CHANGES IN THE HUMAN RESOURCE MANAGEMENT AND COMPENSATION STRATEGIES ADOPTED ACROSS IT AND ITES INDUSTRIES DUE TO COVID-19 IN INDIA
Purpose: The purpose of this study is to highlight the changes incorporated in the Human Resource Management and Compensation strategies owing to the COVID-19 pandemic across the IT and ITeS firms operating in India.
Design/Methodology/Approach: This study intends to conduct exploratory research through secondary data and thereby purposive sampling of HR professionals to gather data through primary sources and secondary sources to try to understand the changes that their firms have incorporated. The study was carried out basis the four most widely used strategies across all industries i.e., Layoffs, Salary Cuts, Hiring Freezes, and Pay Hikes.
Findings: We see that diverse strategies were incorporated by the firms in their efforts to combat the economic repercussions caused by the pandemic, keeping in mind the financial strength of the company, employee morale, future business outlook, and employer branding.
Practical implications: The results of this study help us understand the current industry practices, significant trends, and also help us benchmark these practices against standard industry practices.
Originality/value: The study specifically highlights the changes incorporated in the IT & ITeS sectors and creates a distinction between the incorporation of these practices based on the firm size, classified on the parameters of the employee count, and the number of businesses they operate in.