NEW DELHI: Job cuts and salary adjustments have not been as widespread as originally thought despite the severe impact on business revenues following the Covid-19 pandemic, a study revealed.
The CII-Talentonic HR Solutions joint research report on ‘Reimagining the Organization for the New Normal: The Role of Human Resources’ has yielded several insights.
He noted that downsizing has been given the seventh priority out of 13 in regards to actions taken to deal with crises. Additionally, the reduction or deferral of salary or other payments has received the ninth priority of 13.
Empowerment has multiplied as organizations struggled to find the agility and flexibility to deal with crises.
Despite the severe impact on earnings and cash, surprisingly, the show of compassion and community outreach has produced a spontaneous level of commitment and loyalty from employees, and job cuts and salary adjustments have not been an occurrence as widespread as originally thought, “the report said.
According to the report, working from home has solved many problems, although it has created some concerns about the fragmentation of cultures.
He said that reinventing the organization and making more permanent design changes requires new skills and that is a definite work in progress. Many of the organizations spoken to seemed to be well on their way to a more permanent reboot.
About 250 companies participated in the multi-sector survey, conducted between late August and mid-November.
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