Cost Effective Strategies Adopted To Fight Economic Instability

Hi Friends,
We all are aware of the financial crisis and economic instability that has affected on macro and micro level. Keeping this in mind, I am writing a paper on how various companies have introduced new/changed existing strategies (apart from laying off people) as a consequence, so as to bring about cost effective ways of surviving.
I request you all to contribute your views and experiences on the subject. Your support will help me to come out with a fair paper, which I will obviously share with you all. Awaiting helpful responses.
Thanks,

Hi Vaishali,
I am working with an IT Organsation in Mumbai, we have implemented few strategies for same.
1) we have started with cost cutting, such as stationery, using of AC when not necessary, etc.
2) we have modify our Late coming Policy, earler it was 3 lates mark will be half day leave, but now it has changed to 2 late mark will be half day leave and more than 3 late mark in a month will be decuted a one day leave.
3) apart from this we also have used all emp. who were on bench, we have utilize then in different Departments such as testing, database and even emp. who are below performace have been transfer to Support Department.
Thanks & Regards
Amit Lokhande
HR - MUMBAI

1. You can encourage your employees to take leave if they have more allowable leave with them.
2. You can stop encashing the leave (EL) - if you have this proceedure in your company.
3. Switch off ACs 2 hours morning and 2 hours evening.
4. Switch off the lights when you off for lunch, break, etc.
5. Go for energy saving bulbs if possible.
6. Cut overtime and compensate with Compensatory Off.
7. If you are presently in a rented premises, approach the owner for a discount by reasoning Global Economic Crisis.

To overcome the crisis financial discipline at individual level is needed. One has to realise that the income may not be sufficient to meet the actual expenditure and hence efforts must be taken to reduce the expenditure to the level of income. Not only reduction in power consumption, phone calls, consumption of petrol, travelling by a lower class,if not inconvenient, having lunch/dinner in standard hotels than Star hotels, having video conferencing instead of meetings wherever possible, meetings at HQ or branches and not at hill stations, use of email instead of postage, courier, fax wherever feasiable, changing tariff plans in phones, having group connections for team members, avoiding other luxuries for time being, reduced use of credit cards, think twice about the necessity before buying anything etc. will bring down the expenditure. Once the crisis is over, we can relax and come back to our good old days.

Hi
1. We have stopped giving salary advances
2. Discussed with Telecom Service providers and reduced the monthly rentals
3. Extensive usage of Video Conferencing
4. Using smaller cars (like indica / Santro) for local travel instead of big cars
5. No overtime

Dear All,
Hi everybody,
We are all aware of the economic crisis in India. I have proposed the following steps for cost cutting in my office, am working as a Manager - HR & Admin and it is a FMCG company.
The following might also be useful to you to implement in your organizations or else u can also contribute or add to my points.
1. Sending couriers reduced instead sending all correspondences are being sent by post, based on the emergency of the courier
2. Only 2 times tea / coffee provided for an employee for a day.
3. Travelling by Air has been restricted other than Directors & Managers.
4. Reimbursement of petrol has been streamlined.
5. Swith off A/Cs & Lights during the Lunch time and immediately after the close of the office hours.
6. Avoid unnecessary printouts from the Inkjet printers, use only DOT Matrix printers.
Regards,
B Saravanan