As the Coronavirus Outbreak continues to spread across the world, many large companies have decided to fire employees or resort to salary reduction and delayed increments in order to cope with the economic loss incurred due to the pandemic.
However, few companies have decided to increase the salaries of their employees and this news comes as a silver lining in the cloud. These companies include Hindustan Unilever Ltd (HUL), Asian Paints, HCL Technologies, Walmart-owned Flipkart, Myntra, Johnson & Johnson, CSS Corp, Capgemini India, BSH Home Appliances, HCCB, BharatPe among other companies that chose to stand by its employees by increasing salaries, offering variable payouts and promoting employees in hard times like these.
Manish Tandon, CEO, CSS Corp, told ET: “In these unprecedented times, it is a great opportunity for organizations to lead with empathy and take care of their employees’ interest. We believe that giving pay hikes will help add certainty in these uncertain times.” CSS Corp did not impose any cut on variable pay and increment to a workforce that has around 7000 employees.
Few other companies too resonated with Manish Tandon’s take on the issue.
“It’s our job to keep the morale of employees high in these uncertain times and give them a sense of security,” Neeraj Bahl, MD and CEO, BSH Home Appliances, told the financial daily. However, as per media reports, BSH Home Appliances curbed marketing and travel costs and has ordered a freeze on fresh hiring. Nevertheless, the company paid out increments to employees and gave promotions.
“HUL follows an April-March cycle. Variable pay for the previous year and increments for the current year have already been paid out,” an HUL spokesperson told the business daily.
Vinay Bansal, CEO of Inflection Point Ventures told the media that the company decided against pay cuts and retrenchment of employees because of the macro trends and metrics that indicated poor performance. The company believes that its employees would fix the problem. “We Believe our people make things happen for the organization,” he said.
“Many Information Technology (IT) services companies such as Tata Consultancy Services (TCS), Wipro, Infosys, have postponed hikes. Reliance Industries, TVS Motors and Oyo Rooms have reduced salaries while Ola, Uber, Zomato, Swiggy, and IBM are among those that have cut jobs across verticals,” Times Now cited in its report.
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