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Rethinking Workforce Strategies and Employee Innovation in Turbulent Times June 2009

Rethinking Workforce Strategies and Employee Innovation in Turbulent Times June 2009. An Overview. External Environment. Developed economies are in a recession This obviously impacts on the export sector Growth rates have decelerated The Indian growth rate is down to 6-7%

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Rethinking Workforce Strategies and Employee Innovation in Turbulent Times June 2009

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  1. Rethinking Workforce Strategies and Employee Innovation in Turbulent Times June 2009

  2. An Overview

  3. External Environment • Developed economies are in a recession • This obviously impacts on the export sector • Growth rates have decelerated • The Indian growth rate is down to 6-7% • Lot of companies projecting flat to low teens in growth • Many small IT & BPO companies have shut down; the larger companies have slowed down hiring • Unemployment is rising • Large numbers of campus pass outs are idle • Pressure from clients • On pricing • Value adding to clients beyond SLA

  4. Internal Environment • Companies under pressure to maintain profits at current levels • Focus on improving productivity • Longer working hours • Increasing span of control • Bring down costs • Low single digit salary increases/ salary freeze • Reduction in travel & other expenses • Huge focus on controlling headcount; reducing bench • Getting rid of non-performers • Virtual bench • Getting rid of one or two layers/levels in the organization structure

  5. Rethinking Workforce Strategies…….. • Communicate, communicate, communicate………. • Openly share data on company performance & financials • Talk openly about challenges ahead • Share the plan ahead • Involve employees in decisions being made • Ask for suggestions • Form teams (functional/cross functional) to come up with solutions • This is the time for companies to show their human side • Would shareholders be willing to accept a lower profit this year for hopefully a better return in the years ahead? • Virtual bench, Sabbaticals, training, generous severance packages etc

  6. Rethinking Workforce Strategies…….. • Opportunity to take measures that will strengthen the company for the future • Restructuring the company • Increase investment in Sales & Marketing & reduce G&A expenses • Change policies & make changes to the grade structure • Continue to invest in training • Strengthen processes • Focus on building the innovation culture and domain expertise in the company • Stay committed to the Innovation road map • Think through on ways of improving domain expertise and implement the same

  7. THANK YOU Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN) is a global provider of BPO (business process outsourcing) services headquartered in India. Firstsource provides customized business process management to global leaders in the Banking & Financial Services, Telecom & Media and Healthcare sectors. Its clients include Fortune 500 Financial Services, Telecommunications and Healthcare companies. Firstsource has a global delivery model with operations in India, US, UK, Argentina and Philippines. (www.firstsource.com)

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