More than 70 per cent of micro, small and medium enterprises (MSMEs) and 40 per cent corporates intend to reduce employee count in order to get their business back on track, a recent survey by All India Manufacturers Organisation (AIMO) has found.
AIMO in collaboration with several other industry associations, conducted a survey over 46,000 companies across the country and revealed that the COVID-19's impact on their businesses will lead to massive job loss.
“We received 46,525 responses for our survey. The most striking aspect was that 72% of MSMEs, and 42% of the corporate respondents said that they will definitely reduce their head count to get their business back on track," said K.E. Raghunathan, past president of the AIMO.
“In fact, only less than 20% of the all the categories said they would continue with the same headcount. The extent of the job loss will be clearer by the end of August as most of the respondents were in the process of gauging how many of their labour will return and also they are currently gauging the optimum employee strength required to sustain their business in the near future," he added.
Among MSMEs, 14% indicated that there will be no reduction and another 14% were uncertain. Among the bigger corporate respondents, 18% stated they won’t reduce employee count and the remaining 40% were unsure.
Has COVID-19 forever changed the way we live and work?
Trending
-
Google Extends Work From Home; Mulls Over 'Flexible Work Week'
-
Ola to Set up First Factory in Tamil Nadu; Create 10,000 jobs
-
Aon to Invest $30 Million and Create 10,000 Apprenticeships by 2030
-
Urban Company Announces Unlimited Mental Health Leave Policy
-
G Suite Rebranded As Google Workspace
-
Tech Mahindra Launches ‘Gift a Career’ Initiative for Upskilling of Youth
-
NASSCOM, Deakin Varsity Offer Courses for IT-BPM Industry Workforce
-
40% Women Prefer Flexible Working Options in Post-COVID World: Survey
-
Ecom Express to Hire 30000 Employees This Festive Season
-
DB Schenker Names Katharina Rath as New CHRO
-
No Layoffs, Salary Cuts to Be Reviewed in January: Vistara CEO
-
Hiring in India climbs up 35% from April-June
-
OYO announces employee wellbeing and work-life-balance initiatives
-
TCS launches return-to-work solution
-
3 out of 4 companies believe they can effectively hire employees virtually: Report
-
Wipro collaborates with Intel to launch digital workspace solution
-
Capgemini to reskill 50,000 employees in India
-
Cognizant ropes in Jan Siegmund as CFO
-
Niyo announces salary hikes, bonuses, ESOPs
-
Vodafone , CGI and NASSCOM Foundation launch digital skills platform
-
Odisha: Bank, postal employees to deliver cash for elderly, differently-abled persons
-
Skill India launches AI-based digital platform for "Skilled Workforce"
-
Hiring activity declines 6.73% in first quarter: Survey
-
NetCom Learning appoints Subir Sinha as Director-HR
-
70% startups impacted by COVID-19 pandemic
-
Omega Healthcare ropes in "Kannan Sugantharaman" as CFO
-
Bajaj Allianz Life ropes in Santanu Banerjee as CHRO
-
Over 70 Percent MSMEs look at cutting jobs to sustain businesses
-
Snapdeal onboards counselling experts to help employees
-
93 Per Cent employees stressed about returning to office post-lockdown
-
Johnson & Johnson India announces family benefits for same gender partners
-
Indian firms turning friendly towards working mothers
-
Welspun India names Rajendra Mehta as new CHRO
-
COVID-19 impact: 61 Per cent Indians suffering from mental health issues during lockdown
-
93 Percent employees stressed about returning to office post-lockdown
-
Wipro partners with NASSCOM to launch Future Skills platform
Human Capital is niche media organisation for HR and Corporate. Our aim is to create an outstanding user experience for all our clients, readers, employers and employees through inspiring, industry-leading content pieces in the form of case studies, analysis, expert reports, authored articles and blogs. We cover topics such as talent acquisition, learning and development, diversity and inclusion, leadership, compensation, recruitment and many more.
Subscribe Now
Comment