Whose jobs may be at risk with this evolution of the industry?
How is the industry trying to plan its efficiency with respect to resources?
Every company is facing unknown risks. And every company is uncertain about economic progress.
The calculation of damage from COVID-19 will continue for at least 18 months. Working capital will be impacted, Inflowing business analysis will fluctuate hugely to sustain the market.
In such a scenario, the order of cost-cutting will be – resource retrenchment, pay cuts, and infrastructure cost reduction.
Recent Hires – Last come to go first. The company has not experienced the performance of a new joinee. And the resource has still not proven his credibilities to count on his performance. So their jobs might be at stake.
Support departments – HR/ Accounts/ Procurement/ Quality etc., or any such areas not driven directly by P & L – such jobs which may be digitalized or outsourced – need basis or consulting basis. the other option is the volume of work can be increased and the number of resources can be reduced.
Coordinating jobs – Any coordinating jobs like project coordination, procurement coordination with cross-functional teams that can again be digitalized with single window interaction.
Supervisory levels – Multi-levels of supervision like Asst Mgr, Manager, Sr Manager which can be replaced with more number of reportees to one person keeping the hierarchy less complex.
Repetitive jobs – Quality check by different people, purchase activities, or back up resources where accountability can be increased with one person.
Costlier resources – Resources at Sr level or expensive resources at any level. Since now the market will be flooded with resources willing to join on same salaries as earlier or lesser too to survive and sustain, hence costlier resources will be on target
Less adaptive, less proactive:
Resources with will issue, or poor interpersonal skills. Not flexible enough to own additional responsibilities at this time of crisis. Sticking to the expectations given at the time of joining and not understanding the changed scenario and multi-task after COVID-19. Not willing to take up end to end accountability.
Continuous mentoring and monitoring
Employers, Sr Management and Managers have two choices in this scenario – invest your time in strategic planning, business acquisition, financial planning
Exhaust your bandwidth in building better understanding, repetitive training, hand-holding your team members in delivering, In such a scenario such employees are preferred who are fast learners, self-motivated, better skilled, have a better understanding, better committed, more positive and take the ownership.
Of course, certain sectors like tourism, auto, airlines, retail, are affected by the rule and even the best of the employees will have to be losing jobs here.
Or a few more have lost jobs due to traveling back to their native places or not having internet connectivity to work from home.
Its an extraordinarily challenging, demanding situation for the whole world.
Learn to prioritize the organization, if the organization lives, you live.
STAY PUT, BE FLEXIBLE. WORK MORE to align with this crisis.
Follow to read about the employment trends in India in the days to come.