A dramatic meltdown after boom years globally has made Indian firms smarter in employee engagement and talent management, which will help it grow faster when recovery begins, predicts a study by global consulting firm Deloitte.

A cross-industry dipstick survey on employee engagement in recessionary times found Indian firms were in a wait-and-watch mode without retrenching, but trying to balance both employee and operational costs. Of the 130 firms approached for the survey, 65 participated, including 22 multinationals.

Of the participant firms, 44 per cent represented technology, media and telecom, 27 per cent manufacturing, seven per cent FMCG, five per cent pharma and 27 per cent others. The study found companies implementing metrics to determine return on investment on human resources. Investment in proprietary knowledge and technological upgrade is continuing, albeit slower than during the boom times.

The eight-week survey said companies were substituting lucrative bonus and international travel with opportunities for advancement and flexible working hours to retain employees. The survey also found companies were not cutting back on training programmes but only reducing training costs. The focus is on empowering employees with multi-skills to handle different tasks and building a strong leadership pipeline. With such talent management measures, ZaaBiz is sure that India Inc would be in a great position to grow once the boom sets in.