As we embark on the path of controlling the pandemic, and towards focusing on businesses and regular life and normal lifestyle, there are a lot of new changes that one needs to adapt to . Even as the government is working towards minimising the impact of the pandemic on the lives and the economy in the country, the corporate world is managing Multiple new situations. The latest data from the Centre for Monitoring of Indian Economy (CMIE) recent survey estimates have made all realise that unemployment needs attention which can help to revive the economy faster and add to the growth of the country. There is a lot of manpower available which can be deployed for creative productivity and add to the scale of national productivity and growth. The unemployed of the country is power unused. And this segment of people can be additional strength to boost activities all around.
Managing unemployment is a visible need which is identified well and which will need solution for adding value to these unemployed people in the economy. This will help to reviving the economy, arresting inflation, and ensuring fluidity in cash flow, across sectors.
The changed scenarios have brought attention of each employer on each employee and all are being valued on the basis of thier productivity. People who are not a revenue generator and are just an cost to the company, have been sacked.The economy has them sacked. It’s a very unique situation in which everyone has become accountable to be productive and a revenue generator.
Employees who are performers have become the soul of the enterprises. Lots of companies have now started empowering fixed salaries and good incentives. Which means each employee becomes a partner in progress. He is not responsible directly for the expenses of the company but gets a share in the revenues under certain performance conditions. This has become good for the employees who are used to good performance. They have become a form of entrepreneurs In an employees role.
While incentives from the government to retain a percentage of employees or steps like consolidation and re-assignment of resources, a shift from a fixed salary to performance-based remuneration, etc., can go a long way to arrest unemployment, a change in perspective towards handling and leveraging the essential human resource, has become imperative.
In the times to come, every company/ business/ entrepreneur needs to be able to make the best out of the existing resources, including human resources, and learn to leverage the potential smartly, so as to survive, and thrive in the long run. The essential trick to be successful, not only during the times of changed scenarios but also in the long run, is to generate value and create long-standing partnerships in success with employees, thereby transforming them from liabilities into strong drivers for growth.
Listed here are a few pointers, which if considered, can become pivotal in driving this shift in perception, towards the way we manage our employees:
- Skill up-gradation: Continuous learning is an essential part of every individual. In the current business scenario, skill up-gradation plays a pivotal role in ensuring one leverages the complete potential of employees. While some may argue it’s an additional cost, the returns on this can be multi-fold. Additionally, with variable options like internal training sessions, MOOCH platform courses and guest lectures or academic partnerships in exchange for internship opportunities, can be explored. Each of these efforts can go a long way to not only generate goodwill and loyalty among employees but to also to build a workforce that is versatile, loyal, curious, and open to new learning – qualities that form the winning combination for a futuristic and agile business model.
- Driving productivity and excellence: Even as the corporate world is getting accustomed to the ‘new norm’ of work from home, increasing concerns over productivity and effective supervision is making HR folks restless. Online reporting, regular zoom calls and advanced IT practices are being devised to ensure productivity and value is not lost in-office hours during work from home. However, more than these techniques, effective motivation and enthusiasm can go a long way in pushing employees to perform and strive for excellence, even when they are working remotely. Creating a purpose-driven, positive and inclusive goal towards success will help build a willing workforce that is more than eager to meet the new challenges head-on, working seamlessly as one unit.
- Partnership and Value Creation: Transforming employees into assets and partners in wealth creation can only come from an effort to create value for them, as for all other stakeholders. Often taken for granted or undermined for their contribution, employees are one of the most significant stakeholders and asset of a company. When one aims to grow by leveraging the full potential of their human resources, one needs to treat them as partners in growth and offer more than just the agreed financial remuneration for their services. The shift from employees to partners in growth comes with initiatives that drive transparency, mutual respect, appreciation for their efforts and a sense of team spirit and pride in belonging to an organisation where they are valued and nourished.
With the world going through a flux, new ideas, challenges, opportunities, and lessons are bound to be thrown our way. For any business, either emerging or established, recognising and nurturing the true potential of their employees is the single most crucial element in not just sustainence and growth but is also building a human resource asset that can last for decades.