The Art Of Running a Business Post Covid19
The havoc caused by Covid 19 on human lives accross the globe still continues. The changes that are to follow in all fields during the post covid days is now a topic of debate. It is in this context that businessmen and entrepreneurs should start thinking of doing business differently. And for this, it is imperative that one understands how the various industries might perform in the post covid 19 days. It is generally predicted that industries such as Medical goods/ Medical services, E.Commerce, Food processing related, Agriculture production, Personal care/Healthcare, Retail of essential goods etc will grow. Looking at these predictions, it is very clear that downfall or slowdown of certain other industries is obvious. That raises a big question in the minds of those who were doing businesses which are being predicted to be having no or negligible growth atleast for few years to come. Does this mean they should shut down their existing business to avoid future losses?. If you are to ask my opinion from an HR point of you, I would suggest that in the coming years not only those predicted losses but even those industries whose growth is predicted should adapt new strategies if they are to survive or grow. Adapting to the new environment will become an essential ingredient for survival in future years. This applies not only in the strategies pertaining to managing production, finance or marketing but also in the strategies pertaining to managing human personnel. In fact the most important of the lot is developing and implementing new strategies in managing human capital.
In the coming years its essential to employ apt talents for specific jobs. Not only this, its also essential that the human personnel an entrepreneur manages should be adaptable to changes and multi talented too. Hence the human capital procurement methods might need total revamping for several business houses. Screening process should employ tools or tests to assess the skills of the candidates. Psychometric tests or Aptitude Tests or Intelligence Assessment Tests will hence be a must in the comimg years while selecting a candidate. These tests can surely ensure that only those candidates who have specific skills which are a requisite for particular jobs are selected. It will also be beneficial if multi skilled persons are thus identified and absorbed into the firms resulting in optimum use of available manpower. This in fact will be beneficial for the employer as cost incurred for more number of manpower can be considerably reduced in this way. It is also to be noted that it will be beneficial for the firm, if such skilled people are moulded, retained and due recognition given at appropriate times. The cost factor in providing these recognitions should be accepted as a necessity for sustaining business and thus should never be considered as an unwanted expense. It would also not be a bad idea to provide profit sharing opportunities to such personnel if their integrity and commitment towards the growth of the organization is exemplary.
Hence in my view, post covid 19 period will see a paradigm shift in the major factor responsible for a firm's growth. From management of finance, quality of product/service and marketing strategies of precovid days, there will be a shift towards a more focussed approach towards human capital management in the post covid era. In all probability the most successful organizations will be those that are able to take in good talents and develop them into committed and accountable happy employees.
Rajesh T
Human Resource Mentor
Phone: +919447058046 (INDIA)
Email : rajesh.tthrissur@gmail.com
