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Willis Towers Watson the two explained the importance of channeling management ’ s efforts on crisis management in order to get past the survival phase of any crisis .
“ This may lead to some non-conventional approaches in the short term . For example , linking management ’ s KPIs to the percentage of the workforce who are protected from the COVID-19 infection , or to healthcare and recuperation spending , or preventing job losses , or encouraging social distancing and working from home protocols . Once the business operations stabilise and companies have a better understanding of market conditions , then they can resume normal performance measures and targets ,” says Tan and Ganu .
In addition to non-conventional approaches to the virus , some boards took a voluntary fee reduction ranging from five to 20 per cent . Showing solidarity , some top exeucitves from high impacted industries also volunteered to take up to 100 per cent cuts in their fixed salary while maintaining some form of target variable incentive . Meanwhile , in less impacted industries , salary increments for top executives were frozen .
businesschief . asia