COVID-19 India: Hiring, Productivity Top Challenge for Firms!

The lockdown to contain Coronavirus has hit every industry very badly, hitting the productivity and ways to generate revenue.

A recent survey researched on the impact of lockdown on the corporate hiring industry.

The report titled ‘Impact of Covid-19 on Talent Acquisition’ reported that three out of five companies considered either hiring freeze or postponing of the process.

While 15 percent companies preferred potential layoffs, the report added.

The survey included responses from 195 companies from different sectors such as pharmaceutical, insurance, healthcare, IT, manufacturing, banking, consulting, retail and others.

With a drop in talent acquisition budgets, companies are thinking of reducing the hiring activity.

Mid to senior level hiring is going to have the serious impact, while graduate hiring is likely to have a marginal impact.

BFSI and manufacturing are likely to see a major impact on their hiring process.

While, travel, tourism, construction and BPO sectors are among sectors considering possible layoffs, the survey added.

“Even as we witness an overall economic slowdown, resilient organizations with agile processes are staying the course with their business strategies. We are seeing industries like information technology, e-commerce and logistics staying neutral to positive about hiring and growth. A key reason for this is their investment and efforts in building and adopting virtual business processes and technologies,” says Tarandeep Singh, CEO, APAC and the Middle East, Aon Assessment Solutions, the company that carried out the survey.

Overall, productivity and workforce planning continue to be the topmost concerns for most companies.

4 in every 5 companies consider productivity as the primary challenge, while 3 out of 4 retail companies are worried about workforce in the supply chain.

Stay tuned to Indianera.com for more stories about COVID-19 and other news stories!

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