DARE - Because Entrepreneurs Do

Ongoing meltdown may have posed multiple challenges to corporates in maintaining business operations, severely denting their margins,  manufacturing and capacity expansion drives but looking at it’s fillip side, it has succeeded inspiring majority of Corporate employees not to liberally access benefits of Credit Card economy and motivated them to drastically restrict their illegitimate expenses to save for rainy days.

he Associated Chambers of Commerce and Industry of India (ASSOCHAM) in a statement said that the Chamber has found out that in the terminal part of meltdown which is beginning now, majority of corporate employees have realised for significantly reducing their dependence on Credit Card economy.

It may be mentioned here that excessive disbursement of credit and debit cards by agencies concern played havoc with employees in private and public sector in recent past as they had no control on their expenses and little realised that their excessive use would put them in trouble. Incidentally, as the meltdown grew deeper a couple of months ago, sudden realisation prevailed among most of employees at entry levels to make stringy use of credit and debit cards as a result of which their business was adversely affected to an extent of 30-35%, said Mr. D S Rawat, ASSOCHAM Secretary General.

The ASSOCHAM assessment has pointed out that between 2000 to 2007, corporate employees developed tendencies for acquisition of credit and debit cards to conveniently honor their purchase commitments on food and beverages, rationing, garments, pub and petrol expenses, expenses on entertainment and the like.

The possessive tendencies not only developed among employees during boom time economy and created competition to acquire as many credit and debit cards as possible as the then prevailing banking system encouraged it without any check which ultimately resulted into defaults and deferment of their payments, said ASSOCHAM Secretary General.

Adverse implications of credit and debit cards arose after 2005 as per which it was found out that most of corporate employees, especially at entry levels started defaulting on their purchases of motor bikes, two-wheelers and even 4-wheelers and other luxuries articles.

This brought them frustration, depression and mental & physical strain, besides fatigue as whosoever credit and debit cards, the corporate employees thrived on their luxuries started chasing them insisting on refunds.

Now the stage has come when their employers in many cases started turning sympathetic towards such employees, sponsoring their stress sessions with psychiatric and counsellors who now found out that whosoever came to them concluded that they would deviate from availing access of credit and debit card facilities since these facilities are mortgaging their future.

In the meanwhile, banking institutions both in public and private sectors have applied restrained on release and extension of credit and debit cards in a liberal manner from which the corporate employees have learned a lesson that they should restrict their expenses and save for future as no one knows the current recession and meltdown will go on for how long, said Mr. Rawat.

The other benefits of the counselling which is picking up in corporate world for release of fatigue and tension is that companies in private sector are adopting counselling as a permanent feature of their human resource policy.

This is because the psychiatric and counsellors offer natural ways for release of stress on account of which companies are saving lot of their medical reimbursement in the sense that employees are little motivated to consult medical practitioner.

This saves corporates money on medical treatment as in majority of cases, it is being found out that release of stress and strain is extremely competitive through counselling then to consult doctors and experts in medical profession.

Source: ASSOCHAM

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