Evolving business and personnel needs and strategies

With the third wave of COVID-19 dwindling and states easing restrictions, several Indian companies have moved or plan to move to either full-time working at the office or a hybrid working model. This means a shift in human resource and infrastructure requirements and strategies.

The pandemic has put the spotlight on physical and mental safety and health – for individuals, businesses, and governments. As companies move towards building a responsive and resilient business in these unprecedented times, they are focusing more and more on the needs of employees. Several companies have already taken steps to make the physical and emotional safety and well-being of their employees central to their human resource strategy through provisions such as more sick leave, child care, financial assistance, wellness programs, and more. Companies are also adopting nontraditional methods for employee experience and monitoring, reskilling and career development support, and performance goal-setting and evaluations to support flexible working models. A case in point is the rise in the use of digital platforms and solutions to provide upskilling and reskilling opportunities to support career development.

To enable this shift, there has been an accelerated adoption and investments in tools and technologies that facilitate work and collaboration outside the physical office. According to a new McKinsey Global Survey of executives, the share of digital or digitally-enabled products in company portfolios has accelerated by a shocking seven years.1

In the insurance industry, the concept of one-man offices and virtual help is not new. In the early days of the industry’s liberalization, private insurers needed to use technology to keep pace with their public sector competitors’ extensive and growing network of offices and presence. Many insurers are anticipated to find it easier to adjust to a flexi working environment as the role of digitalization and virtual communication grows. However, there is a segment of the population that prefers in-person work, and as a result, insurance offices are expected to get back on track and populated so that they can provide the best possible service to their customers. Above all, despite the upheaval of the two-year break due to COVID-19, the industry appears to have emerged stronger, more resilient, and better positioned to meet new commercial prospects.

As the pandemic evolves, so will the requirements and strategies and of course, ways of working. Companies that survive and thrive will be the ones that are better prepared for the changing business landscape and create more flexible working models that put people first.

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References:

1.   COVID-19 digital transformation & technology | McKinsey