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plans can be used to keep them engaged
and aligned to the organization’s
objectives. Salary increment is a
sensitive topic from the perspective
of employee morale. Therefore open
and transparent communication with
employees regarding the company’s
business performance and the capital
situation can help them with the
context in which decisions are being
taken.
Sales incentive programs need to
be made effective and sufficiently
budgeted for. Revenue targets should
be set in the context of the current
industry situation. Perhaps incentive
cycles should be made shorter and
rolling monthly revenue forecasts can
be used to adjust the targets.
Extended work from home is showing
its toll on the workforce. This is not
only a change in way of working but
also a big social change for many. Not
everyone has a dedicated workplace.
Many couples live in joint families and
have different demands on their time
and attention. There is a significant
Therefore, the budget for recruitment- will continue to be low. Also, benefits increase in stress and anxiety amongst
related expenses would continue to be such as subsidized food, creche facilities employees and blurring of work vs
lower than the pre-covid levels. are not being utilized and can get lower personal time is showing signs of
allocations. burnout. It is important that the HR
The expenses on travel, employee budgets for programs to promote
reimbursements, team events, offsites Emphasis on learning and development physical and mental wellbeing. Access
should continue. With remote working, to counselors, fitness guides, and
informal learning opportunities are regular online programs are necessary
reducing. Therefore more structured to address this important aspect. This is
The most important learning opportunities are necessary. one of the most important areas to be
part of the budget Also, training team leaders and adequately funded.
exercise is workforce managers to manage a remote Lastly, organizations that do not have
workforce is critical. The delivery
planning. Based on the mechanism of the programs is now technology supporting the people
projections of individual virtual and through webinars. These function, need to budget for it as a
business units, it is are generally more cost-effective priority. Virtual hiring, onboarding,
collaboration, productivity,
than in-person training. Therefore
important to assess the while keeping the learning hours performance management are all
optimal headcount per employee constant, there is an important aspects to be digitized for
requirements and opportunity to optimize L&D costs. effective remote working. This requires
where possible Salary increment budgets are likely an investment that should most
certainly be prioritized.
develop a workforce to be modest this year with major
redeployment emphasis on junior employees and These are difficult times and demand
strategy to retaining niche skills. The budget difficult decisions to be made with
minimize job allocated would be less for mid and conviction and strong will while at the
same time keep communicating with
senior levels. Here, ESOP and long-
losses. term performance driven incentive the employees candidly.
29 November 2020 www.sightsinplus.com
