HRPI Round Table - Rising Inflation Has Effect on Companies and Workers

As India’s inflation rate rises to 7%, HR Policy India hosted a discussion on its impact on employees and how employers can work proactively to support their workforces and operations. 

The session was joined by Janardhan K, Total Rewards Lead - South Asia, EMEA & Latin America at Avery Dennison, Arijit Ray, Vice President, Employee Relations at American Express, Deepti Pathak, Compensation Lead at FIS Global, Seema Ajwani, Managing Director, Employee Relations at Accenture, Augustus, Employee & Labor Relations Leader at Kyndryl. 

The panel shared that their organizations have been taking steps to mitigate the effects of rising inflation by cutting operational costs and improving efficiency through supply chain. 

On the impact to employees, manufacturing sector shared that they have little intention to cut their talent budget and will continue to invest heavily on their employee training and upskilling. However, the volatility of global economy might further impact the businesses and HRs should prepare for a changing future. 

On the other hand, speakers pointed out that inflation is a more worrying factor for IT and technology industry as employees seek wage increases. The panellists were also talking about the phenomenon of moonlighting, a new trend emerging in India, where employees secretively seek another job additional to their regular job.  

Outlook: As India and the rest of the world is facing rising inflation and uncertain economic future, HR Policy India will continue this conversation with our experts and members.