Covid-19: The figures of job loss only count part of the story

For all our friends and colleagues at HR and total rewards, we are deeply grateful for you. We have witnessed its grace and grain under a sudden and immense pressure to support the health and well-being of employees under their attention, preserve future jobs and ensure the viability of their business.

In these humans. And the economic crisis, Salary.com is still committed to our mission of being able to help you make safe decisions and get the right of payment. It is true that we have never experienced anything like the Covid-19 pandemic, subsequent blockades and the consequences of the resulting consequences. How could someone make decisions with confidence at times like these? What does it mean to get adequate payment in a labor market that throws work by tens of millions? We went to look for answers.

The employment loss figures only have part of the story

The weekly drembeatOf the employment loss figures that began in March (reaching almost 40 million jobs as of this Scripture) tell you an important part of historone what is happening in our labor market. It is the testimony of fast and drastic actions of all sectors of the industry. However, beyond job losses, rolling shocks through our economy and labor market, and compensation plans and programs, remain difficult to discern. We need more data.

To better understand the full range of actions that the professionals of the total rewards are taking in light of the economic slowdown caused by the outbreak of Virus Covid-19, the shares not contemplated in the weekly loss holders of employment We carry out the COVID-19 Compensation and Benefits Impact Survey.

We capture the first wave of results in mid-April with more than 1.400 Respondents and discover that most or employers took a negative action, which included temporary or permanent dismissals, the salary freezes or reductions, and merit increases that were eliminated, reduced or postponed:

66% From the participants of the survey they took at least a negative action with respect to the employment. Attention. It was the most used option: 32% of the participants involved in a temporary or permanent dismissal, or both. More than 27% of the participants took negative measures in the base salary. 88% of the participants implemented a salary freezing and another 10%. Reduction of the base base by current employees. However, 6% of organizations increased temporary contracting, and more than 2% increased permanent contracting.

Employment losses were invested

We have the hope of the future. Fortunately, the professionals of the total rewards have not yet hadthat deploy your total arsenal of answers to the cost savings service and keeping cash. While you can approach those days, we see brilliant spots inside this wave of survey data and inspiration from our conversations with HR and total rewards leaders.

For example, those participants whose organizations dismissed employees, less than 10% indicated that the dismissals were permanent, which means that the losses of mass jobs have a great chance of being inverted as Emer.GE of Lockdown.

Reloating the work model

For many, the digital transformation initiatives previously planned to take years are now being completed at the speed of warp. The processes that can not provide value to the Clients or employees, finally, will find their way to the crusher. The companies are duplicating in innovative technologies that allow employees to be moreProductive and make faster decisions. In their response to the crisis, organizations show greater agility than they may be created capable.

We see inspiring examples of half-leaders, organizations and daily people who join commonly more strongly than ever. The bright light of the human spirit continues to shine as people find their own ways to meet To work for the common good.

In the long term, a redo the work model will exceed creative opportunities to innovate in total. Recopens for a post-Covid-19 world has never been more striking been, and we will be there With you to help ensure that it is a world where employees and companies prosper.

Covid-19 report details

We perform the COVID-19 compensation and the Benefact Impact Survey, which addressed 1,176 people who work in compensation or reward rolesTotal thoughts inside HR in all the US UU and Canada, in mid-April to better understand the full range of actions that employers are taking in response to the Virus outbreak COVID-19.The report provides details about the most industriesAffected by the current crisis, as well as the way in which organizations are adjusting the basis and variable compensation strategies, and long-term compensation strategies.

We plan to update the quarterly survey data to help organizations with a total compensation. To obtain information about the full salary survey catalog and how you can participate in future surveys, including the survey ofCOVID-19 compensation and benefits impact, as well as the salary budget survey of 2020, click here.