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[LISTEN] What does the impact of COVID-19 mean for remuneration?

30 June 2020 3:15 PM
Tags:
COVID-19
remuneration
cost cutting

Azania spoke to South African Reward Association executive committee member Muhammed Goolab to find out.

Some companies have had to consider major cost-cutting measures since the start of the COVID-19 lockdown in order to keep afloat.

What kind of impact will this have on remuneration going forward?

Azania spoke to South African Reward Association executive committee member Muhammed Goolab.

I think very much in the short term organisations do have a focus on trying to control their costs and that is really just to keep afloat while we're sitting in this crisis. The challenge is that a big part of that cost base does actually come down to an individual's pay.

Muhammed Goolab, Exco member - South African Reward Association

If you look at some of the research that is done by people like Korn Ferry, some of the feedback is as many as a quarter of employers have either looked at having some kind of salary intervention either in the form of reduction or intend on implementing those kind of things.

Muhammed Goolab, Exco member - South African Reward Association

The question is: 'Is it a long term thing, short term thing, is it something that will hopefully change as part of the crisis?' That all depends on how the world and how South Africa in particular moves forward after this.

Muhammed Goolab, Exco member - South African Reward Association

Click on the link below to hear the full conversation....


30 June 2020 3:15 PM
Tags:
COVID-19
remuneration
cost cutting

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