The pandemic has brought a drastic impact into the economy and with such a current situation, the aftermath is not going to be fruitful. In such a situation, the most vulnerable thing between an employee and an organisation is the layoff in order to make it through the crisis.
However, according to a survey, to combat this situation, a majority of leaders expect that their business would return to normal within three months if COVID-19 were to end immediately. Organisations will be focusing on near-term solutions to manage disruptions, rather than longer-term solutions with strategic implications.
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Recently, in a post, Chairman and CEO of Visa, Alfred F. Kelly Jr. assured his 20,000 colleagues that the company will have no COVID-19 related layoffs in 2020. Kelly said, “There is enough sadness in the world and already too many families impacted by job losses. I have no interest in contributing to that.” He added, “Our employees and clients continue to be my top priority during this challenging time.”
According to reports, the Ministry of labour and employment said, “The termination of an employee or a cut in salary will only further deepen the crisis and will not only weaken their financial condition but also hamper their morale to combat this epidemic.”