Try and see from the point of view of the managers. It is evident that there are areas where the costs are real high and it poses a great strain on the company's financial results ... bottom line.
With shrinking profit margins no employer would have enough money to provide additional benefits to the employees.This is a common experience in conditions like low GDP , static or declining demand for product and services, intense competition and loss of market share, declining quality.As a true HR professional you need to understand the context and communicate the current business scenario with the employees through open - forums. You may even invite some of the managers into this. This will keep your employees deeply engaged with the company. Next, you can have a suggestion scheme ... where each employee gives valid business ideas to reduce variable and/ or fixed costs of the company. Form a committee to critically analyze and implement the ideas in the area of Production, Distribution, Quality, Safety, Climate change, Cost Reduction, Process Improvement, Customer Satisfaction. But no policy matters. You can also encourage cost saving systems like KAIZENS, LEAN SIX SIGMA, 5S etc.
Develop appropriate trackers to keep a track of ideas generated, ideas accepted, Ideas implemented, total cost saved as a result of the ideas implemented (in terms of INR). This will be a big help to the management and a big opportunity of HR to contribute as a business partner with all the needed maturity. You could think of awarding a certificate in a public forum to the highest ideas generators, best kaizen team etc. involving the top management group members. With such a reputation, the managers will be more eager to do something for the employees who have 'run an extra mile' to make the company survive the financial crisis. At that time if the total cost saved is significant , you can recommend the benefits with a shoe-string budget but having more emotional value in the eyes of the employee...
Things like an LED display board which greets the employees on their birthdays, promotions, anniversaries etc. Birthday celebrations where the cake is from the company and all other items are procured by employee contribution. You can have sports tournament and award the winners with a high tea with your manager and all the glitterati of the company. You can slowly persuade the management to recognize the significant contribution of the workforce in financial terms. Hence, they would be more inclined to 'INVEST' and not 'SPEND' on their very own workforce.