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.
3 replies on “Industry trends during COVID and Post-COVID”
Yes, it is the scenario in majority of the organisation and where organisation was already bleeding due to previous financial constraints the effect is more. Let us wait and watch
Except health care and pharma industires and those industries with supply and service chain on these industries, all other industries will have a dent in their balance sheet this year.
Very true and at this juncture one needs to change the gear and approach for need of an hour and also have to strike a balance between lay offs and Sustenance of any Operations by reducing paycuts and still retaining the Staff..