Over 40% of Companies Set to Revise Salary Budget as COVID-19 Continues to Ravage Economies 

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As the number of COVID-19 confirmed cases breaks 5 million, countries around the world are on different levels of lockdown. Many businesses have formulated strategies to navigate their way through this unprecedented crisis. Our survey shows that over 40% of companies revised their salary review budget, with over 60% of senior executives taking a pay cut.
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​Key Findings
  • Over 40% of the companies revised their salary review budget
  • Half of the companies experienced a pay cut; over 60% of senior executives took a pay cut and half of the companies imposed pay freeze for frontline departments and corporate functions
  • More than half of the companies adjusted performance targets such as reviewing KPIs and adjusting performance threshold
  • Over 60% of the companies reduced bonus levels by over 20%
  • ​About one-third of the companies required employees to take unpaid leave or had a plan to downsize
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