HRO Today May 2020 - 8

Upside
NEWS FROM THE WORLD OF WORK
Research:
COVID-19's
Impact
In a recent HRO Today survey, 50 HR leaders weighed in
to describe the impact that COVID-19 is having on their
operations and paid time off policies.
On average, organizations expect to endure the greatest
impact of COVID-19 for 20 weeks, but results varied
significantly across industries.
* Just under one-third (30 percent) of respondents felt
their organizations would feel the greatest impact from
the pandemic for up to three months.
* One-third (34 percent) of study participants indicated
three to six months.
* The largest percentage (36 percent) felt the greatest
impact would be for more than six months.
Additionally, most organizations have adopted more
flexible work schedules but refrained from adding
additional paid time off.
* Nearly one-half (49 percent) have offered more flexible
work schedules.
* About one-quarter (26 percent) have not changed
the actual number of PTO days, while 16 percent have
increased the amount the number of days by at least a
small amount.
* Just over one-quarter (28 percent) have made no changes
to PTO policy as a result of COVID-19.
Short-Term
Actions for LongTerm
Success
COVID-19 is taking a toll on all businesses. While
the short-term effects of the current pandemic vary
depending on industry, the long-term effects of an
economic downturn are dependent on companies'
current response. Taking strong action now can position
companies for recovery in the next 12 to 18 months.
With increased emphasis on social and corporate
[8]
HRO TODAY MAGAZINE | MAY 2020
responsibility, employers that lead with economics
and empathy will be rewarded with loyalty-from
employees, candidates, and existing and future
customers. According to Edith Clee, partner at Mercer,
employers should consider the following actions before
reducing compensation and benefit costs.
* Preserve flexibility by conserving cash and delaying
increases and grants. Short delays in rewards like merit
pay, LTI awards, and discretionary 401k contributions
can be a safety measure until the broader effects of the
virus are known and desired interventions are better
understood.
* Preserve jobs by identifying ways to redeploy
employees within and outside of the company. Keeping
people working will require adaptation and creativity.
Internal and external " labor loans " give employees an
opportunity to learn and develop in new roles while
preventing reductions in force.
* Identify and evaluate potential future compensation and
benefit actions to improve cash flow. Now is the time to
inventory current programs, assess costs and competitive
positioning, determine employees that may be affected,
and model costs and impact of program changes.
* Strengthen safety nets and protect people. Should
layoffs or other disruptive actions be required, consider
whether policies and programs like severance pay, health
benefits, and workforce transition services are socially
responsible and meet employees' needs.
Adapting
Workforce
Strategies
A new pulse survey from Aon PLC shows how companies
in North America are changing their total rewards
programs and workforce strategies in response to the
deepening humanitarian and economic impacts of the
COVID-19 pandemic.
Cost Management Measures
* The prevalence of companies delaying or canceling
salary increases for employees grew from 14 percent in
March to 32 percent in April.
* Seven percent of companies are asking employees

HRO Today May 2020

Table of Contents for the Digital Edition of HRO Today May 2020

HRO Today May 2020 - 1
HRO Today May 2020 - 2
HRO Today May 2020 - 3
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