Retrenchment Stragtegy

8/9/2019 Retrenchment Stragtegy

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Shri Vile Parle Kelvani Mandal’s

Mithibai College of Arts, Chauhan Institute of Science &

Amrutben Jivanlal college of Commerce and conomics

Vile Parle !"est# Mumbai $%%%'

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This is to certify that the undersigned have assessed and evaluated the project on “999999”

submitted by-----------, student of M.Com. – art - ! "#emester – !$ for the academic year %&'(-

'). This project is original to the best of our *no+ledge and has been accepted for !nternalssessment.

ame #ignature of !nternal /0aminer

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*C3A6A(I- 1+ (0 S()*-(

! 9999999999 student of M.Com. "art – !$ 6oll -o4 9999999 hereby declare that the project titled

“99999999999” for the subject------------ submitted by me for #emester – ! of the academic year

2014-15, is based on actual +or* carried out by me under the guidance and supervision of

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ACK-"3*7M-(

3irst and foremost ! see* the blessings of my beloved teachers +ho *eep lot of e0pectations on

me and sho+ering their infinite love for ever.

! +ould li*e to than* )niversit< of Mumbai for giving me this opportunity of ta*ing such a

challenging project, +hich has enhanced my *no+ledge about the-----------.

! sho+ my gratitude to the rincipal, 4ice rincipal and Co-ordinator of Mithibai College +ho

gave me a lot of moral support and under their guidance ! +as successfully able to complete my project.

nd +ith deep sense of gratitude ! +ould li*e to than* Prof8 99999999999999for his immense help

and co-operation.

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;; PREFACEPREFACE $$

:: EXECUTIVE SUMMARYEXECUTIVE SUMMARY ''

== INDUSTRY PROFILEINDUSTRY PROFILE :>:>

$$ OBJECTIVE OF STUDYOBJECTIVE OF STUDY :?:?

SCOPE AND PURPOSESCOPE AND PURPOSE =%=%

'' CONCLUSONCONCLUSON =:=:

>> RECOMMENDATIONRECOMMENDATION =:=:

I-*@I-*@

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PREFACE

As employee Retrenchment has become increasing everywhere in recent years, the

study of this phenomenon has assumed greater significance. This article develops anintegrative framework that incorporates environmental and organizational antecedentsas well as the implications of Retrenchment for individuals and organizations. Key

empirical studies are reviewed and major patterns and contradictions are identified. Theauthors identify and discuss theoretical and methodological concerns related to the

etant literature and provide recommendations for future research aimed at developinga better understanding of employee Retrenchment.

The thing that people need to remember is that Retrenchment may be back on the frontpages, 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.

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EXECUTIVE SUMMARY

!eaning of retrenchment

Retrenchment is something akin to downsizing. "hen a company or government goes through

retrenchment, it reduces outgoing money or ependitures or redirects focus in an attempt to become

more financially solvent. !any 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.

#ompanies can employ this tactic in two different ways. $ne way is to slash ependitures 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&uality of the materials used in a product, streamlining the process in which a product is manufactured or

produced, or moving head&uarters 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. 'f one market has become

obsolete due to modernization or technology, then a company may decide to change with the times to

remain profitable.

(tates or governments may also use retrenchment as a means to become more financially stable. 'n

capitalist nations, retrenchment is effected by lowering taes in the hopes of pumping more money into

the economy. This tactic is always healthily debated throughout all levels of government. "hen 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. )owever, this is not a classic

eample of retrenchment, because when epenses are cut in one area, politicians tend to re%direct them

to other areas.

*mployees 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 epense or a financial liability.

+efinition of retrenchmentRetrenchment -rench retrenchment, an old form of retranchement, from retrancher, to

cut down, cut short/ is an act of cutting down or reduction, particularly of publicependiture.

According to the 'ndustrial +isputes Act, 0123, retrenchment is the termination by theemployer of the service of the work% man for any reason whatsoever, otherwise than as apunish% 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 retirementage 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 theground of continued ill health.

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There are five activities that characterie retre!ch"e!t#

#aptive #ompany. *ssentially, a captive company4s destiny is tied to a larger company.-or some companies, the only way to stay viable is to act as an eclusive supplier to a

giant company. A company may also be taken captive if their competitive position isirreparably weak.T$r!ar%$!&' 'f your company is steadily losing profit or market share, a turnaroundstrategy may be needed. There are two forms of turnarounds -irst, one may choose

contractions cutting labor costs, 556* and !arketing/. (econd, they may decide toconsolidateBa!(r$)tc*. This may also be a viable legal protective strategy. 7ankruptcy without acustomer base is truly a bad place. )owever, if one declares bankruptcy with loyal

customers, there is at least a possibility of a turnaround.Divest"e!t. This is a form of retrenchment strategy used by businesses when they

downsize the scope of their business activities. +ivestment usually involves eliminatinga portion of a business. -irms 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 toeliminate unrelated, unprofitable, or unmanageable operations.

Li+$i&ati%!. This is very simple. Take the book value of assets, subtract depreciationand sell the business. This may be hard for some companies to do because there may

be untapped potential in the assets.

!eaning of recession'n economics, a recessi%! is a business cycle contraction, a general slowdown in economic activity.

+uring recessions, many macroeconomic indicators vary in a similar way. 5roduction, as measured by8ross +omestic 5roduct 8+5/, employment, investment spending, capacity utilization, household

incomes, business profits and inflation all fall during recessions9 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. 8overnments usually respond to recessions by

adopting epansionary macroeconomic policies, such as increasing money supply, increasing

government spending and decreasing taation.

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INTRODUCTION TO T,E BUSINESS SCENARIO OF BPO

75$ :7usiness 5rocess $utsourcing; has been the latest mantra in 'ndia today. As the

current sources of revenue face slower growth, software companies are trying newways to increase their revenues. 75$ is top on their list today. 'T services companies

are making a &uick entry into the 75$ space on the strength of their eisting set of clients. "e hope to address all issues related to 75$ in 'ndia on this portal.

"e will attempt to eplain what it takes to setup a 75$ facility in 'ndia. Actually, settingup a call center is capital intensive. An ordinary 75$ center that takes care of pure back

office operation :e.g. payroll, data entry; will not be as epensive as a call center.The philosophy behind 75$ is specific, do what you do best and leave everything elseto business process outsourcers. #ompanies are moving their non%core businessprocesses to outsource providers. 75$ saves precious management time and

resources and allows focus while building upon core competencies. The list of functionsbeing outsourced is getting longer by the day. #all centres apart, functions outsourced

span purchasing and disbursement, order entry, billing and collection, human resourcesadministration, cash and investment management, ta compliance, internal audit, pay

roll...the list gets longer everyday. 'n view of the accounting scandals in


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An organization which faces one or more of these issues is referred to as a sickB

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

• The eisting chief eecutive and management team handles the entire

turnaround strategy with the advisory support of a eternal consultant.

• 'n another case the eisting team withdraws temporarily and an eecutive

consultant or turnaround specialist is employed to do the job.

• The last method involves the replacement of the eisting team specially the chief

eecutive, or merging the sick organization with a healthy one.

7efore a turn around can be formulated for an 'ndian company, it has to be firstdeclared as a sick company. The declaration is done on the basis of the (ick 'ndustrial

#ompanies Act ('#A/, 01CD, which provides for a &uasi judicial body called the 7oardof 'ndustrial and -inancial Reconstruction 7'-R/ which acts as the corporate doctor

whenever companies fall sick.


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F. Ei&uidation (trategies

A retrenchment strategy which is considered the most etreme and unattractive is theli&uidation strategy, which involves closing down a firm and selling its assets. 't is

considered as the last resort because it leads to serious conse&uences 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 failureThe psychological implications

• The prospects of li&uidation create a bad impact on the companyBs reputation.

• -or many eecutives who are closely associated firms, li&uidation may be a

traumatic eperience.

Legal aspects of liquidation @nder the #ompanies Act 01DG, li&uidation is termed as

winding up. The Act defines winding up of a company as the process whereby its life isended and its property administered for the benefit of its creditors and members. The

Act provides for a li&uidator who takes control of the company, collect its assets, pay itdebts, and finally distributes any surplus among the members according to their rights.

2. 7ankruptcy This may also be a viable legal protective strategy. 7ankruptcy without a customer

base is truly a bad place. )owever, 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 'ndiaBs economy is impacting the employment

scenario in 'ndia. 'n fact the rising joblessness in 'ndia has assumed worrisomeproportions. "ith overall economic growth sharply slowing down, the ranks of those

without work are growing by the day. -ive hundred thousand people were rendered

jobless between $ctober and +ecember


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opportunities.3D per cent of its revenues come from the @(. Eow demand for services

may force most 'ndian -ortune D== companies to slash their 'T budgets. Jinnov#onsulting, a research and offshore advisory, says that besides companies from 'Te(

and 75$, automotive components will be affected. +uring a full recession, @(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 financialinstitutions are moderately vulnerable. 'f the service sector takes a serious hit, 'ndia

may have to revise its 8+5 to about C to C.D per cent or even less. As per Raman Roy, -ather of 'ndian 75$ industry, recession is not a decrease in

consumption. it is just that the rate of growth has changed. Recession actually providesthe opportunity to create value for customers at different price points.

According to Eokendra Tomar, senior vice%president, 'ntegreon, a 75$ firm, saysrecession is likely to have a dual impact on the outsourcing industry. Appreciating rupee

along with poor performance of @( companies will affect the bottom line of theoutsourcing industry. (mall 75$s, which are operating at a net margin of 3%C per cent,

will find it difficult to survive. According to +harmakirti oshi, director and principaleconomist of #R'('E, along and severe recession will seriously affect the portfolio and

fied investment flows. #orporates will also suffer from volatility in foreign echangerates. The eport sector will have to devise new strategies to enhance productivity.

EFFECT OF INTEREST RATES ON BPO INDUSTRIE

7ecause of the slowdown of 'ndian economy and 75$ industries the interest rates havealso gone down. 7ank has reduced their interest rates due to lack of business.

REVENUE .ENERATION IN BPO SECTOR

Revenue is generated on the basis of volume I seats a 75$ has or is re&uired for anyprocess. -or eg. if a process is outsourced to a vendor, client provides the data on thevolume and a charge per unit is defined in the agreement. Then the vendor is paid onthe basis of volume no. of callsLprice per call/. The average revenue earned by 75$

industry in


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entertainment, healthcare, energy and utilities to consider outsourcing of back office

work.N75$ business is largely annuity in nature where the contracts are for a longer term making it slightly more immune from economic recession,O said 'ntelenet *P5

(andeep Aggarwal says. NA #-$ is constantly looking at gaining control on the coststructure,O said 8artner senior research analyst Arup Roy. According to a 8artner study

released in April,


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• Karthik Ananth, (enior consultant, business development Jinnov says, NThere is

already a shift in business strategies of corporate 'ndia. Earge 'T and 75$ firms have

started looking at other markets like *urope and domestic markets to spread risk andreduce the impact of the rising rupee.

• +iversification of eport markets, improving internal efficiencies to maintain costcompetitiveness in a tight eport market situation and moving up in the value chain to

impart resilience.• #orporate 'ndia will have to spend lot more to develop markets and supply chain

links in alternate markets like Asiaand *urope.

• This is the right time to hire as salary epectations 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.

Recessi%! 1e-i!s t% fa&e#

*conomic times said that N!any companies have started reworking their hiringmandate. 'nfosys technologies, which previously planned to hire 0C,=== persons this

year, has said it will hire an additional


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Mer-i!- %f t2% %r "%re fir"s# "hen a certain firm combines its operations with another firm and operates as a singleentity, in order to stay in profit or epand the market reach, it is called a merger . 'n case

of a merger, certain positions become redundant. The same work is done by twodifferent staff members. @sually in such a case, the company cuts staff to eliminateredundancy in work. 't is characterized by some employees leaving an organization

voluntarily, or by lay%offs, especially in case of higher management positions.

Ac+$isiti%!# 'f one organization purchases another one, there is a definite change in themanagement and the ac&uired 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.

Cha!-e i! "a!a-e"e!t# The change in the top brass of a company can also result in Retrenchment. Theworking methods and procedures vary with the management. Therefore, a significant

change in the management roles may drastically affect the employee size to suit aparticular style of working.

Ec%!%"ic crisis This is the single biggest cause of Retrenchment. $ften, it consists of huge lay%offs by

a number of organizations across various domains. The recent economicrecession 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 @( 7ureau of the#ensus, organizations consisting of higher percentage of managerial staff downsizemore than the ones with higher percentage of production process employees.

Strate-* cha!-es

(ome companies may reduce certain areas of operation and focus on other areas. -or eample, if a company is working on a project in which there are no assured returns, itmay downsize it4s employees working on that particular project. 't focuses its resources

on specific projects, which could be profitable ventures.

E3cessive 2%r(f%rce 'n a period of high growth, a company hires ecess staff, to meet the needs of agrowing business. )owever, in times of recession the business opportunities dwindle,leading to Retrenchment of the surplus staff that was hired.

I!crease i! efficie!t 2%r( f0%2 a!& c%")$terie& services 'f an organization work process is etremely fast and easily meets the re&uirements of

the market, it may downsize some of its workforce. (imilarly, if manual work can bedone by a machine, in a much better and cost%efficient way, it also results in thereduction in the number of employees.

O$ts%$rci!- )ractice$rganizations catering to international markets re&uire a huge and efficient employeebase. 'f this labor can be obtained by 4eporting4 the job to other countries, a huge

Retrenchment takes place in the parent country. -or instance, if a certain job can be

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http://www.buzzle.com/articles/mergers/http://www.buzzle.com/articles/unemployment/http://www.buzzle.com/articles/economic-recession/http://www.buzzle.com/articles/economic-recession/http://www.buzzle.com/articles/outsourcing/http://www.buzzle.com/articles/unemployment/http://www.buzzle.com/articles/economic-recession/http://www.buzzle.com/articles/economic-recession/http://www.buzzle.com/articles/outsourcing/http://www.buzzle.com/articles/mergers/


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done more effectively in 'ndia and is more viable economically there, than in the @nited

(tates, the business is operated from that country.

The hi!&$ 1$si!ess 0i!e Recessi%! i")act# BPO i!&$str* sees &i) i! attriti%!

rates

0< !ay E run a anuary to +ecember fiscal, -irstsource and "?( follow an April to !arch

fiscal/.

-or "ipro 75$, the &uarterly attrition has come down by D== basis points to 0F per cent from 0C per cent

in the previous se&uential &uarter.

,ea&c%$!t

75$ firms seem to be hiring in smaller numbers as they prefer to work with on%board employees in a bid

to cut costs.

"?( ended the &uarter with an employee base of


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*>E, which runs a anuary%+ecember fiscal, had 1,DGF employees on its rolls against 1,DF0 in the

previous &uarter.

An )R head of a large 75$ player pointed out that while the industry was hiring fewer numbers,

companies were also cleaning up their bench. N#ompanies are not retaining non%performers. Also, one

has to see the employee count in the backdrop of growth of these companies,O the official said.

!umbai%based -irstsource saw a net reduction of 1D= employees in the just%ended &uarter compared

with net addition of


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0/$utsourcing #hak +e Eift Them/ or #huck Them 75$ 'ndia 7y Ajay $hri/ The

7usiness 5rocess $utsourcing 75$/ 'ndustry is one of the largest providers of employment in 'ndia. They employ an estimated half%a%million 'ndians, mostly in the


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'n spite of tough competition, 'ndia has emerged as a global leader in the 7usiness

5rocess $utsourcing 75$/ industry. 'ndia has the advantage of having large *nglishspeaking and computer literate workforce, which are considered as important

per&uisites for the success of 75$ sector. 't eplores the factors that have contributedto the success of 75$ industry in 'ndia. (ound infrastructure is crucial for the success

of any industry including 75$. The author throws light on the improvements achieved inthe telecom, aviation, power, offices, hotels and

road facilities that have facilitated the growth of the 75$ industry. )e eamines the roleplayed by the human resource in making 'ndia a 75$ hub. The article also discusses

the initiatives taken by the government including policy concessions, ta eemptionsand removal of procedural hurdles to enable the growth of the 75$ sector. 'n the lastsection the article throws light on the future of 75$ industry in 'ndia, especially itscontribution towards 8+5, eports and employment generation. The author observes

that 75$ industry has witnessed transformation from back office service operations tohandling core functions and is playing a significant role towards growth of the economy.

The author emphasizes the need for continuedefforts to maintain the lead in this industry.Recessi%! i")acts sa0aries8 attriti%! i! I!&ia! BPO sect%r

!arch F=th,


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5ublisher Q (A8* 5ublisher +ate Q $ct%D%0111

This paper eamines the changing role of )uman Resources )R/ in the specific

contet of Retrenchment. 't highlights the key dilemmas facing )R professionals % on

the one hand, the contribution of )uman Resources !anagement )R!/ to theachievement of business results has come under increasing scrutiny and, on the other hand, most of the challenges of Retrenchment are people%related issues that re&uire

sophisticated )R interventions. The paper reports the key findings of a pilot studyconducted in sity organisations in the @K that downsized in the last three years. Thekey conclusion of the study is that the role of )R has become wide ranging, coveringthe strategic as well as implementation aspects. The clear message from the study

suggests that, unless there is alignment between the two aspects, the envisagedbenefits of Retrenchment are unlikely to take place. Key challenges facing )R

professionals are managing middle managers, managing careers and managing

employee epectations. There are indications to suggest that the process role of )R islikely 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 % +aniel #. -eldman 5ublisher % @niversity of (outh #arolina, @(A+ate %


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Title name % #areer Anchors Revisited 'mplications for #areer+evelopment in the


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Author name % Tammy +. Allen,+eena !. -reeman,oyce *. A.

Russell,Richard # ,Reizenstein,oseph $. Rentz!agazine Qournal of management5ublisher Q (A8* 5ublisher +ate % 0G. +*#.


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close to two million jobs in the @.(. were lost in


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observed that the relationship between the two was contingent on !6A type, with the

likelihood of employee reductions being greater in the contet of related transactions.

Title name % Relationships between firm governance, #*$ characteristics,and Retrenchment.

Author name Q +eepak k data!agazine Qournal of management5ublisher Q (A8* 5ublisher

(tudies belonging to this link have primarily used agency theory arguments in assessing

the effects of governance mechanisms board characteristics, ownership structures, andcompensation systems/ on employee Retrenchment. 'n an early attempt at

understanding the relationships between ownership structures and Retrenchment,7ethel and Eiebeskind 011F/ found that firms with greater blockholder ownership

eperienced higher levels of employee reductions. 'n contrast, -ilatotchev et al.


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Title name % Relationships between Retrenchment and turnover intent andabsenteeism.

Author name % Kalimo, Raija9 Taris, Toon ".9 (chaufeli, "ilmar 7.!agazine Qournal of management

5ublisher Q (A8* 5ublisher +ate Q Apr.


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!uch of the research belonging to this stream is geared toward addressing the basic

&uestion, N+oes employee Retrenchment result in improved organizationalperformanceO

5roponents of employee Retrenchment have long argued that Retrenchment representsa rational tool that managers can use to improve organizational productivity and

efficiency #ascio 6 Uoung,


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I

I!&$str* Pr%fi0e

8enpact A global leader in business process and technology management$P*RP'*"The #ompany traces its beginnings to 0113, where under the name of 8*#'(, it wasestablished as an independent business unit of 8* #apital. The organization was

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chartered to provide business process management capabilities that would deliver

outstanding efficiencies to all businesses across 8*. 8enpact became an independentcompany in


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Revenues usM


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0. To study the Retrenchment strategies followed by 75$ sector during the time of

recession.


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will be primarily focused on what were the retrenchment strategies of 75$ sector during

the time of recession.

• )R reviews

• ournals

• !agazines

• "ebsites

• ?ews paper

-'?+'?8(, +ATA 6 A?AEU('(• 5lanned Retrenchment A (ustainable Alternative

• #auses and *ffects of *mployee 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

'n todayBs economy job security isnBt going to be the same asemployment security. 9he! the ec%!%"* )re&%"i!a!t0* c%!siste& %f -%ver!"e!ta!& %ther )$10ic sect%r 7%1s8 7%1 sec$rit*5!%t -etti!- sac(e&6 2as hi-h8 1$t

e")0%*"e!t sec$rit* 5fi!&i!- a !e2 7%1 if *%$ 2ere sac(e&6 2as 0%2' I! the !e2

ec%!%"*8 the reverse 2i00 1e tr$e : )e%)0e 2i00 -et sac(e& "%re easi0* tha!1ef%re8 1$t the* 2i00 a0s% fi!& a !e2 7%1 "%re easi0* tha! 1ef%re . 't is just that livingbetween the two stages will take some getting used to. -or the moment, the job market

appears epanding and market watchers epect momentum to sustain in the short tomedium term even if economic growth tapers off marginally.

't was a lesson learnt the hard way. "e should concentrate and analyze the

failure of economic reforms globally to be able to put a finger on the eact causesleading 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 nomagic sponge to clean in every blot of the culprit paint. 7ut certainly a thinner can be

applied to lessen further damage and brighten further vistas. ?ew prospects can besown into the recovering panorama. EetBs hope for their blossoming into fruit bearing

healthy economy in the near future. "orld overY

S?et to the death of a relative or friend, there4s nothing more traumatic than losing a job. #orporate cutbacks threaten the security and self%esteem of survivors and victimsB

alike. They cause turmoil and shatter morale inside organizations and they confirm theview that profits always come before people.S

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RECOMMENDATION

@niversal social protection to workers Q need to ensure legal, institutional and financial

support. *nsure employment services to all workers.

@se employment guarantee to address such crisis.

(kill training and skill up%gradation.

5roblems of small producers need to be addressed.

LIMITATION

The study might be limited by following factors

0. 5ersonal limitation Q whole interpretation is depend on my knowledge so there may be achance of error.


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• +ownsizing and the changing role of )R. 7y (ahdev, Kusum9 Pinnicombe, (usan9

Tyson, (haun. 'nternational ournal of )uman Resource !anagement, $ct11, Pol. 0='ssue D, p1=G%1

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Retrenchment Stragtegy