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.