Cost-cutting measures still planned for end of year

The financial pain employees experienced during the pandemic is likely not over yet. According to our recent survey of 330 HR executives at US companies, cost-cutting measures may still be in the works for the final month of 2020. When asked in September, 13 percent of surveyed companies planned to restructure their organization between October and December, 11 percent planned to cut bonuses, 9 percent planned to conduct permanent layoffs, and 8 percent planned to defer pay increases and bonuses. On the positive side, many organizations have been able to reverse some of the cost-cutting actions they took at the beginning of the pandemic, specifically around reducing salaries and wages (25 percent fully reversed).

While some businesses have restored cuts made early in the pandemic, many continue to struggle, with dire results for employees. More than one-third of respondents do not expect their organization’s revenue to return to prepandemic levels within the next year.

For more HC COVID-19 survey results, see Adapting to the Reimagined Workplace: Human Capital Responses to the COVID-19 Pandemic.

Upcoming Virtual Picks

The 2020 Employee Financial Well-Being Conference 
Shifting and Deploying Resources: Building a Stronger Future 
DECEMBER 08 - 09, 2020 | VIRTUAL EVENT 

Executive Compensation in a Time of Crisis: Lessons for 2021 and Beyond

Join this webcast to learn how companies are updating executive pay as we head into 2021.

DECEMBER 7, 2020 at 12pm ET  | WEBCAST

Human Capital: A New Era in Disclosure

Join our expert panel who will examine how companies can communicate about human capital and corporate culture in a way that resonates with multiple stakeholders and drives value.

DECEMBER 8, 2020 at 2pm ET| WEBCAST

Human Capital Watch: Taking A Human Centric and Inclusive Approach to Wherever Work Happens

Join this webcast to hear how organizations can help employees navigate new hybrid models while building diverse, equitable, and inclusive workspaces.

DECEMBER 16 at 11am ET| WEBCAST

Stay Informed

COVID-19 Pandemic Resources & Support for HC Community Curated Resources Hub. The Conference Board is uniquely positioned to provide Human Capital Leaders with a 360° view of implications for business and insights on what’s ahead related to the COVID-19 Coronavirus. Visit this page often as new resources are being added to help you effectively and confidently navigate this quickly evolving situation.