A majority of business respondents to a survey did not foresee reducing employee costs due to the coronavirus (COVID-19) slowdown in India as of mid-March 2020. However, about 17 percent each considered freezing incentives and benefits for the year, and reducing headcount based on performance.
India went into lockdown on March 25, 2020, the largest in the world, restricting 1.3 billion people.
For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.
Coronavirus (COVID-19) impact on ways to reduce employee costs among businesses in India in March 2020
Characteristic
Share of respondents
Not applicable (no negative impact on business or not such action needed)
32%
Freezing of incentives and benefits for the year
17%
Reduction in headcount based on performance
17%
Unpaid leave via forced shutdown of operations for sometime
11%
Can't say
11%
Freezing of appraisals for the year
6%
Partial salary deferment for some or all of the employees
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LocalCircles. (March 20, 2020). Coronavirus (COVID-19) impact on ways to reduce employee costs among businesses in India in March 2020 [Graph]. In Statista. Retrieved November 12, 2024, from https://www.statista.com/statistics/1105891/india-ways-to-reduce-businesses-employee-costs-due-to-covid-19-slowdown/
LocalCircles. "Coronavirus (COVID-19) impact on ways to reduce employee costs among businesses in India in March 2020." Chart. March 20, 2020. Statista. Accessed November 12, 2024. https://www.statista.com/statistics/1105891/india-ways-to-reduce-businesses-employee-costs-due-to-covid-19-slowdown/
LocalCircles. (2020). Coronavirus (COVID-19) impact on ways to reduce employee costs among businesses in India in March 2020. Statista. Statista Inc.. Accessed: November 12, 2024. https://www.statista.com/statistics/1105891/india-ways-to-reduce-businesses-employee-costs-due-to-covid-19-slowdown/
LocalCircles. "Coronavirus (Covid-19) Impact on Ways to Reduce Employee Costs among Businesses in India in March 2020." Statista, Statista Inc., 20 Mar 2020, https://www.statista.com/statistics/1105891/india-ways-to-reduce-businesses-employee-costs-due-to-covid-19-slowdown/
LocalCircles, Coronavirus (COVID-19) impact on ways to reduce employee costs among businesses in India in March 2020 Statista, https://www.statista.com/statistics/1105891/india-ways-to-reduce-businesses-employee-costs-due-to-covid-19-slowdown/ (last visited November 12, 2024)
Coronavirus (COVID-19) impact on ways to reduce employee costs among businesses in India in March 2020 [Graph], LocalCircles, March 20, 2020. [Online]. Available: https://www.statista.com/statistics/1105891/india-ways-to-reduce-businesses-employee-costs-due-to-covid-19-slowdown/
