Job cuts, salary adjustments in COVID-19 aftermath not as widespread as expected: Report

By: |
December 6, 2020 4:58 PM

Job cuts and salary adjustments have not been as widespread as originally apprehended despite the severe impact on the revenue of companies in the aftermath of COVID-19 pandemic, a study has revealed.

While technical work on Pillar One is advanced, the Blueprint recognises that it is not a consensus document and that there are several key features of the solution that can only be resolved through political decisions.Empowerment has mushroomed as organisations struggled to find the agility and flexibility to deal with the crises.

Job cuts and salary adjustments have not been as widespread as originally apprehended despite the severe impact on the revenue of companies in the aftermath of COVID-19 pandemic, a study has revealed. The CII-Talentonic HR Solutions joint research report on ‘Reimagining the Organization for the New Normal: Role of HR’ has thrown up several insights. It observed that reducing the headcount has been given seventh priority out of 13 when it comes to what actions were taken to deal with the crises. Moreover, reducing or postponing salary or other payouts has been given ninth priority out of 13.

Empowerment has mushroomed as organisations struggled to find the agility and flexibility to deal with the crises. “Despite the severe impact on revenue and cash, very surprisingly, the display of compassion and community outreach have produced a spontaneous level of commitment and loyalty from employees and job cuts and salary adjustments have not been as widespread an occurrence as originally apprehended,” said the report. According to the report, work from home has solved many problems albeit creating some concerns about fragmentation of cultures.

It said reimagining the organisation and making more permanent design changes requires newer skills and that is a definitive work in progress. Many of the organisations that were spoken to seemed to be well on the way to a more permanent reset. Around 250 companies participated in the survey spanning several sectors, conducted between August-end and mid-November.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Hospitality, tourism witness 41% decline in hiring in 2020: Report
2Supreme Court to hear plea for extra chance to aspirants who missed UPSC exam due to COVID-19
3UPSC aspirant? No extra attempt if you missed last attempt in October due to COVID, Centre tells SC