Page 28 - SightsIn Plus, Nov 20

Insights Rattan Chugh

Budgeting in

The Midst Of

Pandemic

Different industries are impacted differently; some
industries such as Technology and OTT are seeing
an increase in demand. These companies have
the challenge of keeping the employees engaged,
motivated, and productive while working remotely
and dealing with personal situations. While on the
other hand there are industries such as Travel and
Hospitality that have seen significant erosion in
business and have to preserve capital to survive

Budgeting has always been emerging out of the pandemic, and
a complex and laborious balancing the people's agenda. They
annual exercise. It requires would be under constant pressure to
examining various contribute to the effort of conserving
scenarios and going through multiple cash and at the same time negotiate
iterations. There is a bit of a crystal funds for investments in areas that are
ball gazing as well. However, this year critical for employees. There is no one
it is even more challenging with size fit all formula, however below are a
increased uncertainty and economic few aspects to be looked at as one
turmoil. It is extremely difficult to prepares this year HR budget:
make future projections for the
business with so many moving parts. The most important part of the budget
Rattan Chugh Different industries are impacted exercise is workforce planning. Based
Ex-Chief People Officer differently; some industries such as on the projections of individual
Times Internet Technology and OTT are seeing an business units, it is important to assess
increase in demand. These companies the optimal headcount requirements
have the challenge of keeping the and where possible develop a
With over 30 years of experience,
Rattan Chugh has played an active employees engaged, motivated, and workforce redeployment strategy to
role in setting up, scaling and leading productive while working remotely minimize job losses. This would require
companies across financial services, and dealing with personal situations. provisioning for reskilling efforts. In
business advisory, and technology While on the other hand there are many cases, internal resources can
categories. He has played leadership
roles in companies such as American industries such as Travel and be identified to conduct reskilling
Express, Fidelity Investments and Hospitality that have seen significant programs to save costs on external
Standard Chartered. Till recently, erosion in business and have to trainers.
he was the Chief People Officer at preserve capital to survive. HR heads
Times Internet. Rattan is passionate have a tough task at hand of assessing External recruitment is likely to be
about innovation, technology,
people development and building a the financial situation of their subdued this year and limited to junior
meritocratic work culture. companies, understanding the risks positions and very specific roles.
28 SightsIn Plus