Opinion Resources

Post-Pandemic Recession and the Horrors of Impending Retrenchment: How to Stay Employed

Retrenchment - cfamedia

Taking to account the actions and measures implemented, by leaders from different countries of the world, to contain the spread of COVID-19 pandemic in their countries.

It is realistic, to agree with the fact, that inevitable consequences will have to be dealt with, the moment the world contains the pandemic.

The lockdown across the world has seen businesses shut down and international travels banned, movement restricted and people mandated, to stay at home.

The effects are pronounced  with:

  • a fall in share prices of industries, around the world
  • depreciation in the value of currencies
  • a fall in the rates and quantities of imports and exports
  • a rise in the inflation rates, across the nations of the world
  • increase in the cost of production of goods and services.
  • fall in income generation and recording of losses, due to business downtime, by firms, entrepreneurs, businessmen, as well as governments, are counting their losses.

To some, adjusting to these new realities and the ability to survive and remain relevant, in the business world, would be hanging, on the ability to cut overall costs, in management and production.

Achieving this would, technically, include a strategic reduction in the size of labour and manpower.

News of an increase, in the rate of unemployment, is, already, trending in the media, with lots of casual workers, especially, in the construction industry, out of work.

There is no sign of a clear sky yet, as speculations are high about the possibility of massive retrenchment of workers by employers, in the light of a possible and inevitable recession.

It is, however, important to note that, this is not carelessly done; certain criteria are considered, to know which workers to let go and those to keep.

Employers desire certain qualities in their employees, such that, individuals who possess these qualities, become indispensable.

At a time, when a lot of employees will lose their jobs, it is possible to stay employed.

Below are a few qualities of employees, who are likely going to stay employed, after the horrors of the impending retrenchment:

Commitment

Employers find it difficult, to lay off employees, noted for their high level of commitment.

They want to have someone around, who believes in the vision and goals of the organisation and not just someone, who is in the job, for the pay.

Many employers believe that only such individuals are capable, of sticking around, through the hard times and conscientiously, pursue the set goals, despite challenging circumstances.

Diligence

Hard work is a factor that will determine the fate of many employees, now, more than ever.

Staying in business and setting a landmark, amidst competitors, will require brilliance and going the extra mile.

While laying off workers, to cut costs, many employers, jealously, hold on to employees, who are recognised, for their distinct hard working spirit.

Competence

How competent an employee is, will determine, if such an employee, will be able to hold on to his/her job when others are laid off.

Employers might see it, as a burden, to recruit new hands, considering the stress of training new others to take over from such employees, due to cost and time factors.

While considering workers to lay off, special preference is given, to employees, who know what the job is all about, who can, confidently, bring about the desired results, as far as their tasks are concerned, not minding the pressure.

Adaptability

The truth remains that, change is the only constant thing. Just as firms are adapting, to the new realities, it becomes necessary, for employees to do the same, as well.

There might be a need to carry out an organisational of the company.

This will be done, after restructuring and reshuffling roles, giving room for multi-tasking, etc.

The coming era, will definitely, call for new measures. Employers want to hold on to employees, who they believe, will adapt to any work conditions and succeed, while others are making excuses.

Flexibility And understanding

An added advantage to employees, who will stay employed, is their ability to be flexible.

Flexibility in thinking and in their approach, to the realities of the circumstances around the company, will help in making the right calls and decisions.

Another thing to note is that the retrenchment of workers might be difficult for some employers, as every hand is required to be on deck.

Such employers might resort to offering their employees to accept pay cuts pay in order for them to remain employed, as well as, a means of keeping the business running and managing costs.

They will need workers to understand the conditions and be flexible about the deserved pay, with the hope that, pay cuts will be reversed, when the firm bounces back.

Honesty and Credibility

This is vital. Integrity of the employees, paint a picture of the firm, as far as clients are concerned.

Employers, while deciding to do staff retrenchment, are careful to hold, in high regard, honest and credible individuals.

You, as an employer, will not leave your work, or business, in the hands of dishonest fellows, not at a time, when a little fraud, or mismanagement of funds, could send the business crashing.

Certainly, the world might not be able to avoid the retrenchment wave that is coming, during and post-COVID-19, one can, however, stay employed if one takes cognizance, of the situation and build one’s character, as an employee.

This is because employees that are expendable include those that are not dependable.

Importantly, while staying employed, let us stay safe.


Featured Image: kafkadesk


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