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 22 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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