes of Employee Retrenchment


Author name - Cameron, K. S.
Magazine Journal of management
Publisher SAGE Publisher
Date - 1994
26

Much of the research belonging to this stream is geared toward addressing the basic
question, Does employee Retrenchment result in improved organizational
performance?
Proponents of employee Retrenchment have long argued that Retrenchment represents
a rational tool that managers can use to improve organizational productivity and
efficiency (Cascio & Young, 2003). Improved firm performance can come from reduction
of labor costs (which, in many organizations, is the largest component of the cost
structure), provided reductions result in the remaining employees working at higher
productivity levels.

Title name - Relationships between employee Retrenchment and market


returns.
Au Magazine Journal of management
Publisher SAGE Publisher
thor name - Chalos, P., & Chen, C. J. P.
Date - 2002
Our review identified 12 studies that have used the event study methodology to
examine shareholder wealth effects associated with employee Retrenchment
announcements.
The wealth effects have been typically measured as cumulative abnormal returns
(CARs) or cumulative prediction errors (CPEs) around the announcement day.
Examination of research belonging to this reveals that, on average, Retrenchment
announcements have a negative effect on stock price.

Title name - Relationships between employee Retrenchment and firm


profitability.
Author name - S. J., & Mishra, A. zK.
Magazine Journal of management
Publisher SAGE Publisher
Date - 1993
A number of studies in Stream IV have sought to examine whether Retrenchment leads
to improved firm profitability. Findings, however, have been mixed. Studies by Bruton,
Keels, and Shook (1996); Chen et al. (2001); Espahbodi, John, and Vasudevan (2000);
Kang and Shivdasani (1997); Palmon et al. (1997); and Yu and Park (2006) suggest
that employee reductions lead to performance improvements. Interestingly, Espahbodi
et al. (2000); Kang and Shivdasani (1997); Palmon et al. (1997); and Perry and
Shivdasani (2005) observed that such improvements occurred 2 to 3 years after
Retrenchment.

27

Industry Profile
Genpact: A global leader in business process and technology management
OVERVIEW
The Company traces its beginnings to 1997, where under the name of GECIS, it was
established as an independent business unit of GE Capital. The organization was
28

chartered to provide business process management capabilities that would deliver


outstanding efficiencies to all businesses across GE. Genpact became an independent
company in 2005 and was successfully listed on the NYSE in 2007, trading under the
stock symbol G. An early innovator in the business, Genpact has been responsible for
introducing many of the concepts that have given strength to the industry. Genpact was
the first to leverage Six Sigma for process transitions, delivering greater process gains
to clients. With Smart Enterprise Processes (SEPSM), Genpact is the first to introduce
a proven, scientific approach that delivers the benefits of effectiveness in addition to
efficiency and focuses on business outcomes versus only looking at transactional
results. Genpacts approach puts process in the forefront, understanding the value
process brings to a company in driving front end results such as customer satisfaction
and retention, revenue generation and profitability. The Company couples deep
process knowledge and insights with a focused IT approach, targeted analytics and
pragmatic engineering to deliver an integrated process solution. Genpact has built its
credentials to support this direction with the single largest pool of dedicated Lean Six
Sigma experts in the industry; extensive industry-leading people processes, earning it
one of the lowest attrition rates in the industry; the largest global analytics and
research services organization; and the technology expertise to enable great
processes.
SERVICES PORTFOLIO
Genpact has a broad portfolio of core enterprise and industry-specific services
including:

CORPORATE FACTS
Established: 1997
Headcount: 42,500+
Stock Symbol: NYSE: G
Revenues: $1.12 Billion (2009)
CLIENTS
Genpact manages over 3000 processes for 400+ clients across a breadth of industries.
The Companys client base is diverse in terms of industry, business size and process
need. This diversity serves both the Company and client base in bringing broad,
practical process expertise. Genpacts proven strategy has been to grow with its
clients with revenues coming from both new and existing clients. Clients include:
AstraZeneca, BUPA, Ceridian, Diebold, eBay, GE, Halifax Bank of Scotland, Hertz,
Hyatt, Ashland, Kimberly Clark, Miami Childrens Hospital, National Australia Bank,
Nissan, Serco, Walgreens, Wells Fargo, Wellpoint/Wellchoice among others.
TELEPERFORMANCE
Founded in 1978
Employees 120000+
29

Revenues us$2.78bl (2010)


268+call centers
Present in 50 countries
We're a people company:
Teleperformance, the worldwide leading provider of outstanding customer experience at
every single opportunity, has been serving companies around the world, providing
superior results in managing their customer care, technical support and debt collection
programs. In 2010, the Teleperformance Group achieved 2.058 billion revenues
(US$2.78 billion average exchange rate at December 31, 2010: 1 = US$1.35).
The Group operates about 83,000 computerized workstations, with more than 120,000
employees across 268 contact centers in 50 countries and conducts programs in more
than 66 different languages and dialects on behalf of major international companies
operating in various industries.

OBJECTIVE OF STUDY
The main objective of the study is to evaluate the Retrenchment strategies followed by
the BPO sector during the time of recession. The study has aim to cover following
objectives.

30

1. To study the Retrenchment strategies followed by BPO sector during the time of
recession.
2. To study the HR issues arises due to Retrenchment strategies.
3. To study the ethical v/s unethical Retrenchment strategies.
4. To study the limitation of Retrenchment strategies.

SCOPE AND PURPOSE


The scope of study is very wide and when the economy is in down point of trade cycle
the scope of retrenchment become very wider. Retrenchment strategies are used in all
corporate sector. At the time of rescission retrenchment strategies are widely used by
company. Determine the size and scope of any work force restructuring, including
potential Retrenchment
Improve targeting in any labor restructuring program, including identification of skilled
workers critical to the operations of the enterprise. Enter into more informed
negotiations and discussions with trade unions and labor representatives. Ensure
fairness and transparency of the process

RESEARCH METHODOLOGY
The data for the study will by collected by using secondary sources. The data will collect
by using various techniques and sources which are briefly described below. This study

31

will be primarily focused on what were the retrenchment strategies of BPO sector during
the time of recession.
HR reviews
Journals
Magazines
Websites
News paper

FINDINGS, DATA & ANALYSIS

Planned Retrenchment: A Sustainable Alternative


Causes and Effects of Employee Retrenchment
The effect of gender and organizational level on how survivors appraise and cope with
organizational Retrenchment.
Taking a positive approach to organizational Retrenchment.

CONCLUSON
In todays economy job security isnt going to be the same as
employment security. When the economy predominantly consisted of government
and other public sector jobs, job security(not getting sacked) was high, but
employment security (finding a new job if you were sacked) was low. In the new
economy, the reverse will be true people will get sacked more easily than
before, but they will also find a new job more easily than before. It is just that living
between the two stages will take some getting used to. For the moment, the job market
appears expanding and market watchers expect momentum to sustain in the short to
medium term even if economic growth tapers off marginally.
It was a lesson learnt the hard way. We should concentrate and analyze the
failure of economic reforms globally to be able to put a finger on the exact causes
leading up the recession. That painting was never meant to be. The botched up job has
already added permanent morbid shades in varying depths to the canvas. There is no
magic sponge to clean in every blot of the culprit paint. But certainly a thinner can be
applied to lessen further damage and brighten further vistas. New prospects can be
sown into the recovering panorama. Lets hope for their blossoming into fruit bearing
healthy economy in the near future. World over!
"Next to the death of a relative or friend, there's nothing more traumatic than losing a
job. Corporate cutbacks threaten the security and self-esteem of survivors and victims
alike. They cause turmoil and shatter morale inside organizations and they confirm the
view that profits always come before people."
32

RECOMMENDATION
Universal social protection to workers need to ensure legal, institutional and financial
support.
Ensure employment services to all workers.
Use employment guarantee to address such crisis.
Skill training and skill up-gradation.
Problems of small producers need to be addressed.

LIMITATION
The study might be limited by following factors:
1. Personal limitation whole interpretation is depend on my knowledge so there may be a
chance of error.
2. Only secondary data is used in my research so validity of research is not sure.
3. Since the topic is current thats why appropriate data is not available.

BIBLIOGRAPHY

Allen, Richard Director (00123242); Feb2003, Vol. 56 Issue 7, p56, 4p, 10 Color
Photographs. 50 ways to leave your loses.
McCormick, David International Economy; Summer2008, Vol. 22 Issue 3, p66-69, 4p
www.investorwords.com/1571/Retrenchment.html#ixzz1FiLqRZu
Lcribd.com/doc/22419238/growth-of-bpo-sector-and-its.
http://www.roberttomasko.com/Downsizing.Ch3.html
Planned Downsizing: A Sustainable Alternative
Employer Downsizing -SUMATI REDDY
Journal Management
Causes and Effects of Employee Downsizing
The effect of gender and organizational level on how survivors appraise and cope with
organizational downsizing.
Taking a positive approach to organizational downsizing.
Strategic Management Journal.
Academy of Management Journal
http://www.lifehack.org/articles/management/dealing-with-downsizing-how-toprepare.html
Dealing with Downsizing

33

Downsizing and the changing role of HR. By: Sahdev, Kusum; Vinnicombe, Susan;
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Issue 5, p906-923, 18p, 1 Chart, 4 Graphs; DOI: 10.1080/095851999340224
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Venkitaraman.S, Global financial crisis: Reflections on its impact in India, The Hindu
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Mohit Sharma, Recession takes 2 lives as job market shrinks, Indian express.com,
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Mansi goyal, BPO firms hit by US financial crisis, The Times of India, Oct 1, 2008.
Sreekala.G and Sai Deepika Amirapu, IT Companies raise referral bonus amid crisis,
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