Tuesday, July 7, 2020
Home India 72% Organisations in India Foresee Impacts of COVID-19 Beyond 6 Months: Survey

72% Organisations in India Foresee Impacts of COVID-19 Beyond 6 Months: Survey

72% Indian firms see COVID-19 impact going beyond 6 months

While the COVID-19 effect is being felt by industries across the spectrum, 72 per cent of the organisations in India believe that its full impact will be felt beyond six months, an EY survey said on Friday.

Around 70 per cent of the organisations believe that the single biggest concern for continued remote working is fall in productivity, said the study titled “HR resilience planning–COVID-19 impact and preparedness”.

At this time of crisis, organisations must adapt to the changing ways of working, and invest in the right IT infrastructure and build in structured mechanisms to institutionalise remote working.

COVID-19 India
72 per cent of the organisations in India believe that its full impact will be felt beyond six months, an EY survey said on Friday. Pixabay

Organisations that were not accustomed to virtual working have faced the heat and have had to mobilise IT infrastructure and set up data security protocols at a very short notice.

Please follow NewsGram on Instagram to get updates on the latest news

“Going forward, the opportunities for organisations lie in institutionalising digital ways of working, rethinking workforce models and resource plans, revamping traditional employee engagement models and techniques, redesigning the performance management process and restructuring benefits and policies,” said Anurag Malik, Partner and India Workforce Advisory Leader, People Advisory Services, EY India.

The crisis is also forcing organisations to re-look at the HR processes and operations through a digital lens.

More than 70 per cent of the organisations are now moving to virtual methods of recruitment, and emerging technologies like Artificial Intelligence (AI), Robotic Process Automation and Machine Learning are leading this change.

Around 87 per cent of the respondents currently have travel restrictions in place in addition to the mandated ones, said the study.

An important dimension that organisations will have to consider is the psychological impact of the crisis on their employees.

While some organisations have started virtual yoga and psychological counselling sessions, a holistic approach to employee wellness will be imperative.

COVID-19 India
At this time of crisis, organisations in India must adapt to the changing ways of working, and invest in the right IT infrastructure and build in structured mechanisms to institutionalise remote working. Pixabay

Over 50 per cent of the organisations foresee medium to significant impact on employee cost, while others are still unclear, the results showed.

Many organisations have adopted an employee centric view and trying to protect the junior management, a few are also offering additional pay-outs, hazard pay to support their workforce through these tough times.

Please follow NewsGram on Twitter to get updates on the latest news

Only 22 per cent organisations are thinking about manpower optimisation in the short term (maintaining an employee centric view), while 35 per cent organisations want to look at optimisation in the future basis business impact and in line with the newer ways of working.

Also Read- Tips to Have Cooling Zones at Your Home

The survey incorporates first-hand perspective of HR Heads/CHROs (chief human resource officers) of over 100 organisations across sectors in India including retail, financial services, and technology & technology enabled services, among others.

The findings are combined with extensive secondary research and analysis, in context of the current scenario and the impact of COVID-19, EY said. (IANS)

STAY CONNECTED

18,992FansLike
362FollowersFollow
1,781FollowersFollow

Most Popular

Here’s What to Expect When You Catch a Flight from the Airport

Hustling sounds, frequent announcements, savvy travelers glued to their gadgets, emotional families waiting to receive or see-off their loved ones-- it's perhaps the opening...

A Must have Adventure Bucket List

The worldwide lockdown due to coronavirus has brought a screeching halt to every industry, including the travel and hospitality. With restrictions on international travel...

Picture Perfect Living Room Decor Ideas

A cosy and comfortable sofa set, a coffee table for tete-a-tete and a perfect TV unit to keep the entertainment mode on, all these...

‘Covid’ Now the most Searched Word of 2020

The term 'Covid' - the commonly used shorthand for Covid-19 or Coronavirus disease caused by the SARS CoV-2 virus - is the top word...

Beauty of Indian Culture: William Dalrymple on his Experience Living in India

India is one of the most religiously and ethnically diverse nations with the oldest culture in the World. The Indian culture varies like its...

Scientists Warn About Airborne Spread of Coronavirus

A report in The New York Times says a group of 239 scientists from 32 countries will publish an open letter to the World...

Online Searches Fall for Tik ToK, WeChat, ShareIT After Ban in India

The Indian government's decision to ban 59 Chinese owned apps has impacted online searches for those apps. A study found that on the June...

CBSE Partners Facebook to Provide Training on Digital Safety

The Central Board of Secondary Education (CBSE) on Sunday announced a partnership with Facebook to provide training on digital safety, online well being and...

Recent Comments