What will Change this Change that COVID has brought about?

Well, the last two months or so have made each one of us think a lot and then, think a little more. The situation that all of us CXO's find ourselves in is crazily unique and complicated. It has outwitted the accomplished as well as the new-age alike. It is nothing like anybody expected or anticipated. It's a hard reset that has wiped all that we thought was Important, Meaningful, Practical and Relevant.

Now that the Business Scenario has changed, there is nothing else but Change that could Change it back again. The key question is how will the Change be driven efficiently and who will drive it? In my view:

• While businesses will continue to grapple with the Demand & Supply Gaps, Cash Flows, Logistical and other Challenges, there isn't anything that a group of Motivated people can't Change.
• While the Business models may Change drastically, the fundamental value of People Leaders and their impact on Business Performance will stay high.
• While Tech and Digital will be the keywords we will continue to dabble with, end of the day it'll be People who'd be leading performance and effectiveness there too.
• While Vision, Mission and Goals may need to be recalibrated quickly, the importance of Line Managers in driving these changes will be substantial.

Considering everything, if there ever was a time to put People on the very top of our priorities, it is now. However, while this Thought and Emotion may stay with us consistently as HR Leaders, the way of managing our People and Processes, like it or not, is going to Change drastically. What mattered a lot just six weeks back is irrelevant now. The daily grind has given in to Introspection. Career Focus has started drifting towards Family Focus. The Globetrotting types want to be back, closer to home.

After a lot of discussions, debates and some arguments too, some of which are still continuing to happen as afterthoughts, the following Philosophical and Structural changes emerge as the ones that will need to be driven by the Business and HR Leaders jointly:

• "Cost Optimization" will be key; "Frugal" is the new buzzword; Organisations that review and plug all and any excesses will not just survive better but emerge stronger and better equipped out of this, ready to face and manage anything that the environment throws at them again
• “Work”, “Workplace” and “Workforce” paradigms have changed drastically; Organisations and Leaders need to recreate plans and strategies to manage these three, and fast!
• You cannot fit "New Business Circumstances" into "Old Organization Structures". Flatter, Decision focused, Collaborative “Organization Structures” will need to be created; Leadership focus will need to shift to "Acting" rather than "Showing up"
• “Over Communication” will be paramount in the journey towards building Morale and Confidence; Realistic, Justifiable Optimism, backed by data would need to be permeated across all Organizational levels
• “People” and “Cost” Leadership will be the topmost skills for any Organization; “Crisis Management” and “Agility” will be the top Leadership Traits that CHRO's need to dig for in their fresh hirings
• “Emotional Engagement” will be the key to future growth; Concepts of “Family” and “Extended Family” will take Center Stage for Individuals; Family Welfare, Emotional and Physical Wellness and Financial Stability will be the key drivers of a successful Engagement Strategy
• “Talent” will tend to flock towards Stable, Consistent Workplaces that exhibit “Deliberate Calm” and “Bounded Optimism” in these chaotic times; Short term, knee jerk decisions on People, Processes and Strategies will lead to Mid term Chaos and Long term Extinction
• “Good to have” will make way for “Need to have”; Essentials will move up on the priority list as against Lifestyle and Aspirational Rewards; “Vitamin Packs” will become more valued than “Gadgets”; Reward Policies will hence need to be quickly realigned with this preferential change.
• “Culture” will emerge as the most important dimension of doing business successfully; Leaders will need to Exhibit and Live by the Cultural Tenets that they need driven across the Organization
• “Segmented” and “Differentiated” Recognition, Reward and Up-skilling will be key towards retaining “Top Talent”
• People across levels, regardless of seniority, will need to be quickly transitioned into “Partners in Business”, in the true sense of the word; "P&L Ownership", "Cash Flow Management" and "Tough Target Achievement" will need to be linked to Superlative Annual Rewards. Organisations will openly need to solicit support in target achievement and be willing to share a larger piece of the pie with People who make it happen.

Being a die hard Optimist and having personally witnessed massive turn arounds in seemingly impossible situations by the sheer will power and commitment of some simple yet exceptional people, I believe that this crisis will make us all wiser, more balanced and well rounded. Once this is over, we will hopefully never take things for granted again. But until then, we need to do what is most important- Take care of our People!