An overview- What will India look like after pandemic?
Srishti Shankar, INN/Delhi, @shankar_srishti
Companies trying to develop similar working habits while inculcating strict norms and regulations for effective ‘Work from Home’ strategies has raised a lot of questions amongst people. People are constantly questioning the challenges it has imposed upon companies to develop a sheer level of efficacy in order to prevent data breach and insecurity.
The economy of the whole country can be seen to have stood at a halt. Economists while talking about the upcoming recession haven’t failed to mention the term ‘black swan effect’ which has gained popularity recently. People all around the globe have their eyes fixed at the constant updates on the economy, stock markets and all the new-terms which has gained popularity recently(black swan effect; being one of them).
While considering and taking into the overall account of all the discrepancies which the lockdown has imposed upon us all. We cannot ignore the fact that almost 2 in 5 employees are currently facing salary cuts.
According to the latest results of MyHiringClub.com and Sarkari-Naukri.info Layoff Survey 2020, 68 per cent of the employers surveyed have either started the layoff process or are planning to.
Among the surveyed organizations, 73 per cent said they have plans to decrease the salary of employees, 57 per cent said this layoff is temporary, while 21 per cent said they are doing permanent layoffs for at least 2 years.
All industries are suffering in the current pandemic situation and the pain is now translating into layoff in every industry at every level.
Close to half of the job seekers utilised the lockdown period to enhance their skills for better career opportunities and long-term career growth. The unwelcomed pause in the hiring activities has opened new avenues for job seekers to up-skill themselves and enhance their domain expertise and close to 50 per cent job seekers confirmed that they are utilising this time to focus on self-development, it added.
It feels that if the situation persists for four more months and the supply chain stays impacted, earnings will take a hit which can take businesses two years behind. No one has seen this situation where all countries are facing the same kind of shutdown, no one has a clue when it will improve and things will get better. Lower growth because of falling demand and supply constraints would not only make fresh job creation tougher but also hurt those who are currently employed. If people don’t have food on the table, they are not going to see a show. This, by extension, is bad news for anyone in the creative industry, which includes a vast array of freelance artists.
For India, despite a slower curve of infection, the impact has been ruthless in many ways. The initial 21-day lockdown period had been estimated to cost nearly $4.5 billion every single day. Despite about half of the nation’s businesses being adversely affected, and supply chains having fallen victim to the pandemic, there does appear a silver lining in the dark clouds.
India has so far managed to keep a relatively flatter infection curve in its battle against the pandemic. When compared to other countries, it does appear to have a better chance of pulling off with lesser collateral damage, at least for the time being. The global economic slowdown will mean that first world economies – such as the US – will be looking out for low-cost outsourcing solutions. Whether it is IT, finance or non-core items, India can rise up to the challenge.