Several hundred ACC members give input on job security and talent management
WASHINGTON (August 11, 2020) — The Association of Corporate Counsel (ACC) published results of its fifth and final member flash poll on how the COVID-19 pandemic is impacting the in-house community. This time, several hundred ACC members gave their input on job security and talent management.
Overall, the responses were optimistic. Half of respondents (50.9 percent) were “not at all” concerned about losing their job; a further 26.1 percent reported being only “a little” concerned. Fewer than one in five (16.9 percent) are actively looking for new employment. Moreover, 76.5 percent of respondents shared that to date, their compensation has not gone down due to COVID-19.
“COVID-19 is causing businesses around the world to adjust their operations, and corporate law departments are no different,” said Patricia Trudeau, vice president and chief administrative officer of ACC. “This snapshot offers some encouraging news, especially that a majority of respondents are not concerned about losing their jobs or experiencing a reduction in compensation. That said, it also highlights the fact that many in-house counsel and law departments are not getting by unscathed, as they continue to face considerable personal and organizational challenges as a result of this pandemic.”
In terms of hiring, a third of respondents (33.5 percent) expect no changes, although almost as many (27.9 percent) have issued a hiring freeze, and 11.2 percent reported terminations or layoffs in the legal team. An additional 9.5 percent reported implementing furloughs. Legal teams are attempting to prevent taking these actions through a combination of work from home, which saves money (62.7 percent); general cost-cutting (51.9 percent); and various austerity measures, including reduced bonuses and executive pay, reduced hours, and voluntary leaves of absence.
Respondents seemed more or less evenly split regarding how layoffs or hiring freezes are impacting their workload: 38.1 percent, the plurality, said “some,” as opposed to “not at all” (17.1 percent), “a little” (23.2), or “a lot” (21.5). Most respondents (70.2 percent) expect no change in their formal performance review due to COVID.
This poll opened on August 4 and closed on August 10. Four hundred eighty-seven ACC members gave answers. This is the fifth and final installment in a series of informal polls designed to elicit feedback from in-house counsel on a variety of topics related to the impact of COVID-19. The full results, including the free responses, are available on the ACC website.
About ACC: The Association of Corporate Counsel (ACC) is a global legal association that promotes the common professional and business interests of in-house counsel who work for corporations, associations and other organizations through information, education, networking, and advocacy. With more than 45,000 members in 85 countries employed by over 10,000 organizations, ACC connects its members to the people and resources necessary for both personal and professional growth. By in-house counsel, for in-house counsel.® For more information, visit www.acc.com and follow ACC on LinkedIn, Twitter, and Facebook.