When the going gets tough, the tough spend longer hours in their rooms, snipping costs amid the slowdown.
At Larsen & Toubro, the sign of the times is in the fact that the top brass, including Chairman AM Naik, will spend two hours each day to monitor the company’s day-to-day affairs.
The idea is to boost austerity, cut costs, increase efficiency and minimise job losses. Hands-on. And fewer speeches from the podium, perhaps.
"The directors, including Mr Naik, have decided to take a couple of hours over their day-to-day work to be in touch with various departments. That though, does not mean we are trying to micro-manage things,” RN Mukhija, board member and president, operations, told Hindustan Times.
L&T, the country's largest infrastructure and engineering company, has not announced any layoffs yet, but its software subsidiary, L&T Infotech, slashed its work-force last month.
The company has been going slow on large investments, cutting down on outsourcing contracts, diversifying its product portfolios wherever possible and recruiting some new people in key positions as a preparation for difficult times.
Mukhija, who also heads the company's electricals and electronics division, refused comment on whether major projects would see significant delays.
“In my department, we have decided to go slow on outsourcing opportunities. This is being done to ensure that we do not have to layoff any of our workers till now. Other departments would be looking at it in their own way,” Mukhija said.
The company is also moving workers between departments to deploy staff hit by the slowdown in busier places.