What should be the plan of action for firms if a situation like recession arises?
At an organisational level, certain things that we could pay special attention to during times of recession are protection of cash flow or adequate cash flow - much like an individual, smaller organisations must have a decent back up of cash reserves. It will not just create a sound environment for a company to function but also recovers expenditures. The firms must maintain lean inventories for business transactions. It is also important to diversify the customer base and implementing strategies to increase customers. To make sure your small business prospers in the tough times, organisations should implement strategies that can boost sales and increase business turnover. One should do deep analysis, keeping think tank and resources together on winning customers from the competition.
To save firms from acquiring the highest interest rate credit during a recession, they should immediately stack up the credit line with a lower interest rate as early as possible.
It is important to cross-train employees. Collaborate with other companies so that everyone can socialise a bit in heightened tension of recession. It will help employees to understand and acquire knowledge about increasing business prospects.
How does an individual assure job security in times like these?
On an individual level, a few steps can be taken. Firstly, an individual should avoid investing in a risky market, instead, he/she should invest in a stock, which in the long run gives better returns.
During the recession, one can exhaust their savings easily. To make it more convenient, one can take freelancing/part-time jobs.
Building up an emergency fund is also necessary. Cutting down on unnecessary expenses should be the first step. Instead, one should focus more on their savings pattern.
Another thing that can help is optimising your fixed living costs. Identify core aspects of work which would help you thrive in the work environment. Lastly, it is important to improve your on-the-job performance.
How does one manage a large-scale talent supply chain?
It is the time for a fundamentally new approach to talent management that considers the great uncertainty that businesses face today. Fortunately, companies already have such a model, one that has been well-honed over decades to anticipate and meet demand in uncertain environments — supply chain management. By borrowing lessons from operations and supply chain research, firms can forge a new model of talent management better suited to today’s realities. Some key principles should be considered in managing a large-scale talent supply chain. Talent acquisition should be used as a strategy to manage risks. Firms must adapt to the uncertainty of talent demand and improve the ROI in developing high-performing employees.
How important is the role of Artificial Intelligence (AI) for screening talent? How does it help an HR firm?
Artificial Intelligence (AI) will change the role of the recruiters through augmented intelligence. It allows recruiters to become more proactive in their hiring. It helps in determining a candidate’s culture fit and improve their relationships with hiring managers by using data to measure KPIs such as the quality of hire.
What are the new softwares and techniques being used by HR companies to attract talent?
The Human Resource (HR) Industry has seen a major technology boost in the last five years. Firms dealing with Human Resources are incorporating new technologies such as Recruitment Process Outsourcing to outsource the strategic functions of the target audience. Other techniques that are being implemented on a large scale are the use of job portals and vendor empanelment, campus placements, digital recruitment through social media sites, employee referrals and social recruitment.
What are the new trends that the companies are using to sustain talent?
The HR Industry is witnessing new trends, which focus more on productivity and sustain employees for a longer run. Recruitment marketing or talent branding, re-innovation of incentive and bonus plans help in doing that. Improved workplace amenities and benefits packages with an emphasis on health, hobbies and work-life balance are the trends that focus on sustaining employees for a longer run. Rewards and recognition programmes also help.
How is the job scenario different or similar in countries outside of India since you are the head of the APAC region?
The job scenario outside India in Southeast Asia is booming just like in India. However, comparatively the volumes and the scope in India is much higher.