Covid 19 has been one of its kind in the last 100 yrs after Spanish Flu in 1919 which lasted two years and infected 500 million people, about a quarter of world’s populated.Of Course the medical technology is on different level today to find cure or immunization sooner reducing the chaos. But the impact of any pandemic will cause equal magnitude of losses proportionate to the financial scenario.
Industry developments :
Certain actions for next 18 months is suicidal for any organization once this lockdown opens.
Inaccurate Manpower Planning
Variable pay ratios
Back up resources
Bench strength of even a month
Support staff hiring
Whether Domestic companies serving Indian/International markets or International companies serving any International markets.,No Government or Private Organization have been able to anticipate the losses this will incur in totality.
Because the duration of this scenario is still going unpredictable the count of lives lost and the impact on the economy because of these lives is not known yet.
the impact geographically ; like the countries affected have had what contribution to the stabilty of economy in the respective countries or other countries aren’t completely measurable in this scenario.
All calculations, predictions in terms of financial planning,Industry perceptions will go beyond any and everyone’s mastery and the best of data analysis.
The after effects of Covid 19 are completely invisible because crisis is still ongoing. Every support team will become a burden for the organization, operations will get more stringent,expectations of Employer will be sky high.
Cost efficiency which was everyone’s concern in the last two decades because of the highest level of competition from global players in every sector will now trickle down to the level of measuring cost of every task by every employee at every minute in every sector and department.
Industry has always become more demanding and wiser with every recession.
There will be only 2 types of employees who will survive.Real Robots and Human Robots.Now this pandemic will make every resource work like a robot. And AI will dominate the market to cut down on the cost eliminating most of the employees in the name of efficiency raised to an extent of 200 to 300% as the basic standards.
After 2008 recession, industry innovated and transformed with an accelerated speed – hikes were controlled, layoffs became a common topic till yesterday, performance measuring techniques became more stringent. Bench strength word became a sin.
Now after this pandemic, even a week’s cost for an employee will become a sin.All coordinating jobs will become an extra cost for the organization’s. Tolerance levels of every Manager and Management will become minus infinity.
All because of Darwin’s theory, “SURVIVAL OF THE FITTEST” Be it an Employee or Employer or Company