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Current Affairs - Corporate Employment Trends Industry Evolution

What is true? Genuineness and pretense are co-existing, hiding behind each other for different reasons

In a nutshell…..
Diversification and adaptation are the only way for Corporates to survive and succeed.
Pandemic has posed a complete array of challenges.

We have observed many Companies beginning from Engineering design to traditional business houses like Tata or Reliance venturing into diverse businesses from Steel or Hydrocarbons to Projects to Fmcg to Jewelry to Textiles. Like the saying goes, ‘Don’t put all your eggs in one basket.’
The other trend is the Companies who have been into Oil & Gas- Engg Design and eventually shifted or accommodated different verticals like Engg Design, PMC, or Survey assignments in Infrastructure – Water supply, Metro, Rail, Highways and Plant Design.

We’ve heard stories of Nokia or yahoo- the impact of resistance to change.
Post pandemic, the term ‘Change’ is replaced by ‘Evolution.’
In the past, the challenges did exist and were never dying. But now, the intensity and nature of challenges have become unpredictable in terms of magnitude or impact. There is no downtime for repair or Turn-around time for the resolution, which can be visible collectively or calculated methodically.

What sounds opportunity today might turn out to be a disaster over time to come. Pricing for services and products might get revised and remain standard for years to come as a survival instinct. The company’s processes will get digitalized; practices will become more stringent. Virtual platforms are being set up to monitor human beings’ performances to be at par with robots. Gauging performances will be easier for the organization because judgment will be only through outcome. Performing will be difficult for employees since every activity is being recorded, and efforts must be infinite. Efforts and time spent won’t be counted; results only will be.

Retrenchment will increase where resources fail to adapt to the new normal on one side. And Attrition will increase at the junior level in search of the old normal. Layoffs for Senior positions are growing on one side to cut costs. On the other side, Junior resources have been vested with higher responsibilities. The Industry has taken this opportunity to clear out the extra baggage – cost-wise and head-count wise. Pandemic has given a genuine reason to exit non- performing or higher cost employees, Doubling the activities and workload for performing employees.

What is true? Genuineness and pretense are co-existing, hiding behind each other for different reasons based on the Industry’s requirement in the current scenario or the expected scenario.

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Current Affairs - Corporate Industry Evolution Sectors

Its high time for social media companies to have regulations. But is this concept getting support the way it needs?

Its high time for social media companies to have regulations. But is this concept getting support the way it needs?

Technology has been progressing and will continue to move – in the right direction with lesser negative influence or in the wrong direction with exponential negative implications. More so when it is an improper influence. The adaptability by society is higher in such a scenario. Social media like Facebook(FB), WhatsApp, Instagram, Twitter, and many more similar platforms have replaced their identity as tools and have gained life’s identity.

You explore the world with print and e- media. Information is useful. But loads of them, right and wrong without any checks and balances, to please or benefit an individual or a group to satisfy their selfish needs. Opinions are standardized and made acceptable with likes and views promotion.

The cultural essence of every community and country is being lost with light speed. Our ability to think independently is dying due to influencers fabricating false information and impacting our thought process.
The concept of being better visible is replaced with an obsession to be visible. The definition of a human’s identity is not what he is in the real world, but what status he is carrying in the virtual world.
The negative social traits of gaining unwanted attention, jealousy, showing off, revealing self, false praises have gained popularity under the mask of sharing happiness with your circle more off an unknown circle.

Billions of people cannot influence or pressurize a handful of companies and few investors to have a valid regulation system. Is money power more, or is it so that these billions of people have turned out to be these social media companies’ army, propagating these companies’ greed and strategy to few more billions.

Well. I believe this is what has been happening for ages. Monarchs, Dictators, and Politicians have always influenced the larger mass. History has time and again witnessed that by the time the realization and judgment of right and wrong were arrived at, billions of lives would have already been sacrificed to the power of manipulation of minds. These companies have continued the legacy by having people power on their side, fueling themselves with the so-called users. These users’ integrity towards their offering to manipulation and ignorance towards their own downfall is commendable. The optimal use is replaced by overuse and abuse in the name of the trend.

Does our society carry the courage to outlaw these companies, imposing them with rules and regulations?

Where are we heading our following generations? We can fight possibly anything when our children’s future is at stake. Why aren’t we joining hands to corner these companies to draw limitations?
Is it because we also are a scapegoat to these companies’ strategies.
We here stand alongside our children waiting to be destroyed together by these forces that aren’t visible from outside but are eating us up from within.

Categories
Current Affairs - Corporate Employment Trends Human Resource Industry Evolution

Industry trends during COVID and Post-COVID

According to Centre for Monitoring Indian Economy 27 million youth in the age group of 20-30 years lost their jobs in April 2020 following a nationwide lockdown to prevent the spread of Covid-19.
Further, 33 million men and women in their 30s lost jobs in April, out of which 86% of the job losses were among men, it said.

In addition to the job losses, pay-cuts, and furloughs, the other trends Industries are adapting are:

  • Deferring any incentives, appraisals to employees.
  • Laying off roles where there are repetitive jobs.
  • Performance-based layoffs due to skill or will issues.
  • Layoffs due to the non-adaptability of employees to post- COVID scenario.
  • Layoffs considering resources on the bench even for 15 days as a burden for the organization and shedding overheads.
  • Decrease of numbers in Support functions.
  • Laying Off Senior People in Senior positions in the age group of 50+ yrs addressing cost and as perceived by the Industry – limitation in the utilization of such resources due to mobility, multitasking, adaptability, rigidity, etc.,
  • Promoting Junior resources to Senior roles due to resource availability at a lesser cost, maximum utilization, flexibility, more accommodative, etc..,
  • Hiring resources across geographies due to Work from home model.
  • Doubling the expectations in terms of deliverable’s and accountability.
  • Transferring Permanent resources to contractual employment – this will reduce the overhead cost for the Companies and retrenchment cost based on future Industry uncertainties that can be well accommodated at lesser cost and no brand defamation.
  • Out-placement of retrenched employees.
  • Engaging skilled white – collared resources on assignment/ day/ month basis is the new trend.
  • Hiring experienced resources at the cost of an entry-level resource.
  • Deferring all Campus hiring offers to infinity.
  • Expanding the job description of new and existing employees.
  • Measuring performance only on results delivered and not on the engagement time.
  • Work from home, not limiting working hours to 9, 10, 11, or 12 hours.
  • Major Companies adopting to Work from home trend due to the cost saved on infrastructure.
  • Expecting Industry ready resources minimizing training time and training cost.
  • Human Resource engaging more in virtual employee engagement platforms.
  • Adopting Project-based engagement through contractual hiring.
  • Building effective virtual platforms of communication to make the Work from home model better.
  • Reducing trial time and adaptability time of any new resource joining the organization.
  • Transfer of employees to the most challenging locations or work area.
  • Bidding with extremely Competitive rates to gain business and sustain.
  • Keeping only the primary and lean benefits to the employees active.
  • Emphasizing on survival than growth.

Every aspect of the industry has undergone substantial modifications. Should it be called New -Normal or New World? But change always is initiated, implemented, adapted, and better successful in chaos.

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Current Affairs - Corporate Employment Trends Industry Evolution Outsourcing Model Sectors

How will Resource Outsourcing/Staffing help the Industry Post –COVID?

How will Resource Outsourcing/Staffing help the Industry Post –COVID?

India has generally seen a trend of engaging blue-collared, support staff resources on third-party/ off-roll/outsourcing/ staffing engagement. Post-2008 recession, the pattern of engaging white collared, skilled resources widespread by the IT Industry but still was limited to IT Industry alone. Post-COVID, the trend of engaging white collared, technical employees into Contractual engagement excluding few Senior Management and strategical roles is envisaged as a necessity and is in demand now irrespective of any sector.

IT Industry shifted to this trend after the 2008 recession based on the following observations.

  • Bench cost was consuming revenues of the Organization affecting the financial health of the Company,
  • Having resources on bench based on the projection of growth didn’t turn out to be a wise decision.
  • Expansion plans delayed due to many factors
  • Competition,
  • Pricing,
  • Clients’ Approvals,
  • Licensing,
  • Global Economic trends,
  • Currency conversion,
  • Downtime between projects,
  • Mapping of the maximum capacity of each resource
  • On the other hand, holding back employees with no complete engagement led to the attrition of resourceful employees, leaving behind only the average people in the stream.

Why is the Non-IT Industry ( Construction, Infra, Energy, etc..,) following this trend 13 years later?

Non-IT Industry, on the other hand, has been most apprehensive about this model. And there have been justifying reasons for the same.

The reasons for non-acceptance were many concerns.

  • Accountability and Integrity of skilled resources on contractual engagement.
  • Gauging of work in manual ways and not digital ways which make it challenging to monitor the process
  • Empathy towards fellowmen for the insecurities in contractual jobs
  • Comparatively smaller players in staffing with an unclear or obscurely defined scope
  • Payroll agencies with only documentation capabilities or partial responsibilities.

Development and transformation was slower owing to

  • Multi-level external challenges
  • Delay in deliverables where the line of activities got disrupted without a possibility of back up or control
  • Support from all departments on time
  • Inventory availability
  • Govt approvals
  • Fund shortage due to delayed receivables from the end client,
  • Change in instructions from management/client since this Industry has been extremely dynamic in nature.

All the above reasons led to resistance to change or non-prediction of uncertainties or inability to collectively assess the cost and business benefit.

In the current scenario, ambiguities are intensified to the extent of the uncertainty raising questions like “IS THERE A TOMORROW? IF YES, WHO ALL WILL JOIN US AND BE A PART OF TOMORROW?”

Limited visibility to the future by even big giants of the Industry, failure of long term plans, long term plans being replaced by short term plans have forced every Company to lie low and sustain. This, in turn, has led to Pay cuts, Lay-offs, Furloughs, increased pressure for people to perform. In such a scenario, the Human nature of sympathy, empathy towards fellowmen, bothering about developing people for long term returns, consideration towards others’ jobs, feeling stressed due to workload have taken backstage. What has been more critical is working towards sustaining the Organization (a foundation which houses employees) through the chaos irrespective of all reasons – genuine, significant, logical or fake, insignificant, illogical.

This situation has led Industry to adapt to staffing/ outsourcing as a stop-gap to cater to the active projects, or newly acquired projects for the next three years. Approximately three years expecting all the cascading effects, chain reactions, transitions, transformations, adaptations to be completed in three years, and implementation of new normal to start functioning successfully.

Hopefully, this opportunity should transform the staffing industry with a place in the Industry as an organized sector- breaking barriers, inventing, innovating, and leading to great opportunities and aspiration to the youngsters to step in this Industry by choice and not by chance. Because decisions are made out of interests, and interests lead to innovation.

Categories
Current Affairs - Corporate

‘A problem needs a solution; a solution doesn’t need a solution.

‘A problem needs a solution; a solution doesn’t need a solution.

Corporates are only expected to find solutions for any problem occurring on the horizon. The issues may be repetitive or new every time. But, the solution changes with time, phase, people, and culture.

Unpredictable situations have always circled the Industry. A robust problem-solving approach is still the underlying strength of any organization. Every situation has made the Industry more dynamic, building better processes, updating to newer technologies, eliminating or improving people to adapt to the situation.

COVID 19 also is a scenario that will force the Industry to evolve at its best. This can be the best opportunity or the worst punishment for any Individual or Organization. Options are always available, and making a choice is unavoidable.

Clarity through any challenge is always a tough task. But when choices are offered, it is smart to grab and make an opportunity.

COVID 19 can be the best opportunity to introspect and retrospect self and the Organization. Most of the time, we have been extinguishing the fire. Here is the time to have 7- Dimensional view and build a road map to avoid a fire in the forthcoming times.

Problems have been an indispensable part of life, be it an organization or individual. Glorifying the problems worsen the situation and block our minds from thinking.

Fear of the future creates confusion in the minds. Any Organization or Individual was not born to face only good throughout. The expectations were to meet more negatives than the positives when the journey began. Ambiguity was most common as we were born with it. The difference has been that there was a variation in the volume of people in the same situation. The problems were distributed and were of different in nature with each group of people or Organizations.

Fortunately enough today, most of the Organizations or Individuals are facing the same challenges world-wide. So solutions also will be found sooner with so many minds working on it simultaneously.

Hold on to your Place, your Company, your Clients, and Business… this has come to pass by and make you better.