Personnel cost cutting strategies implemented by Romania's majorcompanies and banks included layoffs, salary freezes, theelimination of Christmas bonuses, with the steps increasing theproductivity of the rest of employees, according to the executivesof these companies.
In the opinion of Dominic Bruynseels, BCR CEO, a salary freeze atthe bank was necessary this year, as long as salaries were at anyrate too high ahead of the crisis against the market average.
At Petrom, 11,000 employees have been made redundant over the pastfive years. The restructuring process will continue this year, butthe company's management has not slashed the salaries and benefitsoffered to the employees left this year.
" (...) We'll continue the restructuring process to boost operatingefficiency, 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 thehead of a company is generally forced to make is firing amanager.
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