Salary.com survey finds that most companies are planning to keep merit raises in place also.
Corporate leaders are feeling optimistic about the coronavirus recovery and think that 90% of recent layoffs will be temporary, according to a new survey. Salary.com's COVID-19 Compensation and Benefits Impact Survey found that 65% of employers reported that base pay remained unchanged and 45% say they are leaving merit raises in place for 2020.
For all industries, 20% of employers eliminated planned merit raises for 2020, and another 24% are postponing merit increases. Industries such as brick-and-mortar retail, manufacturing, non-profits, and healthcare were more likely to take multiple actions to reduce pay in the short-term. These actions include:
- Reduction in base pay--10%
- Reduction in bonuses and commissions--21%
Salary.com conducted the survey of 1,176 compensation managers across the US and Canada to better understand the impact on salaries caused by the COVID-19 virus outbreak. The report provides further details on industries most impacted by the current crisis as well as how organizations are adjusting short- and long-term compensation strategies.
Kent Plunkett, CEO of Salary.com, said the survey was designed to help employers make decisions about hiring, pay raises, promotions, pay equity, and workforce management.
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"We were excited to see the optimism of business leaders come through in the data, however, it's likely that anxiety about where employment and compensation is headed in the coming months will remain high," he said in a press release.
Small-business owners are also optimistic about the recovery with 68% feeling confident they will recover from losses caused by the pandemic, according to a new survey. Verizon commissioned Morning Consult to do a nationwide survey of 500 small- and midsize business (SMB) owners and decision makers at the end of April.
Small- and midsize business owners who responded to a new Verizon Business survey listed these items as the top three steps they will take when the outbreak has subsided:
- Improve cleaning protocols for officer or retail spaces 74%
- Create or revise a contingency plan 63%
- Increase cash reserves 54%
Tech workers are ready to be back in the office, according to a new survey by Glassdoor. Seventy-five percent of respondents are ready to return, and 80% said they trust their company's senior leaders to make an informed decision about when to re-open their offices.
Even though tech workers are ready to see their colleagues in person again, they still want the option to work from home. Sixty-three percent of respondents would work from home full-time after COVID-19 restrictions are lifted, and 62% would be more likely to apply to a position that is entirely remote when looking for a new job.
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