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.