Indian Corporate majors to cut 25% of jobs
According to a survey by Assocham, HR heads of the majority of steel, cement, ITeS/BPO, financial and brokerage services including construction, real estate and aviation have drawn up conclusive plans to curtail their workforce by 25 to 30 per cent.
The survey report further states that employers have no other alternatives as part of their corporate strategy to cope with prevailing negativity if they have to sustain their operations.
The CEOs are said to be trying to work out a third alternative and that is to curtail perks and perquisites of middle and senior management levels as the slowdown will continue and businesses would have to go on. Most of the chief executives have also agreed to accept substantial cuts in their packages.