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Willis Towers Watson Public — Willis Towers Watson — Willis Towers Watson Webinar on COVID-19 India Readiness (April 2020)
32 slides from Willis Towers Watson Public's conference presentation, Apr 9, 2020
Slide 1: Willis Towers Watson Webinar on COVID-19 India Readiness
Willis Towers Watson Webinar on COVID-19 India Readiness Survey Results and Key Insights 9 April 2020 willistowerswatson.com © 2020 Willis Towers Watson. All rights reserved.
Slide 2: Agenda
Agenda 1 Introduction 2 COVID-19 India Readiness Survey Results and Key Insights 3 Insurance, Employee Health and Wellness 4 Key Note by Krish Shankar 5 Key Learnings from China 6 Q&A 7 What’s next willistowerswatson.com 2 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidentia
Slide 3: Introduction: Profiles of Key Speakers
Introduction Profiles of Key Speakers Krish Shankar Edward Hsu Sudesh Shetty Arvind Usretay Executive Vice President and Leader, RDS – Asia Pacific Head – Health & Benefits Director – Rewards Group Head – HR Willis Towers Watson Willis Towers Watson India Willis Towers Watson India Infosys willistow
Slide 4: COVID-19 India Readiness Survey and Key Insights
COVID-19 India Readiness Survey and Key Insights willistowerswatson.com 4 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Slide 5: Key areas impacted by COVID-19 disruption
COVID -19 IMPACT Key areas that are being impacted by COVID-19 disruption People Financials & Technology Employee Health Practices Costs Infrastructure and Wellness Labour Business Business Growth Regulations Continuity Plans Benefits, HR Performance Salary Government Policies and Appraisal and Incr
Slide 6: Key decisions being evaluated to counter business disruption
Key decisions being evaluated to counter business disruption Stabilise Streamline the technology infrastructure Prioritise value chain Optimise costs; employee well being and Balance short term cost communication concerns with medium term resilience and rebound Monitor global and Boost employee Adop
Slide 7: Impact of COVID-19 on Business
BUSINESS IMPACT Impact of COVID-19 on Business Key results from COVID-19 India Readiness survey 22% of organisations are not sure whether COVID-19 will have any major impact on their business operations within the next 6 months 57% of organisations have 46% of organisations have 19% 5% indicated tha
Slide 8: Business impact on different sectors
Business impact on different sectors Heavy Impact Moderate Impact Aviation Automotive Construction and Real Energy and Natural Hi-Tech E-commerce Estate Resources Pharmaceutical and Health Sciences Financial Services Hotels and Restaurants Travel & Tourism Education ICT FMCG Shared Services and Manu
Slide 9: Impact on Salary increments, Performance Appraisals and Incentives
SALARY INCREMENTS AND BUDGETS Impact of COVID-19 on Salary increments, Performance Appraisals and Incentives Key results from COVID-19 India Readiness survey 42% of organisations have not taken a decision on salary increment budgets for this year 77% of organisations have 33% of organisations have 1
Slide 10: Impact of COVID-19 on People Practices
PEOPLE PRACTICES Impact of COVID-19 on People Practices Key results from COVID-19 India Readiness survey Entry level roles in Business & Technical Professional roles Managerial roles Support 11 % 10 % 9% of organisations responded of organisations responded of organisations responded that this set o
Slide 11: Sectoral impact
PEOPLE PRACTICES Sectoral impact Companies operating these sectors are considering layoffs Layoffs Planned Considering Layoffs Alternatives Discussed Reduced Redeployment working to other hours / essential Aviation Edutech Construction and Real Estate days functions Hotels and Restaurants Long Sabba
Slide 12: Impact of COVID-19 on Benefits & HR Policies
BENEFITS AND HR POLICIES Impact of COVID-19 on Benefits & HR Policies Key results from COVID-19 India Readiness survey Leading organisations have indicated that they will continue to pay contractual / hourly / gig workers their regular wages during their contract period Up to INR 72% 5000 per of org
Slide 13: Impact of COVID-19 on Employee Health & Wellness
EMPLOYEE HEALTH AND WELLNESS Impact of COVID-19 on Employee Health & Wellness Key results from COVID-19 India Readiness survey Leading organisations have enabled multi-channel communications via internal platforms to capture employee feedback across different locations 76% 97% of organisations have
Slide 14: Innovative practices adopted by companies
Innovative practices adopted by companies Improving employee morale and productivity 2 month’s extra salaries for the employees working on Dedicated employee helpline for counselling and the front lines COVID-19 related queries Release of advance salaries and no deductions Knowledge management and t
Slide 15: Insurance, employee health and wellness
Insurance, employee health and wellness Latest developments willistowerswatson.com 15 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Slide 16: Employee Health and Wellbeing
Employee Health and Wellbeing Physical Emotional • Understanding and managing • Being Self-aware, being Resilient one’s Health by managing stress • Successfully returning to Peak • Dealing with life crisis and functionality at home and at work maintain stability & positivity Social Financial • Being
Slide 17: Insurance
Insurance Do I have the list of Are employees hospitals that offer aware of the terms cashless close to my of Health home? insurance? Have you renewed IRDAI Circular your retail IRDAI/HLT/REG/CIR/054/03/2020 dated March 4, insurance 2020 provides “Guidelines on handling claims policies? reported und
Slide 18: Benefits 2020-21 and Beyond
Benefits 2020-21 and Beyond Framing Sustainable Solutions for Employers SITUATION OPPORTUNITY BARRIERS SOLUTIONS India’s growth forecast FY 20- Engage with employees & In the backdrop of rapidly End-to-end solutions for Near 21 2.5% from 5.3% (Moody's) benefit partners to explore new evolving busine
Slide 19: Key Note Session
Key Note Session Krish Shankar Executive Vice President and Group Head – Human Resources Infosys willistowerswatson.com 19 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Slide 20: Key Learnings from China
Key Learnings from China willistowerswatson.com 20 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Slide 21: Shanghai Street - Snapshot
Shanghai Street - Snapshot Comparison between “in the mid of COVID-19 outbreak” and after the “pandemic under-control” Metro line Two Pedestrian Street The Bund Wuning Road Highway Connect two airports Nanjing Road February 2, 2020 February 13, 2020 February 11, 2020 February 5, 2020 March 21, 2020
Slide 22: China economic growth rate drops while projected 2020 inflation increases
The economic growth rate of China continues to drop sharply while the projected 2020 inflation increases sharply 35.0 29.1 30.0 25.6 24.6 23.8 25.0 23.8 19.4 20.7 20.0 18.8 18.0 16.9 14.2 15.0 10.3 11.6 8.7 9.6 8.5 8.9 8.0 8.1 10.0 8.8 9.6 9.2 6.6 6.1 4.2 7.8 7.7 7.4 5.0 4.6 6.9 6.7 6.4 6.4 6.0 5.4
Slide 23: China GDP growth expected to drop to 2.1% in April forecast
In April forecast, China’s GDP growth is expected to drop to 2.1% this year compared to March forecast, after a likely contraction in output in the first quarter due to quarantine and lockdown measures GDP/CPI APAC and China Forecast March and April 2020 6.1 5.8 5.4 5.5 5.2 4.2 4.9 4.7 4.5 4.1 4.2 4
Slide 24: 66% of companies applied work from home policy for all employees
66% of Companies applied work from home policy for all employees during the outbreak, and the majority paid employees with regular salary Salary Arrangement under the Work from Home Policy 66% 66% of companies has indicated 6% Applies to “All that all employees are eligible 6% Employees” for the wor
Slide 25: Certain functions require employees at workplace during suspension
Certain functions require employees to attend to workplace during suspension period with majority providing employees with additional salary payment Early Work Resumption Arrangement 53% The top three departments need early work resumption are: Surveyed clients has • Factory/production – High Tech I
Slide 26: Employers taking care of employees' physical and mental health
During the outbreak, employers are taking care of employees’ physical and mental health Benefits & Welfare Policies during Early Work Resumption Provide medical masks, disinfection Employee Care Actions products, and some other daily 92% protective equipment for employees • Set up Emergency Response
Slide 27: Companies in China planning to adjust salary budget
Companies in China are planning to adjust salary budget amidst COVID-19 outbreak General Industry High-tech Industry Will you proceed with salary increase as planned? 22% Extend Salary Budget Plan for China in Salary response to COVID-19 Outbreak Adjustment Month 7.7% 34% 72% 60% Reduce 15.4% Planne
Slide 28: Crisis Entails Opportunities
Crisis Entails Opportunities Employers are minimising impact on business and optimising cost 1 Reviewing of business priorities • With the evolving situation, business priorities will be reviewed. Resources will be re-allocated according to the changing business objectives • We observed some of the
Slide 29: Learnings and Key Points to Consider
Learnings and Key Points to Consider willistowerswatson.com 29 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Slide 30: Don't get stuck to permanent solutions for temporary problems
Don’t get stuck to permanent solutions for temporary problems BUSINESS CONTINUITY STRATEGY SHORT-TERM MID-TERM LONG-TERM Stabilise and Address short term Create action plans Dedicate time and Evaluate areas to re- Improve Work cash flow to support fast resources to work align work and Infrastructure
Slide 31: Questions?
Questions? willistowerswatson.com 31 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Slide 32: Thank you!
Thank you! For more information and queries, please reach out to [email protected] willistowerswatson.com 32 © 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
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