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COVID-19 impact may remain for 12 months: Survey
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SME Times News Bureau | 21 Apr, 2020
Amid the growing concern over COVID-19, 57 per cent of organisations in
India expect a moderate to large negative impact on their business in
the next six months, while 46 per cent expect this to last over a
12-month period, a survey revealed on Tuesday.
About 19 per cent
of the respondents said they expect such an adverse impact to last over a
two-year period, according to the survey by Willis Towers Watson, a
leading advisory, broking and solutions company.
Only 5 per cent
of organisations expect a positive business impact within the next 12 to
24 months, said the "COVID-19 India Readiness Survey".
"The
tough economic conditions and anticipated business impact could drive
organisations to consider workforce optimisation," Rohit Jain, Head of
India, Willis Towers Watson, said in a statement.
"Employers
should take an emphatic and considerate approach and evaluate options
such as staff redeployment, reduced working hours/days, long service
leave, sabbatical, furlough, hiring freeze and voluntary pay cuts,
before any serious consideration of a workforce reduction," Jain added.
The survey conducted from March 20-31 involved 103 organisations in India.
Data
was collected from nearly 417,000 employees working across sectors such
as financial services, healthcare, IT & telecom, manufacturing,
public sector & education and wholesale & retail, with the
survey results presented in an aggregate approach.
The results
showed that 42 per cent of respondents have not taken a decision on
salary increment budgets for this year, while 33 per cent indicated that
performance appraisals and bonus pay-outs will happen as planned.
Furthermore,
77 per cent said that there will be no reduction in salaries and 53 per
cent responded that there have been no adjustments to the sales
incentive pay-outs.
Almost one in three respondents anticipate
that their 2020 annual bonus for executives and employees will be
impacted, while 17 per cent expect an impact on their 2020 long term
incentive plans, the survey revealed.
Over 80 per cent of
organisations plan to review their work-from-home policy, and 46 per
cent indicated that they would reimburse employees the expenses incurred
for setting up their home internet for work purposes, showed the
results.
"The rate at which corporates and employees have adopted
technology in the last couple of weeks is truly remarkable. This
combined with large numbers of employees working remotely, also leaves
organisations vulnerable to cyber-attacks," said Jain.
"It is,
therefore, important for organisations to also invest in employee
awareness and education while reviewing cyber insurance adequacy," he
added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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56.85 |
As on 13 Aug, 2022 |
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