The slow down has a percolating effect on employee engagement and performance. There is high pressure to deliver on business results, demands are high and resources are low, says Sonica Aron
The last six months have been tough on the Indian economy, which is adversely impacting employees and individuals across the industry. GDP touched a six-year low. The auto sector and FMCG were the main sectors that were severely impacted. Infrastructure projects slowed down, unemployment increased, investments reduced.
One can see and feel the impact of the slowdown. Reports say around 2.30 lakh jobs have been lost in the auto sector. The majority of the fast-moving consumer goods (FMCG) companies have reported a decline in volume growth in the April-June quarter.
The slow down has a percolating effect on employee engagement and performance. There is high pressure to deliver on business results, stress is high, demands are high, resources are low. There are budget cuts. Training, travel is frozen. News of layoffs, decrease in consumption, shut down days at factories further impact sentiments. Low motivation further impacts productivity, retention and triggers the vicious downward spiral.
This brings us to the question, how can organisations, and employees as individuals tide over this period. Well, in our opinion, the economy has its cycles, and if we are experiencing a slowdown, we will experience a boom as well. And we suggest that organisations and individuals spend this time preparing for the boom.
What should organisations do during the slowdown?
We understand the budgets are tight and some tough calls might need to be taken. But it is at this time that the true mettle or organisational culture and leadership is tested. Maintaining transparency and ongoing communication to avoid any sudden big decisions is key. This will help in ensuring that employees continue to trust the management and insecurity is kept at bay.
Managers and leaders will play an important role, and organisations will see the emergence of new leaders. Managers who hold teams together in these difficult times are your leaders of tomorrow.
This is also the time to think innovatively and invest in employee development. Use technology, open sources, in house resources, leaders from other companies to come and hold guest lectures. These are zero budget initiatives but will keep employees engaged. Reskilling, redeployment, cross-functional projects are easy wins.
Carry out those internal development projects that one never found the time for. Streamline processes, use internal resources to automate, develop apps. Create internal communication and involvement platforms. Work on improvement areas. Work on the intranet, update your policies and communicate, communicate & communicate. Keep the atmosphere positive.
Gear up for the future. What will you need when the economy starts to lookup? Focus the attention of employees in that direction and get everyone working towards hope.
What can Employees do?
The onus is not entirely on the organisation. Every employee has a role to play. We are responsible for our skill development as well. Read, explore new developments in your fields, and attend industry events and conferences, volunteer for cross-functional/location projects.
Work on your branding, leverage social media, publish opinions, take guest lectures at institutes, do social work, contribute to society.
Grow your Network. Professional networking platforms and events are good areas to find peers with common interests as well as industry mentors.
On a personal front, spend more time with your family. Connect with friends from school, college or wherever last you met them. Focus on your health. Join the gym again. Take that bucket list holiday. Rekindle that hobby that you never had the time for!
In a nutshell, take charge and prepare yourself for tomorrow.
The writer is Managing Partner, Marching Sheep, an HR consulting & Diversity Firm