“COVID-19 will reshape our world. We don’t yet know when the crisis will end.
but we can be sure that by the time it does our world will look very different”
– Josep Borrell
Ever since COVID-19 spread at global level there has been a drastic change over the world. Whether it be job crisis or economic recession everything is affected at a huge level.
It is assumed that 2 out 5 jobs lost during COVID may not come back. Such severe are the consequences of this pandemic. According to a Report by CMIE, India’s unemployment rate was 24% in May.
There are 120 million people who lost their jobs in April including workers, entrepreneurs, and the salaried employees
Changes which affected Corporate Sector-
Lockdown was imposed all over India in order to flatten the COVID-19 Curve. Because of this, people had to adapt to the process of working from home. IT industry is familiar with this but for the other sectors it was first time.
Working from home is quite easy for most of the employees as it saves time as well as money including the daily commute, employees stay close to their loved ones and enjoy home cooked meal.
Earlier, even when IT sector had privilege to work from home, there were a significant amount of people who preferred working from office but lockdown has limitied this too.
This situation has given a chance to the companies to evaluate the positives and negatives of this concept in order to have a long-term perspective and ignite speculation that the workplace is likely to change.
Remote working feels like the new normal. But in order to make it more efficient companies need to consider following points
- Companies should track the work ability and productivity of employees in real time
- Organizations should see to it that employees do have proper facilities like technology(wifi,vpn)
- Companies should have periodic calls to their employees to track work.
The lockdown adversely affected most sectors but some industries had bigger hit that working from home is not an option
The most affected sector in previous quarter is aviation industry and least affected is IT-enabled industry and pharmaceuticals
Here’s by how much percentage the Major Industries were affected due to COVID-19
- Aviation and hospitality industry: 70-75%
- Auto sector and manufacturing industry: 50-60%
- Real estate and infrastructure:50%
- Textile industry:50%
- Mining and metal industry:35-40%
- Gas and petroleum industry:20-25%
- Consumers and retail:20-25%
- IT industry:10-15%
- Pharma sector:10-15%
The new normal-
One of the main consequences of the pandemic has been the immediate shift in workplace i.e. from office to work from home (WFM). This sudden change has led companies to re-structure traditional work arrangements.
In this situation, the Digital Transformation has helped a lot to solve various work from home issues. The rapid adoption of digital transformation has enabled the companies to work faster by letting their employees work from home.
Many companies are using this as an opportunity by working in hybrid manner, physical and with digital tools to test this technique.
Since majority of employees are working from home, it becomes very important for companies to consider developing the best possible facilities for their employees. This could include providing employees high speed internet facility and adding updated softwares for proper working.
In order to implement the new normal efficiently of the workplace, organizations need to see WFH with different perspective. The business strategy has to be restructured and shift the focus from business oriented to people oriented
One of the main tasks need to be done is reset skill workforce and it should be done in such a way that it remains relevant in future. With remote working becoming the new normal, organizations need to make sure regular training and learning program are given to the employees
How COVID-19 Led To Digital Era
Even before pandemic, India was on a digital track but this gave sudden boost to digitalization with one of the highest numbers of digital transactions in the world.
According to RBI, India does around 100 million digital transactions daily with total of 5 trillion rupees ($67 billion), which has increased five times from 2016
The government of India launched an app (aarogya setu) to tract and monitor the spread of the virus. It has been downloaded more than 127 million times and has become the greatest number of time installed app on google play store
This clearly shows the wave of digitalization in India
The digital revolution is the biggest revolution that the mankind has witnessed, people pay for their internet before they pay for their car. People travel less on roads but they go whenever and where ever through digital highways.
Firms who adapt to digitalization benefit a lot and ones that don’t, remain paralyzed.
Looking at the potential of India growing into digital country, Google is going to invest $10 billion in India for the next five to seven years – in order to provide high speed internet and allowing the use of internet in every corner of India
This joint program of Public-Private Sector is giving India a push towards Digitalization, rebooting the basic life experience and providing India a whole new perspective to connect easily around the world.
In Conclusion, the COVID-19 helped a significant shift to digitalization and restructure the overall working of corporate industry. People’s behavior and the way they interact has changed drastically. A collaborative ecosystem adapting digital transformation will be the game changer .Opening up gates for bank and other payment products for the people