Problems Will Be Faced By Indian Companies
The ongoing COVID-19 has already taken a toll on human lives all around the globe. Almost each and every sector has been affected by this worldwide pandemic, and it will undergo some remarkable efforts for things to get back into shape. Here are some of the key problems faced by Indian companies post lockdown, such as bring the economy back on the track, keep the employees safe, manage the entire work, and a lot more.
We are into the fourth phase of the lockdown, and as of now, 1,38,845 active cases have put the country under immense threat. The government is already adopting all the significant measures to ease down the lockdown sooner rather than later.
Currently, the world is facing a crisis for human lives, but once things get normalized, what would the small and large scale industries face to redeem themselves? This probably is the most significant cause of concern.
There’s a fact which states, ‘Hunger is the most effective disease’. People who are able to address their daily needs in this crunch time should consider themselves lucky. According to a report, over 30 Crore people of the country live on subsistence income i.e. a few steps away from hunger. Not only this, but the IT companies have already increased the Work from Home model for their employees until July 31st which will give them enough time to contain the spread.
Even after following all the necessary and imposed laws, cost-cutting was one thing that has already taken the market by storm. Regardless of the industry size, many employees have already lost their jobs.
So, how prepared is our industrial sector and what they will have to deal with post lockdown? Or how to resolve the problems Indian companies will face? Here are some aspects which might hinder the growth of sectors once things are settled.
10 Problems Faced By Indian Companies
1. The Blueprint
Every business firm will have to work on a completely ambitious blueprint. Planning, strategizing, and even building a completely new team could well be on the radar while preparing a new blueprint. This process will definitely help business sectors to look into their problems which they were forced to witness amid lockdown and plan accordingly.
2. Scenario Planning
Almost each and every industrial scale in the country are in the middle of something called ‘scenario planning’. This is an intrusive act that is definitely imposed. However, if we look at the better side, this will definitely help to revive in a more exquisite manner.
3. The Recruitments
As mentioned above in the comprehension, many firms opted for cost-cutting amid lockdown. The first two phases of lockdown saw a sheer panic which also led to some unfortunate decisions which were forced upon the employees.
Many firms have reduced their workforce to a significant rate, and this will now lead to contemporary recruitments which will hinder the workflow for a reasonable amount of time.
4. Technology and Data Related Threats
All of a sudden with a switch to the work from home model across businesses, especially with limited controls over data security, has possessed a risk to the organization.
The perceived distraction of monitoring limited controls around VPN due to remote access i.e. Work from Home might cause data theft or denial of service. This act might continue even when the lockdown is lifted as the work from the home model is expected to be prolonged until July 31 especially in IT sectors.
5. Contract Failures and Disputes
Failure and delays in the fulfillment of contractual obligations, causing disputes over payments. During the COVID-19 phase, there may be instances of performance obligations that need to be addressed once things get settled.
6. Addressing the Corrupt Practices
Cleaning the mess left behind is something which is generally the first and foremost step taken into consideration while restarting an abrupt model. In the current situation, companies may struggle to identify the flow of non-public information.
In the current scenario, financial pressure and perceived opportunity may give rise to insider-trading risks. This is what needs to be addressed once lockdown lifts.
7. More Automation
Machine-gen would be the need of the hour going forward for businesses to succeed. Going forward, the industry would require systems that enable remote monitoring of processes and machines. This would ease down the human workforce to a great extent and will also help in increasing the flow of work.
8. Addressing the Suppliers and Employees
In the phase after lockdown, the trust and reliance on suppliers along with the end customers might get affected. Both positive and negative sides will come into play, but what matters the most is the goodwill which will eventually describe the sustainability of a business firm.
9. A Blended Model
No existing employer is in a rush to get back to work. India’s $200 billion IT industry was not at all prepared for the work from home model. However, with almost 2 months now, the employees have found solace in working from home.
With sanitation being the utmost priority in the current scenario, many organizations might look to implement the blended model where which means some work-from-home and some work-from-office is expected to follow up.
10. Salary Crisis
Probably the most substantial factor which will definitely seize a significant amount of time to get smooth. With salary cuts already portraying a horrific role amid lockdown, the employees should not expect pay raise and this could also result in quite a few resignations.
The Bottom Line
COVID-19 is indeed one of the biggest problems nowadays. So, in the above blog, we have learned that what problems will be faced by Indian companies as soon as the lockdown will be removed. How COVID-19 impact has emerged as one of the biggest threats for the entire world.
We all have to be strong and fight against this pandemic together. I hope this article will prove useful to you. If you have any doubts regarding Corona, you can mention it in the comment section below. We will try to come up with a useful answer.