Most (36%) India Inc. firms not considering shutting or halting operations during the COVID-19 resurgence
Only 26% corporates in favour of halting work for a month, next 22% considering shutting work for just two weeks
26% organisations are providing monetary packages to COVID-19 affected workforce
New Delhi, May 27, 2021: The second - and more infectious - wave of COVID-19 has turned tables at India Inc. - who were preparing for a complete resurrection work-wise. As India recorded most number of COVID-19 infection cases globally in April 21, most India Inc. firms (62%) devised special policies for workforce wellbeing. While speculations of interim business shut down were rife, most (36%) firms said that they won’t stop operations or take days off from work, and have alternate plans for work continuity, found a recent TimesJobs survey.
India’s leading e-recruitment portal, TimesJobs conducted an extensive survey among 987 HR managers working in different industry verticals to understand how they were managing work and workforce amid the present COVID-19 crisis. About 37% respondents were from startups, 36% belonged to SMB/SMEs and 27% worked with the MNCs.
In response to the possibility of operational shut down, most (36%) said they are not considering shutting or halting work. Nearly, 26% said they can consider shutting work for a month, while 22% said that their firm could work break for two weeks. Only 16% respondents said their company could consider such a break for just one week.
During the 2020 wave of COVID-19, various organisations had announced increased insurance sums for employees, revised leave policies and offered financial aid for the virus-affected employees. This year, the impact has multiplied and hence most companies have introduced new policies and measures to ensure workforce wellbeing.
Most organisations helping COVID-19 affected workforce with monetary packages
The TimesJobs survey asked the HR managers if their organisations had devised a new policy to help mental, physical and financial wellbeing of employees in the ongoing COVID-19 wave. Most (62%) HR managers said ‘yes’, while the remaining 38% said no such measures were implemented.The survey asked these 62% respondents to share details about the measures undertaken, their responses were:
- 26% HR managers were providing monetary packages to COVID-19 impacted employees
- 25% respondents offered healing leaves with no pay cut to the infected employees
- 24% respondents has facilitated healthcare infra via online health management partners
- 14% HR managers offered to cover family expenses of the deceased employees
- The remaining 11% had arranged for a higher insurance sum for their COVID-19 infected employees
Upskilling and reskilling: The key to balance business growth
The COVID-19 surge has not only impacted workforce health but also changed the way businesses operate. The TimesJobs survey asked participating HR managers about how they are going to balance business growth in 2021. Here’s a breakdown of their responses:- 38% said they would upskilling and reskilling employees to keep up with business requirements
- 29% said they would focus on productivity to grow business
- 17% said they would hire well-trained individuals to cope with business challenges
- 16% said they would enhancing functional knowledge of their workforce
This is a very crucial phase for both workforce and the employers. Employee safety and wellbeing is the numero uno priority, followed by business resurrection and growth. Our survey found that most (38%) firms would focus on employee upskilling and reskilling to remain business relevant. For long, industry watchers have recommended this and it’s critical now to benchmark internal talent and help workforce learn new nuances.
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