Eight In 10 Indian Companies Not Currently Considering Permanent Staff Layoffs Or Redundancies: Korn Ferry Survey

Given the government’s extensive requests on avoiding laying off employees, the majority of companies have not implemented or are not currently considering permanent staff layoff/redundancies (84%) or temporary layoff/furlough (83% without government subsidy support and 91% leveraging government subsidy).

From customer-facing staff, middle managers to executives, most respondents both globally and in India believe that adjustments to rewards and benefits as a result of Covid-19 will likely affect employees throughout the organisation, according to a survey by Korn Ferry.

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According to the survey, 22% of organisations surveyed in APAC expect a serious impact on their business, where the company’s annual business revenue is expected to decline by more than 30%, with around half of these respondents expecting that the impact will be at least 50%.

In India, the most commonly implemented measures for rewards and benefits are on promotion and salary hike, with 23% organisations suspending the promotion increases and 18% organisations deferring and/or delaying salary increases. Three in 10 organisations have implemented or are considering implementing a salary freeze to manage costs.

Source: Economic Times

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