12 critical factors influencing cost reduction

12 critical factors influencing cost reduction

Companies had thought about and implemented cost reduction steps during recession. Very soon those cost reduction actions were out of place and dragged companies behind by hampering the growth severely.Growth oriented companies review, modify, and implement cost reduction strategies regularly, say twice in a year.The age-old adage "A rupee saved is a rupee earned" is so … [Read more...]

Check attrition to increase profitability of your firm

Attrition

Attrition refers to the gradual reduction in the work-force (and not replaced) due to reasons like resignation and retirement. Attrition results in loss of employees as well as the loss of customers; it in-turn increases the costs and decreases the profit margin of a company.Though it's not possible to eliminate the attrition completely, it's possible to reduce the … [Read more...]