Staying relevant in uncertain times
With job losses and pay- cuts on the rise, the pandemic has put the urban working class in a spot. But, hang in there and re- strategise to stay relevant, say seasoned entrepreneurs and experts
As the pandemic continues to hold sway over the world, India grapples with another crisis — massive job losses and pay cuts have brought the economy to its knees. As per the statistics shared by Centre for Monitoring India Economy, approximately five million salaried people were laid off since the pandemic began. The shocking numbers have escalated the anxiety of those surviving from pay check to pay check.
How are young Indians holding up? What steps are seasoned entrepreneurs, independent consultants and salaried employees taking to stay relevant? Deccan Chronicle talks to people from across the spectrum.
BE MORE E- CENTRIC
“Going digital is the only way to make your brand both relevant and meaningful to your audience. And, that’s where strategy can power creativity,” begins Ayushi Guha, a communications specialist. Stressing the need to stay committed to doable goals, she says “My advice to jobholders, employers and entrepreneurs is to be realistic while finding innovative ways of meeting your targets/ goals.”
Thinking along similar lines, Seema Saxena, Managing Director, Jashn Event Management and Promoters, encourages young entrepreneurs to shift to the digital domain. “Being an event firm, the pandemic was a bolt from the blue, as we were largely into physical activities, social gatherings and events which are not possible in this time and the lockdown was unforeseen. But, taking a leap of faith and working towards building a strong digital presence helped – online events, live sessions and live meetings were strategically planned. Instead of paperbacks we are promoting more kindle/ digital books for instance,” she says. Seema’s firm has made conscious efforts to engage in regular team calls and virtual meetings, to make employees feel secure and in control. “I think it’s important for organisations to communicate more, be more invested in their employees now more than ever, and assure them that all is well. Or at least keep them updated about the scenario in order to equip them for the worst,” she says.
UPGRADE YOURSELF
On the upside, the pandemic is a great time for youngsters to expand skills and improve relevance, suggests Sabarna Roy, author and Vice- president, Electrosteel Group. “The pandemic pushed us to deal with despair, hopelessness, remoteness and boredom — all at once! However, I believe in seeing the threat as an opportunity. For employees, this is a chance to learn new skills, something you wouldn’t have the time for during a regular work week. Do what you think would help you rather than chasing a social media fad. Research the skills that can add to your existing capabilities, revamp your resume with relevant add- ons. For employers and entrepreneurs, this is the time to grab Industrial Revolution 4.0, comprising Artificial/ Applied Intelligence, Machine Learning and Robotics - in short, aggressive automation. Stepping up your game is the secret to being able to negotiate the pandemic,” stresses Sabarna.
Challenging times like these are great opportunities to rebrand. “Firms can search for and offer sustainable paths to profitability, paths that preserve and enhance brand value in the minds of consumers, feels Rajkumari Shrivastava Director Verify India and SRA certifications. She says “The economic crisis triggered by the pandemic does not necessarily spell the end of entire industries or companies. It does weed out business models that fail to pivot toward the new reality characterised by shorter value chains, remote work, social distancing, consumer introspection, and enhanced technology use. So, it’s clearly a test which teaches one that it is survival of the fittest in the digital- age.”
BUILD UP YOUR EMPLOYEES AND YOUR BRAND
Proactiveness is key, according to Girish Magre, ent repr en eur and author. “Jobholders, keep your eyes open. Keep asking questions and try to find answers. Do your job with 100 percent ownership and put in your best effort, and curb that urge to cut some slack just because it’s a low phase,” he says, adding, “Try to update yourself about strategies that worked during previous recessions.” Building business resilience is of paramount importance, stresses Ma hen dr a Sh riva sta va, Director of SRA
Legal & Risk Consulting Pvt. Ltd. “Identify key internal and external dependencies – those things, people, or other business you rely on. Prioritising employees’ health and mental resilience is part of building business resilience,” he stresses. “An experienced risk adviser knows what your business needs to do to prepare for the unexpected and how to respond to the unpredictable,” Ma hen dr a feels.
“Going digital is the only way to make your brand both relevant and meaningful to your audience. And, that’s where strategy can power creativity. My advice to jobholders, employers and entrepreneurs is to be realistic while finding innovative ways of meeting your targets/ goals.”
— AYUSHI GUHA, a communications specialist
Prioritising employees’ health and mental resilience is part of building business resilience. An experienced risk adviser knows what your business needs to do to prepare for the unexpected and how to respond to the unpredictable — Mahendra Shrivastava
“Jobholders, keep your eyes open. Keep asking questions and try to find answers. Do your job with 100 percent ownership and put in your best effort, and curb that urge to cut some slack just because it’s a low phase. Try to update yourself about strategies that worked during previous recessions.” — GIRISH MAGRE, entrepreneur and author
Changing consumer demands call for innovation. “There has been a shift in the working pattern – such as people working from home and connecting with colleagues via videoconferencing platforms and collaboration tools to ensure safety of employees; and entrepreneurs must take note of the significant behavioural shifts and shift their own working styles accordingly,” says Dheer Shah, CEO, Samaara Tea. He stresses that while other businesses were implementing pay- cuts for employees, citing lack of earnings, his organisation continued paying the employees in full and on time. “Firms must support those who help in building your vision – irrespective of how hard it gets,” in his view.