A week into the lockdown, 4 out of 5 organisations were already planning a reduction in hiring numbers with overall talent acquisition budgets coming down. Graduate hiring will witness a marginally lower impact as a result of lower cost and complexity. The highest impact will be seen in the middle to senior levels. Among sectors, BFSI (banking, financial services, and insurance) and manufacturing are likely to see the maximum impact on hiring, according to the survey.
Among sectors that are considering possible layoffs and hiring freeze early on, travel and tourism, construction and building materials, and BPO are likely to be hit the most, according to the survey.
“Even as we witness an overall economic slowdown, resilient organisations with agile processes are staying the course with their business strategies. We are seeing industries like information technology, e-commerce and logistics staying neutral to positive about hiring and growth. A key reason for this is their investment and efforts in building and adopting virtual business processes and technologies,” said Tarandeep Singh, CEO, APAC and the Middle East, Aon Assessment Solutions.
Amid the Covid-19 outbreak, productivity and workforce planning are primary challenges for companies — 4 in 5 organisations see maintaining productivity as their top challenge. Given large scale economic disruption and supply chain shocks, manufacturing is facing difficulties in workforce planning; 3 out of 4 retail companies are struggling with hiring in the supply chain due to lockdown and migrations, the survey showed.