The entire country is in a lockdown, due to the outbreak of the COVID 19. The economy has slowed down, there is a reduction in demand, income levels have hit an all-time low, and there are severe job cuts. All this has consequently led to a fall in the GDP figures. There is a lot of uncertainty regarding the survival of businesses.
Uncertainty applies to situations involving unknown information. It also applies to predictions regarding future events that are unknown. And while the future is uncertain, one should not lose hope, since tomorrow might be the day that you are waiting for.
As per recent data by the World Bank, the lockdown has impacted nearly 40 million internal migrants. The government is doing its bit to consider short, medium, and long term interventions to support stranded migrants. This includes looking at the infrastructure, catering to families who have lost sources of income, and providing access to health, education, housing, and jobs for migrant works in host countries, as well as for their families back home.
Considering this impact on migrant labour, there has been increased importance for companies that deal with HR management, Job and Recruitment consultancy firms, etc.
Here are some areas that might be useful for them.
Workers across manufacturing companies and construction companies have moved back to their home villages. There is uncertainty regarding their return back to work. HR Companies can act as a bridge between this type of labour and companies that require manpower supply in bulk.
Most companies are cutting down salaries of their staff, and also drastically reducing their staff incentives. Naturally, these employees are looking at switching to other companies, who have a scale of operations large enough to afford to pay them salaries at par with their present one. Furthermore, their old companies would also be looking for their replacements. In these situations, HR Consultants can have double-edge benefits.
Take for example a Company X that pays INR 1,00,000 per month to its Production Head. Company Y on the other hand pays INR 70,000 to its Production Head. Post lockdown, both companies have had to implement salary cuts. As an HR consultant, you can bridge this gap by switching the employee of company Y to Company X, by offering the employee a salary of INR 80,000 a month.
A similar model can be applied to look for a better alternative for the employee of Company X.
The main task here would be to do your research well and to build a proper database. Also, read newspapers, trade journals & government announcements regularly; and think out of the box ideas.
Make sure that you focus on every aspect of news these days. Try and think out of the box, and most importantly, have patience. COVID-19 can be ‘Reset Button’ for everyone if taken positively and open-mindedly. Setting up Start-Ups in the field of market research, HR consultancy, Training & Orientation management, manpower supply, database management, and payroll management could well be game changers post lockdown.