Source | economictimes.indiatimes.com | Brinda Sarkar
Five in 10 organisations across industries are keeping their salary increment budgets unchanged, and around 36% of organisations have opted for decreasing the salary increment budgets, finds the KPMG in India’s COVID-19 HR Practices Survey Report titled ‘Cutting through Crisis.
According to the survey, five in 10 companies have deferred or suspended their promotion schedule; at the same time a downward trend on promotions numbers across all job levels was observed wherein 33% of organisations admitted to having reduced it. However, most organisations in IT/ITES, life sciences/pharma and retail sector have refrained from any downwards trend in overall promotion cycle.
Amidst the pandemic, organisations worldwide have taken steps to reevaluate their practices and do what’s best to sustain amid tough times. For instance, a few organisations are implementing hiring freezes and wage freezes, while others are introducing remote working alternatives,