DOWNSIZING SANS TEARS Among the most interesting and enduring of Tata Steels saga of growth is…

DOWNSIZING SANS TEARS

Among the most interesting and enduring of Tata Steels saga
of growth is their seamless and successful effort in downsizing. For producing
just 2 million tonnes in 1994, Tata Steel employed as many as 80,000 workers,
while when the company has increased its production multifold, it employs only
about one-half of the workforce, showing the unviable employment situation
then. When the company decided to reduce the unwieldy number of employees, the
management evolved a then novel and humanistic voluntary retirement scheme
(VRS) policy to ensure that it did not cause any

DOWNSIZING SANS TEARS

Among the most interesting and enduring of Tata Steels saga
of growth is their seamless and successful effort in downsizing. For producing
just 2 million tonnes in 1994, Tata Steel employed as many as 80,000 workers,
while when the company has increased its production multifold, it employs only
about one-half of the workforce, showing the unviable employment situation
then. When the company decided to reduce the unwieldy number of employees, the
management evolved a then novel and humanistic voluntary retirement scheme
(VRS) policy to ensure that it did not cause any heartburn amongst the affected
workers. The company offered the displaced workers 1.2 times of their monthly
salary for the rest of their service, in cheques. They were also given an
insurance cover. In case of their death, their family would continue to receive
the benefit. The company also spent a lot of time and money to identify those
eligible to take the VRS. As a result of these strenuous efforts, The number
of employees has been reduced from 77,448 in 1994 to 52,167 in 2000, and to
39,658 in 2005.7

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