Salary.com, an Indiana Chamber partner, surveyed nearly 1,400 employers in September 2020 to assess the impact COVID-19 has had on pay practices and compensation. Representing 21 industries, most of which reside in the U.S., the surveyed companies ranged from under 100 employees to large corporations.
The survey analyzed several factors relating to pay practices and compensation including the impact of turnover on productivity and employment actions organizations are taking due to the negative impact of the pandemic on the economy. Here are some of the findings on the pandemic’s effect on pay practices and compensation:
- 59% – No impact on staffing. Most organizations reported the pandemic had no impact on staffing levels.
- 16% – Reduced salaries. Of the organizations reporting salary reductions, 47% reported that 25% or fewer of their employees were affected.
- 16% – Closed facilities. Of the organizations reporting facility closures, 29.6% reported closing their entire facilities.
Layoffs were reported by nearly 30% of organizations, and just over 66% of organizations that reported layoffs due to the pandemic saw 10% or fewer of their employees affected.
Furloughs were reported by over 27% of organizations. For organizations that furloughed employees, almost half furloughed fewer than 10% of employees.
Salary.com for ICC Members
Indiana Chamber members receive up to three free job reports (with additional reports available at a substantial discount) and can save 20% on the industry-leading Compdata Benchmark survey. Discount pricing packages also available on other Salary.com services, including market data, software consulting and more.
For more information, visit www.indianachamber.com/salary or contact Megan Schiattareggia at megan.schiattareggia@salary.com.
