Source | www.timesnownews.com | ET Now Digital
New Delhi: Tata Group chairman emeritus Ratan Tata on Thursday said retrenchment of employees by Indian companies in these Covid-19 unprecedented times is not the solution, emphasising that it was a knee-jerk reaction and the way of doing business has to change in the post-coronavirus world.
It is worth mentioning here that Tata Group has not fired any staff, while several Indian companies have cut workforce because of lack of cash flow after the countrywide lockdown. However, the salt-to-software conglomerate has slashed salaries of its top management by up to 20 per cent. Many Tata Group firms, including its hotels, airlines, auto business, and financial services are badly hit in the pandemic-induced slowdown but have not fired employees to date.
In an interaction with Your Story, the ace industrialist and philanthropist said: “Accept that you have to change in terms of what you consider is fair and necessary in order to survive. One cannot continue to do business in certain ways and one won’t survive if you are not sensitive to all your stakeholders. Working from home is one solution. Laying-off people will not help you solve your problems as you have responsibility to those employees.”