Personnel cost cutting strategies implemented by Romania's major companies and banks included layoffs, salary freezes, the elimination of Christmas bonuses, with the steps increasing the productivity of the rest of employees, according to the executives of these companies.
In the opinion of Dominic Bruynseels, BCR CEO, a salary freeze at the bank was necessary this year, as long as salaries were at any rate too high ahead of the crisis against the market average.
At Petrom, 11,000 employees have been made redundant over the past five years. The restructuring process will continue this year, but the company's management has not slashed the salaries and benefits offered to the employees left this year.
" (...) We'll continue the restructuring process to boost operating efficiency, but redundancies will still be a nightmare for me," said Mariana Gheorghe, Petrom's CEO.
Jerome Olive, Renault Romania's CEO, says the toughest decision the head of a company is generally forced to make is firing a manager.
Personnel cost cutting strategies implemented by Romania's major companies and banks included layoffs, salary freezes, the elimination of Christmas bonuses, with the steps increasing the productivity of the rest of employees, according to the executives of these companies.
In the opinion of Dominic Bruynseels, BCR CEO, a salary freeze at the bank was necessary this year, as long as salaries were at any rate too high ahead of the crisis against the market average.
At Petrom, 11,000 employees have been made redundant over the past five years. The restructuring process will continue this year, but the company's management has not slashed the salaries and benefits offered to the employees left this year.
" (...) We'll continue the restructuring process to boost operating efficiency, but redundancies will still be a nightmar
