Find out right talents in your organisation for business recovery and growth – Thinking Series 1

Blog: NASSCOM Official Blog

talent for business recovery

We are fighting an invisible, insidious enemy who enters our homes and divides our families. The situation has forced us even to redefine interpersonal relationships and makes us suspect to each other.

No more shake hands and social distancing in one end, a significant limitation of personal movement, while to contain the infection and to mitigate the risk of an uncontrolled spread.

This emergency is involving that it comes to challenge our societies in all its levels and force. It is a challenge for health, economic and social changes. This incident will impact all our decisions related to our social life as well as career. There is not much difference whether you do work or employ, whether you are in the public sector or private sector. The government and the health department are fully aware of the options, choices, from every decision taken, consequences, more than ever.

The keyword is “uncertainty”: uncertainty about the severity, uncertainty about the speed of spread and risk about the extent of the epidemic.
Given the damage to economic activity caused by the corona virus pandemic, some companies are considering reducing their workforce to decrease their expenses. But a massive cut in personnel due to the health emergencies.

Uncertainty of life ahead – Not only fear of death, but also fear of future

300K Death + as on today

The keyword is “uncertainty”: uncertainty about the severity, uncertainty about the speed of spread and risk about the extent of the epidemic. Given the damage to economic activity caused by the Coronavirus pandemic, some companies are considering reducing their workforce to decrease their expenses. But a massive cut in personnel due to the health emergencies.

Reports are already in place, where economies are facing economic slow down during the last two years. Large Banks around the world were undergoing the biggest round of job cuts in four years. Banks are in the decision to cut costs, bring efficiencies with the help of robotics. Many banks in Europe are already running in negative interest rates, and massive job cuts will result in further cuts.
The 2019 cuts bring the total for the past six years to over 425,000. The actual amount is probably higher because many banks lay off staff without revealing their plans. Morgan Stanley is the latest bank to make a year-end efficiency effort, cutting around 1,500 jobs, according to people familiar with the matter.

Airlines across the world would cut up to 2,000 to 3000 jobs to deal with the impact of the pandemic of new coronavirus, among other cost reduction measures. In the coming months, we will cut 2 3000 jobs, which means that not only in the coming weeks but also in the coming months, Airlines may go for lean staff in the operations, especially on the customer-facing operations. The tourism industry will be running negative for another quarter.

If you look at the small and medium industries, there will be a significant drop in turnover, due to the substantial drop in orders and there by face Operating losses. Last year itself, there was some drop in the manufacturing productivity, this new drop-in turnover and/or orders will add on to the period of the previous year. The impact will b more for companies fewer employees say less than 50 employees

Our Work Profile will change to Business as Unusual

Scientists and state leaders are in doing their best to control further community spread. Once it is under control, through social distancing and other social and economic policy changes, we hope to bring the menace under control. Organizations will also do business environment assessment and take the steps for additional plans. The re-organization is necessary to safeguard competitiveness. Though governments are warning for no layoffslayoffs, dismissals for economic reasons appear essential and cannot be avoided. Re-organization can be implemented to prevent future financial difficulties and closure. The re-organization can be for specific concerns such as customer retaining, holding of resources, project expenses or the reduction of fixed costs or operating costs or survival for another XX days.

During this beginning of the recession and preceding the storm, the first thing to do is to lift your head from the current controls. Get clear visibility across the industry and look at what is happening within the company itself. It is necessary to examine its economic situation, its market, its sector of activity and many more micro and macro indicators. It is the moment to look at the real situation in the face to identify these weak signals & indicators. Take steps and actions which make it possible to determine the fields for survival. Save the resources to be the most affected. Change the course of action. Change of work profiles to save and drive for recovery will be imminent.

Re-organization that results in the restructuring of people

Whatever the reason for this restructuring, the employees concerned must benefit from this re-organization efforts, regardless of the size of the company. The company must seek all the jobs suitable and in particular those who create direct value for the organization. The re-organization or restructuring must be carried out on job profiling belonging to the immediate goals of the organization. It is also possible to reclassify the employee, with his express agreement, on a job in a lower category. This obligation of restructuring is to be taken very seriously with the right reasons, because of failing this; the retrenchments or furloughs could be judged without severe and real cause. When an economic dismissal threatens several employees, companies should not forget to set the criteria for ordering dismissals. As per the government and labour department’s policies, resources cuts can be implemented. 20-30% of the employees were retrenched during the 2008 global financial crisis.

The context of economic crisis results in organizational restructuring. The organizational decision for change is often accompanied by a cut in expenditure and job cuts. During this revival period, the competitiveness of the organization resurfaces at the most. Crisis restructuring seems to take center stage, with a focus on survival as well get the growth rate back in track. The crisis like now and the disrupted economic context allows organizations to justify an operation inexpensively to reduce staff costs. While refocusing the real core of the business and the revenue goals, the job cuts will be the resultant. Many employees will feel the heat and evoke a feeling of disorder, or even betrayal after they layoffs announcement. At this junction, the magic wand at the employee’s end is their potential employability. It is the business leaders job to identify the right talent to support and goals of recovery.

Organizational restructuring is inevitable. The role of right talents for recovery.

Identify the right champions who can speed up the drive for the recovery. Identify recovery skills sets, goals-based skills and skills that can assure your organization for improvement. Alarm now, prepare for an emergency, based on patient ( Org) status, start the operations as a team, then move ICU to Ward, then to outpatient, then to homes. That is the recovery, we may have to plan.

This recovery itself is a talent:

Transition manager skills profile are the best talents mandated to manage a corporate restructuring has proven human resources skills. Many transition professionals are also specialists in job protection planning. These transition specialists know how to consider the interest of the company while valuing the potential and the qualities of its employees.

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