Up to 75 pct of companies eye cut to HR costs if pandemic worsens: survey
If the COVID-19 situation worsens, 75 percent of companies will seek to cut human resource costs, a recent survey by HR consulting firm Talentnet Corporation has found.
HCMCity (VNS/VNA) - If the COVID-19 situation worsens, 75 percent ofcompanies will seek to cut human resource costs,𝔍 a recent survey by H꧑Rconsulting firm Talentnet Corporation has found.
The company polled 172enterprises in various sectors in March-April for the survey on HR practices tocope with the pandemic. The estimated changes in HRbudgets will vary by industry ranging from below 10 percent in consumer goodsto 20-30 percent in manufacturing and technology. Among companies that will allowemployees to temporarily stop working due to insufficient work, 54 percent willpay salaries based on mutual agreement but not less than the regional minimumwage. Nineteen percent will continueto pay the old salary but require employees to use up their annual leave, 9 percentwill pay the old salary and will not require workers to take leave and 17 percenthave other solutions. More than half the businessesexpected 2020 revenues to decrease, with those selling essential goods andpharmaceuticals being among the exceptions. The COVID-19 pandemic is alsoproviding an opportunity for businesses to transform their way of working andaccelerate digital transformation. Eighty seven percent ofcompanies have adopted a work-from-home policy, including in some industriesthat had not previously countenanced the concept. This has caused managers at alllevels to quickly change their mindset. Employee empowerment, which hadinherent barriers until now, has suddenly become the only solution foreffective management. Internal communication is promoted through variouschannels to maintain cohesion and employee performance. The most common concernof HR executives now is how to increase efficiency and how to optimiseemployment costs. Despite the difficult andchallenging situation, the survey respondents still clearly realise that"Employees are the company's most valuable asset" and have carefulcompensation policies and health protection solutions for their employees,Talentnet said./.
Enterprises should “put people first” in their human resource plans as the COVID-19 pandemic is forcing companies to scale down business or even close for good, experts said at an online seminar on HR management held in HCM City on April 24.
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Illustrative image (Photo: VNA) 
