Dear Friends, Colleagues, Clients, Patrons,
As I pen this my article, the second one this month, there is a deep sense of acknowledgement from the Industry in India as well outside that the #COVID-19 infections will not fade away anytime soon, more so with the Government decision to extend the lockdown to May 03, 2020. There is also further apprehension that a full fledge operation for business entities (except those recently notified) is unlikely in next few months which means the Industry as whole will lose their Q-1 fortune for Fiscal 2020-21. This is even though Government leaders at all levels are trying their level best and making the best of the decisions they can based on statistics, and lessons from other regions and countries with perusal wisdom. With a dense population, strangled migrant labour and struggling economy, there is also this fear that a continued lockdown and consequential revenue loss to all may do more damage than good with increased unemployment, job losses with panic and hunger all around. The Government having realised that a full lockdown for longer time may not fetch the desired outcome, seems to have taked a middle path of opening the economy and at the same time continue imposing curfew in vulnerable areas to curb the spread of the pandemic.
Even if the lockdown is lifted and a go ahead signalled, the likelihood of a quick business turnaround and rebound in the economy is less likely when other countries are struggling to come out of the distress. What will be the impact on our markets and businesses is still largely unknown. Whether the exports will regain their momentum; the IT/ITES will be able to keep up their growth will be development to watch out for in next couple of months.
In a crisis time like this leaders are expected to be resilient and show more character and any short-sightedness will add more to the vulnerability of a stranded economy. We at PPG (PAMS Professional Group) are confining our actions on the basis of our Goals in the long and medium term considering the hit of #COVID-19, loss of work temporarily. Time immemorial, there has been dearth of talent not jobs. Our staff resources our long term assets to carter to the dynamic need of our profession.
Everyone is anxious and struggling to manage the new work environment (work from home) daily routines, increased work hours, forced leaves or layoffs. Our people and our clients remain our focus forefront. The leadership from all around requires confidence and resilience and a transparent communication. Reduced work and ineffective communication infuses fears and anxiety. This demands leaders to listen more to their employees and business channel partners, vendor or stakeholders.
With some companies experiencing manifold increased work pressure such as (Medical, Hand sanitiser, Personal Protection Equipment, Online Gaming), Others like travel and hospitality seeing demand falling to zero, the forecast for FY 20-21 fails all algorithms and budget metrices. With this comes the complex production planning, making judgement calls and coordinating activity in next few months.
We at #PPG have been adjusting our service model to create flexibility and stay ready to serve clients in need. With cloud base data management and work from home facility extended to all our associates, we can conduct effective and secure virtual meetings using #Microsoft Teams. We are keeping a real time vigil on all development occurring at legal and Fedral /local policy level and keep our clients updated. Our monthly newsletter works like a refresher of what has developed in last month. On contentious and business specific issues, we are equipped to serve our clients over Video Conference and Webinar platform. We have dedicated IT manager available 24*7 . Please contact itmanager@pamsassociates.com to administer request for a VC/webinar. C
With the above, here are few of the actions that may be recommended for organizations to be resilient and manage this crisis:
- Shift to digital technologies and remotely manage daily execution while implementing the social distancing norm as a must to do.
- Analysis of multi-dimensional scenario (Optimistic vs. Pessimistic).
- Review of hierarchy, employment contract, positional redundancy, alternate engagements, risk rewards of base cuts, layoffs.
- Review of contracts, #Force Majeure, Notice of abeyance.
- Cost control, process reengineering, e-commerce, virtual marketing, e-collaboration.
With reduced operation, much lower or in some cases no revenue remains the task of cost control and yet to maintain the capabilities to sustain this struggling time to tap the post facto potential of an economic boom later. Identifying human capital risk and team vulnerabilities that could adversely affect their ability to meet future expectations remains at the helms of management affair to retain key talent pool.
Don’t hesitate to contact anyone of our team at PPG. Life comes first everything else follow so will your business. we wish you to be healthy and safe, and as successful as possible in these difficult times.