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Tuesday, June 23, 2020

Poland: Automotive companies reduce wages, plan to reduce employment

Fiat assembly plant in Poland: wgospodarce.pl
More than half of companies in the Polish automotive industry have reduced their salaries and plan to reduce employment, according to the consulting company KPMG Poland and the Polish Automotive Industry Association: "Barometer of automotive company managers' moods".

The difficult situation in the automotive industry translates into pessimism among representatives of automotive companies present on the Polish market. In the latest edition of the survey, the mood index stopped at 20 points and is lower by 46 points compared to the survey conducted at the end of December 2019.

In turn, the automotive manufacturers' sentiment indicator has decreased since then by 36 points to 25 points, and the distributors' moods deteriorated by 52, reaching 16 points. Automotive companies have very negative opinion about the industry situation - 70 percent of producers and 71 percent of distributors believe that the current industry situation is "rather bad or very bad".

"COVID-19 has a negative impact on automotive companies in Poland - all surveyed companies recorded a decrease in revenues, and 61 percent were forced to reduce salaries." In the long run, companies plan to reduce employment and freeze investment in business development. According to 80 percent of managers, it will take up to 2 years to get back to the situation before the outbreak of the pandemic.

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