The good news? Among the firms that saw pay cuts, most (61%), are keen on revoking these cuts at an appropriate time.
A TimesJobs survey of 1,385 HR managers found that 73% Indian firms have introduced salary cuts to keep their organisations afloat during the COVID-19 period. As such, middle-level managers have been hit the hardest, as the maximum quantum of pay cuts are at this level, as shared by 40% of survey respondents.
The good news? Among the firms that saw pay cuts, most (61%), are keen on revoking these cuts at an appropriate time. Further, as a result of the salary cuts, most employers resorted to reduced working hours, as shared by one in four (25%) survey respondents, followed by 22% firms who offered extra leaves to their employees.
Another way that employers are supporting their workforce in the wake of the pay cuts is through programmes and benefits such as upskilling and COVID insurance. Most (38%) companies have offered paid upskilling opportunities to their employees. About 25% HR managers said that they started recognising employee achievements publically to keep their workforce engaged, while 19% of respondents introduced paid insurance against COVID-19.
With employers showing keenness on reopening their office premises, wearing masks and carrying sanitisers will be mandatory for those coming to office, said 50% surveyed HR managers. About 25% of HR managers said that they would mandate the use of ArogyaSetu verified health status for all employees coming to the office.
The survey also asked the HR managers if the job market will be buoyant any time soon, and 46% respondents said that it could take six months for the recruitment sentiment to get back to its old track. About 31% said it could take one year, and 15% said that it could take two years for the job market to be back.
Sanjay Goyal, TimesJobs and TechGig commented: "The TimesJobs survey indicates that while many firms opted for pay cuts in challenging business times, they are willing to restore these back. It's heartening to see that employers are trying out new concepts such as reduced working hours, extended leaves, offering paid upskilling opportunities and insurance against COVID-19, to keep employees engaged.
"This hints that 'employee wellbeing' is slowly becoming the cornerstone of workplace culture - a typical sign of mature and evolved workplaces."
Photo / TimesJobs