Here’s a look at how HR intervention post demonetization can help in realizing the dreams and needs of workers in the face of cash liquidity problems. A brief about the short term measures and long term measures is given below.
Much has been discussed in Electronic, Social and Print media after demonetization. Many HR personnel have joined into the debate, which shows how aware they are about the various economic impacts and issues in India. However, what they missed was the effect on workers and the various steps to reduce the bad impacts. With HR interventions, these issues can be effectively dealt with. Find out about some of the HR interventions and takeaways in the light of demonetization.
Short term measures
- It is important to engage with workers who know about, and are using, the full modern banking system benefits for restraining the haste in withdrawing money, as the situation can be managed for longer duration. By that time, the state of affairs can be eased.
- Food coupons can be arranged by using Sodexo pass and more, which can be used for various purposes. These are accepted in most stores.
- Collaborations can be made with local vendors for workers facing liquidity problems, and unable to purchase daily items. This amount can be retrieved from their salaries. The tie-up volume can attract discount in volume that can also help workers.
- Corporate clients can influence banks to arrange easy dispensing of funds into the organization. This can help boost productivity, given that many workers rush to ATMs or banks to withdraw money and have to wait there for a long time. This would also help banks reduce commotion and disorder at ATM counters and branches.
Long Term measures
Modernization of the banking system is the future, and as a part of constant education of workers, HR personnel should take these steps:
- Make workers tech-savvy. They have to do this to make workers aware of the advantages of the modern banking system. Workers who are using this system already can become leaders and facilitators of the change.
- Helping workers open up bank accounts, especially assisting all blue collar employees.
- Many employees, particularly the aged ones, prefer cash transactions. They should be taught how to use PayTM, Net-banking, Credit Card etc.
- Using the services of contract laborers, which can remove the risks of larceny and improve compliance
It is possible to take a lot more of these actions, which can be ultimately for workers in encountering lesser issues. Rather than getting dazed by such situations, they can improve the monetary skills of workers, engage more of them and ultimately motivate and satisfy them.