A survey by Adecco, the Swiss recruiting firm shows that 65% real estate companies in Vietnam have reduced their employee head counts and laid off staff as a result of the Covid-19 pandemic, the highest rate of any sector.
The real estate sector was followed by the media sector, with 61% of companies lying off staff, followed by banks, with 59 percent reducing their staff counts. Adecco’s survey is based upon responses from Human Resources managers 330 companies in Vietnam.
Many firms have also reduced pay for their staff, and the banking sector is the leader here, with 70% of banks cutting salaries. According to Adecco, 60% of banks reduced salaries by an average of 20% and 10% decreasing salaries by 21 ~ 40%. Media companies were second, at 69% followed by companies in the logistics / supply chain sector at 61%.
Adecco’s survey also notes that 93% of companies said that their revenues have been heavily impacted by the pandemic, with food and beverage – 57%; real estate – 56%; and manufacturing 44% being the worst hit.
In order to survive their financial dilemmas companies are reducing staff and programs. HR managers said that 58% of their companies have stopped hiring new people, 37% have postponed salary increases, 28% have reduced intern programs, 26% have reduced work hours and 17% of companies are requiring employees to take unpaid leave.
When asked about recovery, 31% of companies are expecting a recovery in the next one to three months, 29% expect recover to take three to six months and 8% said that recovery will take one year or longer.