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.
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.”
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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.”