Indian corporates have virtually stopped fresh recruitments to cut costs in the wake of global credit crunch, said a study by industry body Assocham.
Out of 150 Human Resource professionals interviewed, 90 per cent said that “there is a virtual ban on fresh recruitments in the private sector as attrition rate has almost subsided in all sectors of economy”.
The study said that as the global slowdown was getting deeper, HR professionals were under severe pressure for working out innovative ways and means to cut unnecessary organisational frills and reduce fringe benefits such as bonus and other allowances, besides curtailment in administrative costs.
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