Till the year 2020, the business houses or corporate sectors were not ready for a situation which was not at all expected or predicted before, the COVID situation. The business houses/corporates now had to plan corporate recovery and restructuring for the future of their business taking into consideration the various adverse situation they had face because of this pandemic.
Corporate recovery and restructuring planning post COVID-19:
- Remote working to be increased:Most of the companies have understood the importance of
Increasing the efficiency in remote working for the employees as it has become the demand of the situation now. The employees need to collaborate digitally and the companies also need to plan their strategy of goal-setting and evaluation of their employees.
- Performance based employment:As the economic crisis is evident in most of the cases, more and more employers are replacing the permanent workers with contingent workers. The employment strategy is shifting towards performance-based employment and thus the job seekers will have to face a much tougher challenges than before.
- Critical Skill development of employees:The companies are focusing more on critical skill development of employees as that will drive the company’s competitive advantage.
- Treatment of employees:During the pandemic situation the treatment given by the employers to their employees will decide the future of their employment. Prospective candidates will definitely take into consideration the treatment of the employees by the companies during the pandemic before applying a job to the same.
- Looking for diverse and multifunctional roles:The pandemic situation has made the companies think about keep them prepared for any unwanted or unexpected situation that they were not prepared for. Thus, they are now looking for increase in the efficiency of the workers so that they can be engaged in multifunctional and diverseroles to manage any unwanted situations.
- Building trust of the customer:As many companies are facing the economic crisis due to this pandemic situation, they need to build a good repo and gain the trust of the customers. So, building a good relationship with the customers has been added in the list of priorities for the companies.
At the end, we must talk about those companies who are facing insolvency and planning to clos down the business. There are many corporates or business houses are becoming insolvent. If they are looking for the legal procedure, they must contact a licensed insolvency practitioner for the legal process. If a company decides to wind off, they must nominate a licensed insolvency practitioner and proceed further through them. However, if they are unable to do so, in that case an official receiver can be appointed, provided they have taken all possible steps to appoint a licensed insolvency practitioner but was not able to do so.
So, it is clear that the corporates/business houses are planning their strategies, the employees are changing their focus as per the changing situation.