Indian corporates have started various measures to reduce their expenses.Image Credit source: Google Gemini
India Inc. i.e. Indian corporate is now paying more attention to financial prudence and proper utilization of resources. There is a reason for this also. Due to geopolitical uncertainties and possible disruptions around the world, companies are now starting to exercise caution. Companies across all sectors are now cutting down non-essential expenses and banning non-essential travel. Promoting hybrid and remote work, and intensifying energy saving measures.
They are doing this not only to deal with the current ups and downs, but also to keep their operations strong. Companies say that these steps are in line with Prime Minister Narendra Modi’s appeal in which he talked about exercising restraint and responsible consumption while maintaining productivity and long-term growth.
Work from home promotion
IndusInd Bank is now expanding the roster-based ‘work-from-home’ policy, while Lupine has made the rules for granting travel approvals more stringent. PwC India has asked its employees to travel only when it is absolutely necessary. Homelane is now using technology to bring greater efficiency. Capgemini, Infosys, RPG and HUL are now strengthening their sustainability measures through renewable energy, electric mobility, virtual collaboration and IoT-based energy management.
In line with India’s broader emphasis on ‘work from home’ and virtual collaboration to save resources and boost efficiency, our bank is now expanding its roster-based ‘work from home’ framework across multiple departments after a successful pilot in select teams, Amitabh Kumar Singh, Chief Human Resources Officer, IndusInd Bank, said in an ET report. He further said that we have continuously taken such steps which have been focused on proper utilization of resources and effectiveness of functioning.
cut down on travel
Although many companies already have a flexible and hybrid strategy in place for their employees, commercial travel is now being monitored more closely than ever. Yashwant Mahadik, President (Global HR) of Lupine, a large pharmaceutical company, said in an ET report that his company has now increased the strictness on domestic and international travel, and now travel is being allowed only for very important business purposes. RPG Group is also very strict about its trips.
They are minimizing foreign travel, significantly reducing domestic air travel, and avoiding or reducing meetings that require traveling from one city to another. PwC India has also asked its employees to review all their domestic and international travel, and travel only when there is a clear business need. HUL also encourages using virtual medium for meetings wherever possible.
Promote use of train connectivity
Hybrid and ‘work from home’ arrangements are already an established trend across departments at HomeLane, but the home interior design company has now rationalized business trips as well, preferring to connect virtually wherever possible. HomeLane co-founder Shrikant Iyer said that for essential journeys, we have promoted the use of train connectivity instead of short distance flights.
This not only reduces fuel consumption but also saves a lot of travel expenses. Apart from this, we are decentralizing many decision making processes. For example, decisions about opening new stores and selecting locations are now being made by local teams, eliminating the need for senior employees to travel out of town.
Capgemini is also rapidly electrifying its mobility system, and has a high number of electric vehicles (EVs) in its vehicle fleet. A company spokesperson said in the ET report that we are continuously strengthening our operational capacity through initiatives like our Energy Command Center (ECC). The center optimizes energy consumption across our campuses using IoT-based monitoring.
