Vencon Research has conducted this “Pulse Survey” in the light of the unforeseen and unknown economic, financial, and personal impact of the “COVID-19 crisis” on all our lives.
This Pulse Survey is a result of a number of requests over the last few weeks from our clients wishing to find out how other professional services firms are reacting to the crises. We know from our clients that various measures are being taken in order to adjust to the economic impact of the pandemic and also to prepare for the long(er)-term financial effects. These measures vary by geography, type of firm/business, size of firm, etc.
Therefore, we reached out to HR teams at professional services firms on a global basis to find out how their firms are reacting and adjusting to the crisis with regards to their workforce, hiring, and reward policies, etc. This report summarises the results of our survey (based on a total of 46 questions).
Not surprisingly, many firms experienced a negative impact on their business; firms are a bit more optimistic for the coming 3-6 months. COVID-19 and the associated restrictions forced many firms to also change their hiring and recruitment policies. The majority of firms surveyed reported making no changes to their current workforce despite the impact of COVID-19 on their businesses. On the other hand, a portion of the respondents reported that measures have been planned and/or executed to adjust Base Salaries due to the COVID-19 crisis. And, more firms reported that measures are planned and/or executed to adjust Bonuses/Variable Income. For the future the majority of firms expected that the COVID-19 crisis will change their client interaction/communication practices as well as the “place of work”.
Please use the button below to request an extract from the full survey report. In case you are interested in the full report, please contact us.
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