COVID-19 – THE NEW NORMAL—INDUSTRY SCENARIO

The world is facing humanity’s biggest crisis since World War II. Almost every country has been affected by the devastating Coronavirus disease (COVID-19). Undoubtedly, this Coronavirus has put the world economy at a major risk. Businesses and individuals alike have had to adapt rapidly to cope with uncertainty and anxiety in a seemingly unending ordeal. The perseverance of businesses and people has led to the emergence of a new landscape- a ‘New Normal’ in which the global communities continue to survive.

There are several channels through which the COVID-19 outbreak has affected Indian economy. The disruption of supply chains is a major one. Job loss is on the rise along with the slowdown in manufacturing and services activities. Workers have come back to their home in faraway places, thereby leaving the upcoming harvest in a state of uncertainty. Lack of orders and initiatives has lead to massive trade contraction. Besides, there has also been a disruption in air travel, fall in travel and tourism, contraction in outdoor entertainment industries and rise in bankruptcy.

The following sectors have been adversely affected by the pandemic:

  1. Apparel & Textile Industry has seen a disruption in labour supply, raw material unavailability, working capital constraints and restricted demand due to limited movement of people and purchasing ability.
  2. Auto Sector(including automobile & auto parts)has been facing challenges on account of lack of demand, global recession and failing income levels.
    As per McKinsey & Company, global trends impacting the automotive sector are as follows:

    • Global supply chain disruption
    • Cautious demand outlook
    • Shift in mobility trends
    • A resilient aftermarket
    • A potential auto investment
    • Deal activity to grow
  3. Manufacturing Sector : India offers a strong manufacturing base. During the COVID-19 pandemic, it has announced some incentives to global firms that seek to set up new operations or expand their existing operations. While India offers a range of advantages as manufacturing destinations, capitalizing on these opportunities requires a multipronged strategic approach across three broad dimensions:
    • Understanding the local regulations
    • Getting the location right
    • Building an India-specific organization structure         
  4. Building & Construction are generally leveraged and they are burdened with high-interest payments and lack of sales.
  5. Aviation & Tourism Sector has also been deprived of direct Government intervention. Since lockdown, people have stopped travelling apart from very essential travel.
  6. The Paper Industry has almost been wiped out as the world looks to adopt more environmentally friendly ways to live. Digital is the new normal.

For many business organizations, technology is considered to           be a support function with it being used as a means to get to an end. Following the pandemic, this has changed as technology has become the frontline requirement in most organizations. It’s importance can be comparable to that of revenue-generating functions such as sales and business development.

The next 4-5 years are going to be the golden period for media & entertainment. 3D/4D chatrooms and conference rooms are going to emerge rapidly. The largest chunk of media spending will shift from television to digital. Print media will cease to exist.

Businesses will experience an increase in productivity due to reduced staff. Remote work will see an uptick. The burden on local transport will ease.

High End Technology with an uninterrupted high-speed internet powering the video lectures, online projects, etc is now no more an option for the students since physical classrooms are minimal and will be kept that way in post Covid 19 scenario as well.

Coming to the professional sector,  Remote Working and Work from Home seem to accelerate as  companies are giving more stress upon two factors-Health and Hygiene. In this way, productivity has risen since commuting time, expenses and energy are saved. However, to ensure all these, advanced technologies such as Artificial Intelligence, Machine Learning & Deep Learning , automation, robotics, augmented reality, Block-Chain and 5G will be the most coveted for all the industrial sectors as every industrial segment starting from BFSI, Information technology, Manufacturing, Health care, Supply Chain & Logistics, Power etc have to develop and adopt new business models.

To conclude, this is the time to rethink and reset everything. Never before has the world come to a standstill where one can pick apart the moving pieces. If we rethink everything properly, we can overcome the challenges faced by the people in this pandemic such as environmental change, disfigured lifestyle and inequality.

Need Customer Based Brand Equity? 5 Points To Consider

Building a customer-based strong brand is very important for every placement consultant and executive search agency. Few of the benefits you can reap by focusing on brand equity is greater loyalty from customers, your placement consultant won’t become exposed to the competitive marketing crises and even customers will show positive response to increase or decrease in the fees. Since customer based brand equity has so much to offer, it’s time for recruitment agencies to know the points they need to focus on.

Few Vital Points To Consider When Looking For Customer Based Brand Equity For An Executive Search Agency

  • Brand Identity And Awareness

If you are willing to achieve the right identity for your brand, you need to make your brand important to your customers. Check whether customers can easily recall or recognise your brand. Brand awareness is when customers can link the name, symbol or logo or your brand with certain associations. They should know what type of services you are actually selling under that brand. Unless the recruitment services are specially designed to fulfil their requirements, developing brand equity will become difficult.

  • Brand Meaning

The right customer-based brand equity for a placement consultant can be created when they can establish a brand image which can reflect what exactly the brand characterizes. In short, the image of your brand should reflect its meaning. You can generally distinguish brand meaning in two categories, the abstract imagery related considerations and the performance-related considerations. These categories actually exist in the mind of the customers.

  • Brand Judgements

Brand judgements are basically the personal opinions of your customers and how they evaluate your brand. They might form various types of opinions about a brand after putting together all their imagery and performance. Though customers can make various judgements about a brand, there are four types of brand judgement you need to focus on if you are looking for Customer Based Brand Equity for an Executive Search Agency. They are brand quality, brand credibility, brand consideration and brand superiority.

  • Brand Feelings

How customers emotionally react or respond to a brand is known as brand feelings. These feelings are the result of the marketing program for the brand. Not every executive search agency is aware of the fact that the feelings your customers have about your brand can be either intense or mild. When the feelings are positive, it means that your brand has attained social approval. They might have used the service themselves or has been referred by others.

  • Brand Relationship

Brand relationships primarily focus on how well your customers can identify your brand and their ultimate relationship. Your focus should be on making your customers feel that they can synchronise well with itS. The two dimensions of characterizing brand relationships are activity and intensity.

Since you are now aware of the vital points an executive search agency has to consider when looking for customer based brand equity, it’s time you too focus on them and give your business a boost.

Check The Recruitment Practices In India Expected To Rule Next Year

Everyone looking for great talents knows how challenging the task actually is. With the recruitment industry becoming more complicated, the hiring process has become harder. If predictions are to be believed, the competition is expected to get tougher the coming year. People looking for the right talent have to rely on a few smart and innovative ways. They also need to stay aware of the latest recruitment practices which can actually change the way how companies look for a potential candidate.

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4 Recruitment Practices in India And The Road Ahead

• Try Social Recruitment
For someone not aware of the term yet, social recruitment is basically the system through which social media platforms like Facebook and LinkedIn are used to source the right talent. There are numerous managers and companies using different social media platforms as it helps them choose from a larger market of candidates. Even the social platforms are experimenting to ease the method of recruitment through their networks.

• Flexible Work Schedules
Though this is relatively a new term, flexibility in the working hours is expected to become a trend in the recruitment sector soon. Candidates with work-life flexibility will be given more priority. With more and more companies launching flexible working schedules,Workers Compensation Southern California call us at 714 598-3900 who prefer flexible working hours will find it easier to land their dream job.

• Adaption Of PR Practices
Hiring the right candidate will become easier for the recruitment companies if they can adapt the latest PR practices. As recruiters are indulging in a wide variety of marketing and PR practices, it is expected to become a recruitment trend within a year or two. Few of the things recruitment marketers can do include candidate lead generation, branding and bringing over content marketing as these are the basic recruitment practices in India.

• HR Automation
Everyone in the recruitment industry is aware of the various benefits provided by HR automation. In fact, the entire process of automation is regarded as a vital move in the HR sector as it helps companies save time and money. The recruitment platforms have become smarter after the introduction of machine learning and artificial intelligence (AI). This is why recruitment managers need to continuously evaluate how they can save time and money using those tools.

Since you are now aware of the latest recruitment practices in India, it’s time you start looking for your dream job through the best recruitment agency.

Let Your Company Save Time And Money With The Best Recruitment Agencies

If you think that sourcing the best employees for your organisation is time-consuming, risky, complicated and expensive, approach a reliable recruitment agency and they will suggest the best staffing solution within your budget and lots of them want to play.com credit card at netentplay.com. You will come across numerous recruitment agencies for companies with years of industry presence and a vast clientele. In fact, they are the best professionals to approach if you want your organisation to save time and money in the long-run.

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4 Ways How Recruiting Agencies For Companies In India Can Help You Save Time And Money

  • Specialisation

The best recruitment agency is the one who specialises in the type of industry you want to focus on. This is why doing a bit of research before finalising one is always advisable. When the agency has suitable experience, they will know which type of candidates will suit (our site) your role the best.

  • Save Time

Companies with job vacancies will get hundreds of resumes every day and if they have to sit and go through each of them, it will become very time-consuming and boring for the company staff. The best alternative is to let the agency you are hiring find suitable candidates who can fill up the position. This will definitely help the companies save time. Few additional tasks undertaken by the agencies are completing the reference checks, scheduling interviews, matching their skill sets and completing the inductions.

  • Find Various Workers

Though finding full-time workers are easy, their salary packages are quite competitive in nature. On the other hand, temporary or part-time workers are quite hard to find. When you approach a recruiting agency for companies in India, you can stay assured that the best staffing specialists will source diverse candidates for your organisation so that you don’t have to burden your existing employees with extra tasks.

  • Reduce Turnover Cost

One of the basic issues companies face when looking for staff replacements is the money and time required to find someone suitable and train them. The right recruitment agency can ease this process by selecting the candidates on your behalf so that you have to interview fewer candidates. They ensure that every candidate they are shortlisting for the interview fulfil the necessary skill set which can benefit your company.

Since you now know how a recruitment agency can help your company save time and money, it’s time you start looking for a reliable agency.

How Psychological Assessment Helps Effective Recruiting

Hiring and training new employees can be an expensive process. To help keep turnover to a minimum, some companies employ psychological testing to ensure that potential employees are suitable before hiring them. Psychological tests, however, are not only used during the hiring process. Some companies use these tests to monitor the continued suitability of employees who have been on the job for some time.

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Purpose

The purpose of psychological testing is to make more informed hiring decisions. Many companies consult outside companies to give and assess these tests in an effort to keep the tests unbiased and to help guard against lawsuits. Psychological testing is used to determine, in particular, the ability of potential employees to work under stressful conditions and to assess the potential of a prospective employee to handle the job effectively under those conditions.

Benefits

The use of psychological testing can lower the risk of a company being sued, according to Mike Poskey of ZeroRisk HR, a company that specializes in strategies and solutions for greater employee retention. One reason is that psychological testing can help reduce the number of problem employees. Psychological testing can be particularly useful for jobs with a high-stress factor such as law enforcement, the medical field or firefighting because these tests can help determine a potential employee’s abilities to work under stress. Such screening can help a company hire more suitable employees and save on the cost of high employee turnover.

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Validity

No psychological test is ever completely valid or reliable. According to Dr Wade Silverman, of the Florida Psychological  Association, psychological tests are “as valid as standard medical tests” and are administered and interpreted by clinical and forensic psychologists. Even then, a proper psychological assessment requires a battery of tests given over time because one or two tests may be contradictory. With this in mind, the validity of tests administered in one sitting is suspect.

Legality

However, use of psychological testing by recruitment agencies may have legal implications, based on the country, state or area the organization belongs to.

Let us take the example of USA. Psychological testing is legal in most states in America, provided the tests are administered by a professional organization or a psychologist. Some states in the USA have specific privacy acts that prevent a company from forcing employees to participate in psychological testing. Terminating an employee who refuses a psychological test in one of these states could result in a lawsuit based upon a breech of privacy law. On the other hand, some states, including California, require psychological exams, particularly in law enforcement and similar fields. Since the Americans with Disabilities Act limits the use of tests by prospective employers, avoid using tests designed to reveal disabilities, particularly schizophrenia and manic depression. Such tests can lead to claims of discrimination based on medical issues.

Therefore, a recruiting agency for companies in India or in any other country is advised to check the law of the land before including psychological tests as a part of their HR process.