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.