The COVID-19 pandemic took the business world by surprise. Organizations are grappling with an unprecedented and challenging time and it’s likely each had to start from ground zero as none was any better prepared or equipped. In a recent survey, 80 percent of the organizations have reported a significant decrease in cash flows due to the pandemic. In another survey conducted by KPMG in India recently on organizations’ response to COVID-19 crisis, it was observed that 22 percent of the organizations may decide to defer, freeze or suspend incentive pay-outs to cover for financial losses; 32 percent of respondent organizations did not consider themselves mature enough to extend remote working support to employees. With liquidity being a major challenge, the current scenario has created strong avenues for organizations to save, as per research, up to 30 percent of manpower-related costs, if not more.
The need of the hour is for organizations to focus on evolving their core operating structure, recalibrating and segmenting roles, re-imagining performance and productivity measurement, and enabling virtual working through transforming governance, technology, and rewards.