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Slowdown provides more opportunities

KOCHI: The economic slowdown provided several opportunities for companies to rationalise manpower, said M.P. Govindarajan, General Manager (Human Resources), Kochi Refinery, Bharat Petroleum Corporation Limited.

He was addressing a seminar on ‘coping with economic downturn – HR challenges’ organised by Union Bank of India, Dun & Bradstreet, and Indian Institute of Planning and Management (IIPM).

Mr. Govindarajan said introduction of practices such as real time gross settlement in financial transactions resulted in saving crores of rupees. The prices of petroleum products were governed by external factors and internal measures were required to optimise resources.

P.Y. Nagar, Field General Manager, Union Bank of India, said there was no chance for the interest rates to go up in the next six months and the funds available with the banks could be channelised for profitable purposes.

The shift in customer loyalty and the appreciable business migration were helpful for the growth of public sector banks, said K.R. Pillai, Deputy General Manager, Union Bank of India.

Medium and small enterprises were being given more attention in the new scenario brought about by the economic downturn, said R. Jayachandran of IIPM.

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