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Exclusive webinar 2020: The new territory of HR budget

On April 28, 2020, Talentnet successfully organized the second webinar with more than 200 participants under the series "COVID-19 | THE WAY OUT", presenting the survey results on HR practices in coping with COVID-19 of big organizations in Vietnam. 

Snapshot survey results on HR practices in coping with covid 19

COVID-19 has been the worldwide top concern for several months. Recognizing the serious impact of this pandemic on the business and aiming to assist clients with appropriate solutions to overcome this crisis, from March 30 to April 10, Talentnet has conducted a snapshot survey to collect information on HR solutions that organizations have been carried out during the last few months deal with COVID-19.

The survey attracted more than 172 clients from various industries such as Manufacturing, FMCG, Life Science, and High-Tech.…..with some highlights as below: 

Hr cost optimization initiatives

55% of companies predict revenue will decrease, only 13% of companies predict revenue in 2020 will grow.

  • 75% of companies will  reduce the HR budget if the situation gets worse 
  • Top 3 HR categories budget that companies will reduce: Recruitment budget, Training & Development budget , and Compensation budget
  • 83% of companies still conduct the bonus payout for year 2019
  • 87% of companies conducted work from home (WFH) with flexible arrangement by Direct Report/ Function Head
  • Top 3 HR concerns in this period: Human Resource optimization, Labor laws compliance advisory, and HR budget optimization.

Companies become more proactive and responsive during the COVID_19 outbreak while initiating many new ideas to not only boost up the motivation of employees but also to make them more engaged and proactive even working from remotely. 

In addition, Talentnet also officially introduced the new service "DOWNSIZING & RESTRUCTURING HR CONSULTING SERVICES" to help the enterprises in HR health-check, organization structure review, labor law application, employees communication plan and messages with companies’ new directions…. 

For further information on how to restructure your business, please find out more about our “ Downsizing and Restructuring HR Consulting Services”.