Covid impact: 2 in 5 employees are facing salary cuts\, finds survey


As companies try to ensure their survival by cutting costs, many have resorted to slashing salaries and laying off staff. Others have put employees on indefinite leave without pay or put freshly hired staff on hold. According to an online survey conducted by the Economictimes.com on the impact of Covid-19, as many as 39% of the 3,074 respondents who took the survey are facing a salary cut, while 15% are set to lose their jobs.

Despite the fact that 15% respondents are facing a salary cut of more than 25%, almost 43%of these are likely to continue with their current jobs and not look for new ones.

ET Wealth analyses the data.

1. 15% of employees may lose their jobs
Company’s reaction to Covid
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17.9% of the respondents who are likely to lose their jobs have a work experience of 10-14 years.

2. Despite cuts, 43% to continue in same jobs
Will you change jobs after a cut?
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19.6% of the respondents who got a 16-25% salary cut have a work experience of 10-14 years.

Also read: Is Covid hurting your job? Find out how to manage your career and protect your finances

3. 15% are facing a salary cut of more than 25%
Salary cut

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OVER Rs 2 lakh: The income category which has the most number of respondents with a salary cut of 16-25%.

4. 47% don’t know if they will lose jobs
Will you face job loss?
Yes: 11%
No: 42%
Don't know: 47%

Also read: From pay cuts to job security, answers to six questions you have about covid and your career

5. 31% are confident they’ll find a new job soon
How will you manage finances after job loss?
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6. 60% would rather work from home
Do you prefer to work from home?
No: 40%
Yes: 60%

41% of the respondents who believe working from home is a better option belong to the age group of 26-35 years.

Also read: Future of work: What to expect after coronavirus crisis blows over

7. 1 in 2 employees has reskilled in lockdown
Upskilling during lockdown
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59.8% of the respondents who have upskilled during the lockdown are those with a work experience of 10-14 years.

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Source: The online survey was conducted among 3,074 respondents by the Economictimes.com | All responses may not add up to 100% due to multiple choices.