Impact of Covid-19 on Interim Recruitments in India
Interim recruitment has become a need that thrives in the face of uncertainty. The focus is to provide companies with the resources they need to rise to their challenges during a period of difficulty, whether this is financial, strategic, operational or productivity. Covid-19 created various operational and financial challenges for businesses across the globe.
During the lockdown in India, more than 70% of the businesses dealt with reduced cash flows with the manufacturing sector being the worst hit. Additionally, delay and cancellation of projects have also been a major cause of concern.
Interim managers are now chosen based on their skills to work under pressure and turn around the impossible. They are expected to show results in a short span of time and exit. This gives the employers flexibility in terms of saving fixed salary cost for longer periods of time, and at the same time, recruiting expert resources, who cannot be maintained for a long term in the business. Interim managers have been harnessing the ability to expertly pre-empt, anticipate and foresee what specific expertise a company needs in the face of recession or disaster.
Interim Management augments the existing team capability with the experience, or the skill set to effectively manage or implement a plan to reduce the impact of the Covid-19 recession. This provides the temporary provision of management resources and skills to help companies through periods of transition, crisis or change.
Sectors affected due to Covid-19
Covid-19 has changed the hiring needs of most companies. However, this impact was very different for different industries. In most industries, there has been a decline in hiring, but in some, the demand for new people has soared.
Due to the lockdown and isolation policies that were implemented in countries across the world, many companies have been forced to shut down or downsize. As a result, many organizations have put their recruitment on hold until the crisis ends. Many have even been forced to fire their employees. There have been mass layoffs and a significant reduction in working hours across industries, especially in industries like travel and tourism, hospitality, entertainment, etc.
Some companies in the technology, e-commerce, media, Healthcare and logistics sectors have fared better and some are seeing an increased demand from the impact of COVID-19. Industries such as health care, food and pharmacy retail and supply chain industries have faced a huge sudden need for their services.
The Interim Managers in India have had a significant advantage over candidates from other parts of the world. There has been a mass exodus of candidates who have had to return to India from Europe and India due to Covid-19. Since the world has learned to work “In Virtual” environment, there are many interim assignments, where candidates are working from India, for companies in Europe and USA.
And, the Indian Rupee being much weaker than the Dollar, foreign companies have had to pay much less to Indian interim candidates working from their home country. We have specifically experienced this for companies in the Technology business. How is this in your business?
Senior Management Worldwide (SMW) regularly publishes best practice examples and insights from its partners. With associated partner firms in 40 countries and partner branches in 21 countries including USA, Europe, Asia and Americas, SMW delivers services seamlessly across the world in any market. One local contact in your country plus one contact on the ground in the country where we are working. Wondering how we can help your company? Contact the SMW partners in your region: smw-interim.com.