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Monday, February 6, 2023

Human Capital Management during COVID 19 Outbreak

Indian businesses are grappling during the extremely resilient period emerging from the global COVID-19 pandemic and organizations are inspecting employee remuneration as the main spindle to assist the progress towards remote work, to strengthen organizational dexterity as well as to perpetuate a positive employee experience. In this unstable and unrestrained change scenario, transmitting policy changes can assist to accommodate stress, to avoid confusion as well as to improve overall employee well-being. The rapid spread of the COVID-19 virus and the health uncertainties everywhere result in sudden disruption and roiling financial markets; thus businesses across the nation are often serving highly diverse customer bases with no time to spare. All of these constitute the crux of the business endorsement.

Organizations around the world adapted their people management approaches whereas HR practitioners can play a central role in supporting practices to improve business performance in times of crisis. Thus the leaders should comprehend the diverse range of impacts the coronavirus crisis is having on their employees; but the needs and circumstances of diversified employees are influenced by widely varying life, work, and family conditions. The current pervasive has created major inconvenience for all organizations through various expenditure-cut initiatives and downsizing policies including retrenchment, lay-off, and work-from-home proposition. In this global circumstance, emphasizing upon boarding experience for new employees can easily be re-prioritized; but boarding could powerfully affect subsequent productivity, preservation, and engagement.

Though the leaders are unaware to face the abrupt provocations emerging from COVID-19, they can motivate and contribute commitment to their peers in order to help minimize their concern and the organizations can still help their human resource by comprehending the significance of well-being and empowering them to assist themselves. Again the company leaders are also conscious to realize the early signs of mental illness of his/her team members and ensure early intervention from the business unit’s prosperity.

Pandemic has transfigured most of the organizations across the globe to convert their mode of work by adopting a work-from-home proposition if possible during the phase of lockdown. As the global economy is declining precipitously, most companies are forced to adopt various cost-reduction measures which include employee downsizing policies (employee retrenchment and lay-off), employee compensation and benefit cuts, as well as hiring freezes in critical posts or designations. As a consequence, the talent acquisition functions in most companies need to be accomplished through virtual recruiting.

COVID-19 has abruptly converted the entire world throughout all parts of life and businesses. Nationwide lockdowns as well as stay-at-home orders have resulted in remote working and corporate business leaders are threatened to adopt this new employee experience into account while making sure their communications are effective during these uncertain and unprecedented circumstances. This pandemic is fundamentally pushing the way the teams operate and communicate in new normal situations. To be very effective in a crisis climate, team leaders who are the strategic decision-makers of the organizations require different interpersonal skills and abilities to maintain worker involvement and productivity in a remote setting in order to make decisions very quickly and communicate effectively. Like many countries, India is also investigating to navigate a judicious path between the urge to insulate the population and to acquire and maintain economic engine which supports the financial structure and the most significant constituent for reviving the entire economy is to effectively control and integrate the emergence from the lockdown by ensuring that logistics networks are restarted and the manufacturing and service industries are free to tackle while maintaining the basic health hygiene of the human resource of the organization.

The most significant invoice on the government is to protect and nourish the human lives and prerogatives of the most vulnerable people considering the fact that the unorganized sector constitutes over 90 percent of the human resources. The conflux of the epidemic and the geopolitics-driven intervention in global business as well as capital inflows maybe India’s probability to secure one of the significant leading vertexes of universal value chains. Improving India’s business rankings and decreasing process abrasion for inward investment as well as for enhancing the ease of undertaking transnational trade are recommended in this VUCA world. Thus, we all tend to work together when faced with an external provocation for emerging stronger by preserving the community and creating a better life for all of us.

Prof. Moumita Chatterjee
Prof. Moumita Chatterjee
An Assistant Professor, Department of Management, School of Business & Economics, Adamas University, Kolkata. MSc, MBA, UGC NET qualified, pursuing a Ph.D. An educator and researcher for the last 10 years in Kolkata. Contributor to The Eastern Herald.

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