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In the early months of COVID-19, most organizations (66
percent) immediately restricted hiring to critical roles. Many organizations
took other actions to reduce workforce costs, such as freezing all hiring,
reducing hours, deferring compensation, or implementing furloughs. At the
other end of the spectrum, 13 percent of organizations in our study increased
hiring during the pandemic, likely in essential businesses. Whatever an
individual organization’s circumstances, reopening doesn’t mean “going back
to pre-COVID-19.”
In the next three months (May to July 2020), the most common
expected actions are to require employees to take PTO or vacation time, defer
pay, and implement furloughs. Few respondents indicated that they expect to
implement furloughs without benefits or reduce 401(k) contributions. However,
16 percent of respondents expect permanent layoffs to come in the next three
months, and 9 percent expect a major restructuring.
For more HC COVID-19 survey results, see From Immediate Responses to Planning for the Reimagined
Workplace: Human Capital Responses to COVID-19
For more information about cost-reduction actions during COVID-19, see Human Capital Management during COVID-19: Finding Innovative Alternatives to Layoffs For more information about layoffs, see Human Capital Management during COVID-19: Conducting Compassionate Layoffs |
Stay Informed
COVID-19 Pandemic Resources & Support for HC Community Curated
Resources Hub. The Conference Board is uniquely positioned to
provide the Human Capital Leaders with a 360° view of implications for
business and insights on what’s ahead related to the COVID-19 Coronavirus.
Visit this page often as new resources are being added to help you
effectively and confidently navigate this quickly evolving situation.
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