September 20, 2017
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We’ve heard a lot of talk about the Recession and some of us may have been in the centre of one in the past or are in one and have to deal with the layoffs. Then you are certainly looking for ways to minimize the layoffs else are looking for solutions. Nevertheless with that being said, here’s something to think about. So have you focused on the recession and its effects on Employees and India on a global level? If you haven’t then you’re in time thanks to our Delhi Group member Raveena. She suggested that we have a discussion on, “Views about the recession and its effects on Employees and India on a Global level”.
How amazing is that we @SourcingADDA decided to cover exactly that. If you’re curious to find out what we’ve discussed then you’re in the right place as we’ll be disclosing the conversation shortly. Thereafter we’ll be highlighting the key take away pointers, showcasing possible solutions or ways to minimize the layoffs, so be sure to review them. So here goes…
So if you’re in the centre of one or have to deal with one then you’ve come to the right place as we’ll be providing possible solutions and ways to minimize the layoffs. So here goes…
What is a Recession?
- The National Bureau of Economic Research cites a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months” as the hallmark of a recession.
- Recession, the term itself is quite scary even though it started it is still unacceptable globally
- At present in context with the IT sector we can’t term that recession is prevalent in India
- There is a shift in operational activities and offshore – economic activities have not declined
- The HR employed in the IT sector in India will be laid off but this was expected & predicted
- The problem with companies nowadays is that they face the recession boldly but bouncing back becomes a challenge.
- The media creates hype besides this is not the first time that layoffs have been taking place
- It happens every year and IT companies are most affected as they just hire people without proper forecasting.
- They keep them on bench but when the companies don’t get projects then they start laying-off which creates a bad impression in the market.
- AI (Artificial Intelligence) will take over completely hence we have to be prepared and acquire new skills to compete in the market.
- There is a high chance for the market to improve so the chances for one being jobless is less
- It’s a wave which we need to get used to minimise the effects it has on employees which is very horrifying creating panic and insecurity.
- Situational Meaning: The country’s Talent has followed and learnt technology but with a herd mentality.
- In a saturated skill-set market, just placing a lower bid for getting a competitor’s morsel, itself was an indication of this scenario.
- WORST: lack of sense of responsibility towards upgrading the existing resources (employees) to forecasted / future needs; thus, experts / analysts termed few of the services of the organisation as body-shops.
- It’s a nasty race to impress the investors with big profit percentages and YOY earning figures which lack the focus on investment…
- In continuous skill-set up gradation
- The no. of Jobless individuals is increasing even though the industry is growing upwards due to automation and technology and we’re experiencing a downfall in Human Resources.
- It started majorly with Trumps eye on visa program and changes required in it leading to Australia following it as well.
- The focus will now be back on operational efficiency, automation & skill enhancement
- The discussion will also lead us to a rethink on salary & compensation related HR policies
- There are enormous opportunities in developing countries but for that we need to create a demand for IT applicants and make people tech savvy.
- People from any stream should not stick to their current skill-sets instead they should develop new skills-sets and focus on profile enhancement.
- People should adapt by…
- Cross training
- Be relevant
- Constant up-skilling
- Have a disciplined life
- Maintain a buffer for any eventualities
- Engage in such activities to survive any recession
- If fired move on without burning any bridges
- Follow the thumb rulee., “what goes up has to come down” unless there is a connected shift to stay up throughout which is irrelevant.
- Being a service based and outsourcing-dependant sectorial economy, the cut-off points around certain skillsets should be forecasted and implemented while responsibly upgrading towards newer standards and technologies
- Sense of being a chooser and not a beggar is to be inculcated at the top level
Degree of the Effects of a Recession on all types of Businesses
- Some businesses may be affected only moderately or not at all; if the recession is mild and brief
- Small businesses are hit the hardest while some industries are affected more than the others
- Luxury services suffer first as both business and private customers cut back on spending
- Small businesses show remarkable flexibility and find creative ways to survive a downturn
- It has vastly impacted Indian employees both directly and indirectly as Indians are present in huge nos. everywhere by choice or chance.
Reasons for Layoffs
- The current layoffs and job cuts in the IT sector can affect Individuals, given the pink slips or even profiles that act as support functions related to the industry and across all levels of value chain.
- People may lose jobs due to…
- Business Alignment
- Reduce cash flow
- Demand loss
- Staffing reductions
- Marketing Constrains
- Budget constraints
- Reduced spending power
- Inadequate preparedness for a recession making it impossible for a small business to survive
- Without adequate support business are unable to continue operating
Well this brings us to an end of another worthwhile discussion that certainly showcased plenty of key take away pointers to bear in mind especially if we’re trying to cope effectively in a recession. So if you’re looking for answers on how to curb a recession then you’ve got what you’re looking for.
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September 13, 2017
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We’ve spoken a lot about Employee Engagement, its benefits and the common practices that are followed by various companies. Having been in to the Recruitment Industry long enough you’d have come across HR’s confusing Employee Engagement with Cultural Activities conducted at organisations.
We @SourcingAdda have foreseen this confusion and would like to resolve the confusion. Thanks to the efforts of our Mumbai Group member Amit who suggested we discuss about, “Employee Engagement and its practices in various companies.” To help you retain what was learnt we’ll be disclosing the popular WhatsApp. Wednesday conversation and also highlight the key takeaway pointers right after that. So here goes…
This brings an end to another discussion with lots of inputs to take back and implement in our Employee Engagement strategies to improve Employer Branding. If you’ve read this far then we’re sure you’d like to reinforce what was learnt. Taking this into consideration the key take away pointers are as under…
General Perspectives about Employee Engagement & Involvement
- To clear the confusion one first needs to understand the difference between Employee Engagement & Employee involvement.
- There are a number of studies that track the impact of active staff involvement on business profitability and performance which support either scenario.
- There’s a clear and strong correlation between the two i.e. Employee Engagement & Employee Involvement
- Success of a supervisor is in getting the employees involved not just keeping them engaged
- ‘Engagement’ is the result of a passive acceptance of company values and objectives
- Engagement helps to increase productivity
- ‘Involvement’ is the active pursuit of these objectives
- Involvement isn’t just a trendy buzz – word, it’s a principle that has a clear, measurable impact on the bottom line.
Difference between Employee Engagement & Involvement
- Cultural activities also known as Zero Hour, etc. and other similar activities conducted are a part of the entire Employee Engagement function but not limited to these activities alone.
- Employee Engagement & Employee Involvement includes the aspects mention below –
It is Employee Engagement when…
- One on one’s with the HR on a regular basis are conducted
- You keep the employees engaged e. interested in the organization
- An ‘engaged’ employee understands and agrees with the aims and objectives of the business
- Engaged Employees come back to work feeling motivated and energised
- All interventions, attempts made by the HR to understand and improve the engagement / job satisfaction levels of employee are conducted.
- The intervention could range from 1:1 by the HR to surveys, people participation in setting up of the organisation processes.
- There are around fifty HR interventions that are under the Employee Engagement function
- The engagement gets you in the game
- The engagement functions have an objective and purpose to conducting them
It is Employee Involvement when…
- Employees are involved in the decision making activities of the organization (for e.g. preparing the yearly holiday calendar, sharing their inputs on certain policies)
- You form employee groups to figure out how to improve the organizations image
- You involve employees in the day to day functioning of the organization at various levels
- You empower Employees rather than to have them follow rules & regulations
- You are able to instil a sense of belongingness to the organization in the Employee
- Successfully implemented it transfers the ownership of their initiatives from the board room and executive offices to the cubicles and shop floors.
- The Involvement gets employees to the top of your game and a game changer
Characteristics to look for in Employees to identify the sections they fall into.
An Engaged Employee will…
- Take an active role in the business
- Implement new initiatives
- Take ownership of the initiative
- Actively participate in driving change
An Involved Employee will…
- Help drive the organisation forward
- Add value to the business
The above mentioned pointers summarise the entire discussion well. If you’ve enjoyed this and have added to you learning then we’re sure you’d be interested in Perspectives on Layoffs in the IT Market as well. If you’d like to be an active learner rather than a passive one then here’s what you can do in two easy steps…
- Follow us @SourcingAdda to gain real time updates to our upcoming events and activities
- a) Leave your views or your requests to join these WhatsApp. Groups in our comments section
- b) DM us to @SourcingAdda with your name, location and Contact no.
And one of our representatives will get back to you as soon as possible.