Changes to employee remuneration due to Lockdown Report

IPC Team / Posted On: 23 September 2020 / Updated On: 25 March 2022 / Compensation and Benefits / 2

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Changes to employee remuneration due to Lockdown Report

Introduction

Industrial Psychology Consultants (Pvt) Ltd, carried out a survey to assess the Changes in Remuneration Practices due to the Lockdown. The survey targeted employers from companies in all sectors in Zimbabwe following the recent Corona Virus outbreak led to the lockdown in Zimbabwe since the end of March 2020. The survey comprised of 64 participants representing 64 organisations from 14 sectors in Zimbabwe.

 

Literature Review

Based on recent studies from elsewhere, COVID-19 has urged business leaders to plan the return to work, appreciate and build on the advancements they achieved through the recession, and map a new way forward. During the COVID-19 pandemic, companies encountered a blast of growth, fast-forwarding their capacity to combine people and technologies in the most complex market world many of us have ever seen. The pandemic could end up rivalling, or even exceeding, the 2008 financial crisis in economic damage. The implication is that companies will have to rethink their business models.

 

The reasons to review the benefits offering are now more compelling than before. Engaged and energised employees will not only be happier and healthier, but they tend to improve productivity and innovation, deliver better outcomes, stay with an employer longer, provide a better service to customers and attract new ones. In the challenging economic climate, we are expected to face over the next few years, a motivated workforce will also turn into a decisive competitive edge.

 

"Although this sounds like a no-brainer, it was discovered that some healthcare benefits did not fully cover COVID-19 tests and visits for their employees, so some companies have ensured that these are fully covered by insurance at no cost to employees. Prepared by Industrial Psychology Consultants (Pvt) Ltd 2020 5 | P a g e Bearing in mind what employers of companies in other parts of the world are doing in the light of the COVID - 19 pandemic, our study here in Zimbabwe goes on to show employers’ reactions to the pandemic both health-wise and from a business perspective particularly in Zimbabwe.



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