Research on the Change in HR policies and procedures (SOP) during Covid 19
Aranya Ganguly , Sayantan Ghosh
Post-Graduation Diploma in Management
Universal Business School, Karjat
Chapter-1 : Covid Wave and its impact on corporate world
- The global economy is experiencing its worst downturn in history. Coronavirus has had a significant impact on practically every country's growth and is to blame for the global GDP collapse. India, like other countries, is affected by the virus, but not as severely. Sales and income have decreased in almost every industry sector. In the third quarter of 2020, India's GDP growth slowed to 4.7 percent.
- China is a major supplier of a variety of raw resources to India. Factory closures have harmed the supply chain, resulting in a sharp increase in raw material prices. Gold, masks, sanitizers, smartphones, pharmaceuticals, consumer durables, and other items have all suffered price increases recently. Among the rest, the aviation and automobile industries have been affected the worst. The aviation and tourism industries have come to a halt due to the lack of aeroplane landings and take-offs around the world, as well as restricted travel.
- Since the outbreak of the epidemic, stock indexes such as the Sensex and Nifty have taken a tumble (COVID-19). In less than a month, the Sensex has lost about 8000 points. Investors in the stock market had lost around Rs. 33 lakh crore rupees in a month as of March 12, 2020. This could signal the start of a recession that the Indian market does not want to see. Staying safe and invested in this virus-infected stock market is advised. Pharmaceuticals, healthcare, and fast-moving consumer goods are just a few businesses that could gain from new coronavirus during a market meltdown (FMCG).
- Almost 80% of Indian enterprises have had cash flow challenges as a result of the outbreak, and more than 50% of companies are experiencing operational issues. COVID-19 affects 53% of businesses, according to the Federation of Indian Chambers of Commerce and Industry (FICCI). Slow economic activity causes cash flow issues, which affect repayments, interest, and taxes, among other things.
- HR difficulties differ depending on the location, industry, and size of the organisation, but it is apparent that many companies will have to cut costs. Organizing people to work remotely, managing employees' mental health and wellness, inspiring and engaging employees are just a few of the HRM problems faced during covid. Moreover, rather than laying off staff or lowering wages, businesses are looking for new ways to save money, such as employing technology to facilitate work-from-home or analysing costs to stretch the budget. Companies have also been urged to provide more generous and flexible benefit packages, and the government may be able to assist.
