October 16, 2020
An HR Policy in India survey found that human resources and IT were the best prepared to address the COVID-19 crisis. In addition, over two-thirds of respondents predicted a greater focus on cost management due to the pandemic, and 55% expected a greater need for upskilling.
The survey of 305 companies was conducted by Dr. Sandeep Mann in April and May, with 37% of respondents from large or very large companies and 63% of respondents from the HR function.
Focus on impact, immediate action, and future planning: The survey found that global companies were better prepared for the pandemic, with 26% of all respondents stating they were well prepared, 42% stating they were somewhat prepared, and 32% stating they were not at all prepared.
Data shows productivity linked to preparedness: The survey showed a considerable variation in preparedness across functions and companies.
The most significant immediate reactions to the crisis were reengineering and hiring reductions. Nearly 75% of respondents in sales/marketing, procurement and operations identified the need for reengineering compared to 54% of HR respondents. Two thirds of respondents reported that they were reducing hiring, with over half of those reporting a hiring reduction of at least 21%.
For more information on India and other international markets, join our upcoming online Global sessions HR Policy Global – International Developments for CHROs on October 27th and 29th, and HR Policy India Webinar: 'Near Term HR Challenges and Potential Solution' on October 22nd.