COVID-19 Crisis Affects Organized Private Sector Plans Layoff, Salary Cut

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COVID-19 Crisis
COVID-19 Crisis

COVID-19 Crisis Affects Organized Private Sector Plans Layoff, Salary Cut

According to a report, many organized private sector in India is planning to have major job cuts/layoffs due to the COVID-19 crisis and lockdown that have significantly impacted the economic activities.

In the latest results of MyHiringClub.com and Sarkari-Naukri.info Layoff Survey 2020. 68 percent of the employers surveyed have either started the layoff process or are planning to.

The online survey covered 1,124 companies across 11 industry sectors in 25 major cities. The survey was conducted between May 1 to May 10, 2020.

Similarly, all industries are suffering in the current pandemic situation due to the COVID-19 crisis and the pain is now translating into layoffs in every industry at every level. In addition, Companies are even cutting the salaries of those employees whom they are planning to retain.

“This crisis is very much temporary and once companies come out of this, new job creation and hiring will surely start,” said Rajesh Kumar, CEO, MyHiringClub.com & Sarkari-Naukri.info.

Report on COVID-19 crisis survey :

The survey noted that the percentage of layoff is highest in the Retail & FMCG sector at 49 percent. Followed by Hospitality / Aviation / Travel (48 percent), Automobile / Manufacturing & Engineering (41 percent), Real Estate (39 percent), Power Sector (38 percent).

As per the survey, employees with experience between 6-10 years are likely to witness the highest number of layoffs at 31 percent, followed by those with experience between 11-15 years (30 percent).

For employees with more than 15 years of experience, the likely layoff percentage stood at 21 percent, while for junior-level employees (experience between 1-5 years), it was 18 percent.

As the COVID-19 crisis has taken tremendous damages. Therefore the lockdown, extended twice, is scheduled to end on May 17.

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