SUCCESS STORY L.K Sachin Siddhpura, M. D, L. K. Automotive Private Limited AUTOMOTIVE PVT LTD Established in 1982, L K Automotive is a pioneer in manufacturing a variety of sheet metal and pipe assemblies for Automotive ( 4 Wheeler, 3 Wheeler,2 Wheeler & EV) and Engineering Industries. A family-owned business for the last 3 decades evolved into the most trusted and respected Green channel supplier for reputed automotive and engineering industries. Mr. Sachin Sidhpura, the Second generation entrepreneur of the company is now leading the organization to meet up ever-growing customer demand by coping up with the latest manufacturing automation technology and business management practices. LK AUTOMOTIVE is a Leading Manufacturers and exporters of Sheet metal and welding parts and assemblies. Sachin has personally developed Certified Internal Auditor for Lean six sigma -Green belt many capabilities as follows to ISO TS:16949 /2002 from ensure good quality and TUV-SUD Completed Managerial customer satisfaction at all times. training program from Training on Finding a partner Giz-Germany Certified for core quality tools in EU from developing country like APQP, PPAP, FMEA, SPC, by Export-Import bank of Under the visionary leadership of MSA from TIV-SUD India Sachin, the whole team of L K was trained to manufacture 51 \\ Small Enterprise \\ Jan 2022
Pioneer in Manufacturing of Sheet metal , pipe & weld assemblies for Automotive & Engineering industries Sheet metal & Pipe assemblies EV VEHICLE Weld Fixture Domestic Customer International customer-USA/Australia Tiger LLC LK AUTOMOTIVE PVT LTD(ISO 9001:2015 by TUV SUD) C1-519/1, GIDC, Makarpura,Vadodara,Gujarat,India www.lkautomotive.in :Email :[email protected]
quality parts. The CNC PIPE BENDING International Customer customer-centric approach of the team and learning attitude of CMM SCAN & MEASURE, ENDURAPLAS USA Sachin is driving the organization to achieve greater milestones to SHEARING M/C, SPX FLOW ROCKFORD cater to the global market of automotive industries. Earlier the Laser cutting Machine, TIGAR LLC USA rejection was 8000 ppm in 2005, Under the leadership of Sachin, Welding MIG N TIG-5 Nos GARLOCK EQUIPMENT CO MN we have achieved the same to USA 600 PPM at the customer end. L K Automotive is an approved This shows the quality supplier of leading Automotive RAPID SPRAY - AUSTRALIA consciousness of team L K. Industries not only in the domestic market but also have a COERCO PTY LTD - Australia The manufacturing facility of L. K. global presence. A few key is spread across 16000 Sq. ft of customersare : It is an achievement that about area in Makarpura GIDC, A heart 55 % revenue is generated from of industries in Vadodara, Domestic customer Export business in last financial Gujarat. Moreover, an additional year. facility with an area of 35000 sq. General Motors – Zero ppm ft is under development as a part Quality certificate and of the expansion plan of the company. The company is having Bajaj Motors – in-house facilities not only for Self-certification to supply the manufacturing of all the parts sheet metal and pipe but also for the maintenance of assembly parts palnt and machinery. This is a value addition for the supply of Mahindra -Approved as a quality products at a reasonable single-source supplier for price and to ensure on-time fender seat assembly delivery. The latest machinery added to the plant in the last two Rohan Sutomotiv- Long term years includes: supply contract of 4 years for automotive stampings and assemblies Midco-Single source supplier for fuel dispenser & discharge pipe assembly Jan 2022 \\ Small Enterprise \\ 53
SUCCESS STORY MSME TRANSFORMATION AND STARTUP HANDHOLDING STRATEGICALLY FOR YOUR BUSINESS TO MAKE IT ON AUTO-PILOT MODE At transformation,our goal assisting Entrepreneurs to grow beyond their current stage and sustain the same in the long run. Each business has the potential to multiply with help of the right strategy, focused marketing plans, competitive input cost, and right decision at the right time which helps to stay ahead of the competition. We help the ENTREPRENEUR to connect these dots and chalk out the growth plan. Our simple and Darshana Thakkar-Founder & CEO Transformation customized tools and MSME Transformation Specialist and Digital Transformation Expert techniques enables MSME organization to grow with the speed and to the scale than never before. Transformation assists companies In the current digital era, in Transformation and Automation to establish growth-oriented absence of appropriate digital strategies and practices. marketing and Branding strategy, strategy, not only the growth of achievinga quantum reduction in organizations affected but also Business Goals input material cost, improvement the survival of the business is at in operational efficiency and risk. Our team of expert Darshana Thakkar, the founder of profits with a model of long-term professionals assists you to Transformation says “The ultimate sustainability. establish Budget-friendly Digital goal of any business is to make a profit and we strive to increase 55 \\ Small Enterprise \\ Jan 2022
You aspire to Grow We aspire to be your sarthi in your journey Unlock your True potential With Our Consulting Services Marketing & Branding Strategy Consulting for cost reduction Advisory for Automation in manufacturing Digital Transformation of business Competitive business planning Operational Excellence Procurement consulting Support for MSME schemes Leadership training as required ` Darshana Thakkar –Founder & CEO +91-9106708639/91-9824484945 508,VCCI Building , GIDC, Makarpura, Vadodara-390010, Gujarat Website: www.transformationstrategyhub.com E-mail : [email protected]
your profit.”The reason for the resources. She is an expert in She is a certified corporate start-up and existence of any driving the Digital Transformation director registered with IICA and business is profit. We are the Ministry of Corporate Affairs, passionate to transform your of the organization and managing Government of India. business, in terms of increased Apart from this, Darshana is an profitability and business growth changes. She has helped many author and publishing her blog, whether it is a start-up, or MSEs ( article, and case study related to Micro and Small Enterprise). organizations to increase the industry. She is an empanel author for Technology in MSME Our services provide you with profitability and achieve and Starts up business in India’s best-in-class customized tools, No 1 Automation magazine techniques, and approaches to sustainable growth. “Industrial Automation” meet the needs of increasingly demanding and transitional She is passionate to support the Unlock your True potential organizational and business start-up ecosystem of our With challenges. country.She is empowering and providing strong handholding Our Consulting Services Darshana Thakkar is an expert in support to start-up organizations. Transformation, Cost reduction,& http://www.transformationstrategy Utilization of resources. An The program includes conducting hub.com Electrical Engineer followed by various training and coaching Email:[email protected] MBA-Operations with hardcore session on Entrepreneurship m, Contact: +91 9106708639 industry experience in managing development, Business LinkedIn business operations. She has operational excellence, and Digital :http://in.linkedin.com/in/darshana invested 25 years in Transforming Transformation of MSME in mthakkar/ Micro and Small Enterprises. Her association with various rich experience in resolving pain government and areas and the real-life problem of Non-government organizations as the SME industry are helping the well as on her own. organization for quick results. Her expertise in managing business Transformation The Strategy Hub operations with limited resources run by Darshana is associated helps client organizations to with CED, Government of Gujarat transform their business practices as a Business function expert in from person-driven to the Entrepreneurship system-driven with existing development program, As faculty for industrial subjects in the Second Generation program(SGP), and as a start-up mentor and member of the start-up selection committee in the CED incubation center. Jan 2022 \\ Small Enterprise \\ 57
FuelYourGlobalExpansion UsingInstaReM ACross-BorderPaymentsSolutionForSmallBusinesses Global Low Cost Simple Secureforeigncurrency CompetitiveFXrates, Centralizedtracking accountsthatallowyour nohiddenfees andreconciliation customerstopayyouin theirlocalcurrency Getintouch:[email protected] www.instarem.com
COVER STORY | THE NEXT NORMAL HOW DO WE PREPARE FOR THE NEXT NORMAL? The detection of the newest Covid19 variant called the pandemic. When the crisis hit, several Omicron has confirmed the fact that businesses businesses were on the verge of complete are operating in a time of profound uncertainty shutdown and had to find ways to connect with and these uncertainties are here to stay for as far their customers. The new normal led to rapid as the eye can see. The question that takes centre digitisation and suddenly almost every business stage in all this is- how do businesses equip their implemented technology-led innovative ideas to organisation with the necessary skills and make up for the lost consumer base. For some this resources to prepare for the next normal? new normal has proven to be the end of the road and for others, it is just the beginning. Before answering that question it is important to know what the new normal is. It refers to the Here are some very critical considerations that changing environment and conditions that people every business should keep in mind to be ready for today are working and living in on the account of whatever may come in its way. 59 \\ Small Enterprise \\ Jan 2022
Searching from Scratch future on the occasion of any easy to comprehend and Unless there is a glitch in the other similar situation as the digestible form. Forging a process, we by the human pandemic. The big guys of the successful future for the business tendency don’t bother to look for business should start the process lies in the ability to take timely the flaws. Similarly, the pandemic by taking a holistic look at their actions based on statistical has acted as a glitch which on a organisation. They will have to be measures and not on random positive note has forced the far more engaged in the business intuitions. This means that the businesses to look for loopholes process while also avoiding financial statements are not and shortcomings in their micro-managing the business enough and that leaders should processes and way of doing because it leaves no scope for embrace new data analysis tools business. For example, some innovation. and techniques to comprehend businesses had a problem with meaning out of the business their supply chain mechanism Data Analysis activities and operations. while others weren’t managing With the latest innovation in their business operations aptly. technology, there is humongous Will to Adapt Thus the obvious step forward data available for each aspect of The pandemic is just an explicit and a lesson is to not just look at the business. Thus properly example of environmental and the problem as an individual collecting and drawing meaning economic uncertainties which concern but as a connected web out of the data becomes crucial successful business leaders were because one problem can help for decision making. Towards this expectant of even before the businesses discover prospective step, the businesses can hire pandemic happened. This habit of issues that might appear in the experts in data analysis to convert being wary of the turbulent raw and meaningless data into nature of the environment in Jan 2022 \\ Small Enterprise \\ 60
which businesses today operate is business domain would not have superior quality of workforce from the reason why many of the been possible without the all around the world with the help businesses were able to glide urgency created by the pandemic. of technology. On one hand, the through the mess smoothly while Although the pandemic physically quest for finding the best the opposite happened for those established boundaries between personnel for the organisation who weren’t. To do the right people but technology brought physically can be replaced up to a thing, the leaders must not be together the world closer than great extent by a virtual and adamant about sticking to old ever before. Therefore it is easy to better workforce from any corner ways of doing things rather adapt comprehend the power of the world. To do so leaders and find ways to enhance technology holds in helping the need to adopt flexible and more business acumen through new business reach new heights. open work arrangements. On the trends and technology. Truly Strengthening digital capabilities other hand, the work from home adapting businesses will be those and matching steps with situation is here to stay and as the who think like a start-up and keep advancements in technology will economy opens up businesses their options open and must be be a key element of growth that is should not focus on restoring the quick in revamping obsolete inclusive of future uncertainties. pre-pandemic work arrangements models with new ones in a matter Usage of technology should not rather embrace the new situation. of time. Additionally, adaptability be limited to the premises only; A Stanford study of 16000 must compliment business leaders should make an effort to workers found that working from staying relevant to consumers extend the technology over to home increased worker even after overhauling the endpoint users that is the productivity by 13%. Another previous ways and methods of customers. A study found out that study by ConnectSolutions stated doing business. It is so because 37% of consumers preferred to that 77% of those who worked change might disconnect the stay indoors while doing activities remotely at least a few times per consumer or change their like making purchases, working, month show increased experience associated with the and socialising. Technology like AI productivity. An organisation’s firm. Thus focusing on consumer and robotics can facilitate these personnel are its most important loyalty and continuously working activities by facilitating a asset and being flexible ensures towards adding value will ensure contactless environment. that they perform to their fullest stability in challenging times. without being micromanaged. Embracing flexibility Utilising the New Technologies Since the globe is connected The overnight spurt in technology more than ever before, businesses application in every part of the can take advantage of the - Yamini Lamba 61 \\ Small Enterprise \\ Jan 2022
COVER STORY | THE NEXT NORMAL EMERGING STRONGER FROM THE PANDEMIC, DOING BUSINESS IN FUTURE AND THE OPPORTUNITY The world has been facing a challenging time. We present, and redefining the future. It's ushering us adapted, survived, and thrived during the Covid to change the way we work and businesses' role in 19 Pandemic. Here comes the important part, do society. The new normal after the pandemic we continue from where we left off or is it a new means fewer travels, increased family time, better beginning? Perhaps the crisis regarding the global personal connections, and enhanced efficiency, all social, economic, and health concerns will change of which have also changed the entire status quo. everything and develop a \"new normal.\" The global pandemic paved the way to redefined The two aspects businesses have learned the most business strategies, performance, and success. It's during the Covid 19 phases are flexibility and leading to a new reality where digitization is a adaptiveness. Businesses are open to new ideas significant concept and businesses are evaluating and are expecting the unexpected. They are trying and learning new ways of moving forward. to navigate the complexities of supply-chain, customer engagement, risk management, and The pandemic showed us the new normal where financial health. we are leaning from the past, changing the 62 \\ Small Enterprise \\ Jan 2022
How Businesses Are Evolving and technological advancements. reduces the risks f extreme Stronger Post-Pandemic Situation They are becoming more and centralization, changing more prepared for disruptions traditional business methods. New businesses are emerging and taking calculated risks. It Furthermore, businesses create with the latest ideas, and old allows them to improve their new values and means for their companies are changing their productivity, ensure business customers in the post-covid era. work patterns. Hence, we can say continuity and remain competitive They have to establish strategic that after the fear subsides, through digital transformation. alliances and embrace global people will reinvent new ways of The way how they operate and thinking as well. working and living. Let's see how make decisions is changing. businesses emerge stronger than Businesses invest in blockchain, Workplace Redefined before and reimagine the future AI, IoT, and cloud to recover Due to the pandemic, businesses with enhanced opportunities. stronger from the pandemic. have shifted towards remote work operations with the changing Globalization Redefined with Transformed Healthcare Reform situations. This is highly unlikely Social Capitalism Another great transformation that to change completely back to The independent and unregulated the businesses are going through on-site work operations. The work concept of globalization is during this pandemic is more patterns are likely to shift changing due to the pandemic advanced healthcare systems. completely. The workplace of crisis. Countries and businesses Nowadays, people are focusing businesses wouldn't be a place to are now forfeiting risky more on the healthcare systems work 9-5 nowadays. Businesses independent and uncoordinated and providing more efficient care. will reconsider the aspect of the actions in the global economy. The same goes for businesses in workplace with new norms Due to the pandemic, global different countries. Businesses are regarding the work-life, working countries and businesses aim to focusing more on the health of conditions, and personal life emerge stronger as a team the employees. The pandemic has boundaries. through interdependence and made the need for emotional cooperation as a new form of connectivity even more due to the What's more, the unnecessary globalization. They realize how increased social distancing and costs such as travelling will cut important it is to take collective isolation practices. Businesses will back, which will allow more room actions and focus on corporate have to meet new healthcare and for better work enforcement. social responsibility. This leads to safety requirements Businesses will focus less on the emergence of social post-pandemic since they realize face-to-face meetings and more capitalism, where business that health is on virtual interactions in the new strategies are changing as per the normal. It will save both time and communal and societal Reconfigured Supply Chains additional costs. requirements. The businesses are reconfiguring their supply chain systems after New Mindsets Accelerated Digital the pandemic. Businesses will This pandemic has increased Transformation emerge stronger with multi-tier opportunities for people to Digital transformation is one of supply chains. It will change the showcase their mindsets. With the the greatest changes during the entire perspectives of managing rapid changes around the globe pandemic. Businesses are not inventories, engaging with and businesses, people are shoving aside their anxieties customers, distribution, changing with reality. Otherwise, regarding digital transformation optimizing production, logistics & they would be left behind in the and pushing forward with capital management. race for success. New mindsets enhanced confidence. The will be a great opportunity to pandemic is making businesses What's more, the use of internet implement and enhance their stronger in terms of systems is increasing along with businesses. The new mindsets will self-confidence regarding digital the advent of 5G internet. It be regarding the beliefs, ground Jan 2022 \\ Small Enterprise \\ 63
rules, and assumptions that drive Seizing New Opportunities, opportunities and fighting against culture. Yes, the pandemic is Paving the Way to Success the covid-19 pandemic. challenging indeed. However, it's With the changing scenario due also great for businesses to to Covid-19, businesses have to Conclusion: propel with a new mindset that find ways to act quickly and In times of crisis, businesses are will change how we think. optimize their resilience. They are going for new approaches. They accessing new growth are positioning themselves for the Swift Innovation opportunities. All the quick next normal. The pandemic has Innovation is the main factor actions include strategic moves resulted in the increased focus of emerging more and more and stability, which creates new businesses on economic security, through the pandemic. Businesses futures for their businesses and well-being, and health, along with are changing their models and industries. their work environment. It has strategies aligned with the latest also increased the opportunities innovative changes, which leads Businesses are seizing for better olives with a redefined to growth and cooperation with opportunities to solve the costs workforce and improved business the changing times. Furthermore, and profitability and generate strategies to strengthen the the post-covid situation will funding. They are also finding businesses. They are challenging demand more innovation, ways to face and find ways to the business models and investing enabling businesses to move out solve the plummeting sales and their capital to survive the crisis of their comfort zones and try revenues. Apart from that, and thrive in the post-pandemic new ways of working. businesses are still finding newer situation. - Maeen Tanweer 64 \\ Small Enterprise \\ Jan 2022
COVER STORY | THE NEXT NORMAL BUSINESS TRANSFORMATION FOR 2022 The year 2021 is ending, and we have suffered a innovations have already begun to transform the lot, pandemic, inflation, unemployment, climate whole way of doing business worldwide and will change, shifting political and economic power, etc., shape the industry's future or, more precisely, \"we but it also brought some fortunes. The digitization are entering the future in 2022\". We now bluntly, and automation laced with technological our world is changing fast, so organizations are advancements have accelerated SMEs to advance rapidly evolving to adapt accordingly. business modules faster. Technologies and The major makeover of the shifted to in-path ML (Machine workloads. AI will help deploy ML business fraternity can be Learning) to store and analyze the in a substantially faster way. The predicted as follows: incoming data in real-time. advancement in AI will continue DevOps and ML have combined to benefit organizations and The ML and The AI to create MLOps. On the other affect the customer experience in The changing demands of hand, ML and AI have been 2022 and beyond. customers will give a solid push integrated to improve operations for ML/AI adoption but not the significantly and optimize The Evolved Chatbots same way. The technology has The evolution of chatbots 65 \\ Small Enterprise \\ Jan 2022
depends on ML and NLP Natural i.e., Supply chain 4.0, requires an The Connected Clouds Language Processing that has innovative approach rather than The pandemic has already advanced in recent years. You will the status quo. We cannot ignore accelerated the shift to witness evolved and much more the digitization of the supply cloud-based technologies to intelligent chatbots with higher chain in 2022, and for that scalability to increase or decrease capability in conversation and purpose, companies should the capacities with business other tasks. The Chatbots will purchase the right supply chain demands. Cloud adoption enables continue to be, but in a better management software. us to be better equipped to face way, the conversational assistants unforeseen events like the current and lead generators round the The IOB or Internet of pandemic. The year 2022 will clock in the businesses, especially Behaviors accelerate the adoption of cloud e-commerce. Organizations have The Internet of Behaviors (IoB) is technologies among companies. already started using them to the behavioural data analysis A rise in sales of cloud enhance customer experience, gathered from the Internet of management software has already laying the foundations to raise Things and other sources to been seen. Many of us will this innovation to greater heights. understand how, when and why confuse going full public or Collaborative Robots are invented we use technology to make complete as both have pros and and programmed to interact with purchasing decisions. It combines cons, increasing multi-cloud users. us directly. Companies have three study fields, behavioural Tech giants like Amazon Web discovered that Chatbots help to science, edge analytics, and the Service (AWS), Microsoft Azure, enhance productivity. Internet of Things (IoT). IoB is IBM, Google, and Alibaba are designed to collect and analyze private and public. The Digitalized Supply-chain data from various household The current supply chain bears digital home devices, wearable The Hyperautomation enormous stress, which results in computers, and our online Hyperautomation is an increased consumer prices and activities in terms of behavioural unavoidable tool for companies slows down global economic psychology that we can use to who want to be future-ready. recovery. The digitization of the influence future consumer Hyperautomation combines supply-chain, supply-chain 4.0, behaviour. IoB helps you process automation, integrating will be very significant to simplify understand and monetize the technologies that enhance and the complex global supply-chain massive data produced by automate workability. AT ITS issues in 2022. The supply chain network nodes in the Internet of CORE, having RPA or robotic transformation to a digital one, Things. process automation (RPA) eases automation capability with artificial intelligence (AI) and process mining, etc. Hyperautomation can quickly identify, assess and automate several processes to aid the growth of the business. It is a promising technology to offer the perfect solution to global supply chain incompetency. The Faster Connectivity - Wi-Fi 6 Wi-Fi 6, the upgrade of Wi-Fi, is a speed boost with improving the network when multiple devices are connected and send data to them Jan 2022 \\ Small Enterprise \\ 66
in the same broadcast. The Wi-Fi the mix is forecasted to accelerate The Recognition of ACPC Alliance, the authority making this trend. This will unleash the ACPC or Always Connected PC, a standards in Wi-Fi technology, capacity of entrepreneurs to add powerful computer that offers changed the naming strategy, value to their businesses. The unique features like going to sleep applicable to previous versions, finance will be leaner to function without losing progress, can be making it simple for those who are as order-to-cash, procure-to-pay, constantly connected to the less techy. Now 802.11n, 802.11ac, and transactional accounting, and internet for over a dozen hours on and 802.11ax will be referred to as the support from business finance a single charge. We can do almost Wi-Fi 4, Wi-Fi 5, and Wi-Fi 6. It in terms of business planning, everything online on a PC that offers a 4Xfaster download speed, partnering, budgeting, reporting, works like a SmartPhone. All the saving our connection from forecasting, and specialized leading computer manufacturers disconnections and data finance like tax, treasury, IR, etc. have shown interest in producing consumption. Introduced in 2018, will continue to grow. this type of computer. The power Wi-Fi 6 is supported by Tech Giants of ACPC isn't something to like Apple and Samsung. The The Blockchain undermine, and more companies Latest iPhone and Samsung Galaxy Blockchain has become a mess as would engage in an intelligent already have access capacity for everyone wants to use it, but ACPC business partnership suit. Wi-Fi 6 la. Intel's 10th generation there's no standard way to do so. processors will also make Wi-Fi 6 The solution being developed to In The Nutshell accessible via laptops. address this issue is to create a The year 2021 brought so much plug-and-play version, and misfortune, excluding the The Digital Financial Reporting Blockchain would be easy to pandemic. The technology jump ERP or Enterprise Resource understand. Blockchain, linked to and its impact on businesses will Planning, the Cloud financial cryptocurrency, is the most move towards a world where the solutions provide businesses innovative digital transformation of fantasy will be factual. The forecasts for short- and long-term financial services. The transparency pandemic gave us a finances. The ERP automation and gives fool-proof security measures once-in-a-generation emotional coherent innovation will continue that can revolutionize the whole experience that proved survival of swiftly to create opportunities and payment and transaction method: the fittest right practically. Digital simplify processes. The most Blockchain, a fantastic technology transformation and embracing expected addition of Blockchain to for cryptocurrency. cloud solutions will no longer be the luxurious option but a bare necessity. The best-in-class technology will equip your business to be light-footed. The quick-responding to changing consumer demands will take your business to the next level with cutting-edge forecasting tools. Business intelligence (BI) technology will also help unlock critical insights for business growth. We are sure that 2022 will be a year of more technological advancements. - Maeen Tanweer 67 \\ Small Enterprise \\ Jan 2022
COVER STORY | THE NEXT NORMAL INDIAN ECONOMY OUTLOOK IN 2022 Post pandemic the recovery worldwide has been of South Asia in purchasing power parity terms. Any pushing the inflation index upwards which as a change that is positive or negative has rippled effect consequence has raised speculations about the on global growth via trade linkages and supply monetary policy stance of developed nations. Even chains. For instance, the recent pandemic impacted before the pandemic happened developed nations deeply causing an economic downturn with growth opted for low level of interest rates and after the at 4 percent per annum during FY 2019-20 but then pandemic, there is an increased liquidity injection to followed a gradual recovery due to the structural stimulate the economy which has led to all-time reforms taken by the authorities having a sizeable high liquidity. Investors are turning towards impact. According to International Monetary Fund, developing nations like India due to low bond yields the economy is expected to grow at 9.5 percent for in developed nations but in the past, there have the FY 2021-2022 and 8.5 percent for FY 2022-2023. been stances where investors were quick to The investment and consumption scenario is withdraw funds from emerging markets like India gradual due to the incoming waves of the pandemic whenever the situation seemed risky. But these which require that the financial sector be further stances have varied according to ‘investor risk strengthened. The headline inflation is projected at perception’ and a nation’s relative economic 5.6 per cent FY 2021/2022 and credit to the public is position among other emerging markets. The expected to be at 8 percent in FY2021-22. Our situation today is different and comparatively demography places us a step above than rest of the Indian vitals are seemingly healthy. nations but the loss of education due to limited access to technology could seriously hamper India’s GDP is of significant importance because it improvements in human capital ultimately accounts for almost 7% of the world and 80 percent impacting the workforce. 69 \\ Small Enterprise \\ Jan 2022
It is good that the Indian The Emergence of new COVID importance as it strengthens fiscal economy is projected to be variants, vaccine shortages, and federalism which ultimately grouped among the world’s additional lockdowns. improves the efficiency and fastest-growing economies and is effectiveness of public services. positioned well among its peer for External uncertainties like oil The reassessment of fiscal targets growth in 2022. But this growth prices could affect the and reforms in public financial will not be unhampered due to exchange rates and push the management is important for issues such as inflation, continued inflation index upwards which enhancing credibility and supply disruptions, and further can impact the successful implementation of competition for foreign resources. economic recovery. rules and targets. Another good thing is the fact that India is rightly placed in A weak fiscal position could Furthermore, accommodative terms of reserves it holds and the increase risk originating from monetary policy stance coupled debt denominated in terms of higher financing costs with systemic liquidity remains an dollars is low. This situation will appropriate choice help India offset the challenge of Talking about dealing with these post-pandemic. The negative high fiscal deficit and rising debt above mentioned risks the fiscal effect of the 2nd wave requires servicing costs borne by the policy can play a key role in continued monetary support and government due to the pandemic facilitating strong and inclusive liquidity to vulnerable sections of which otherwise would be recovery. The government can the economy. While there is a problematic for the financial increase expenditure on public need for increased liquidity but sector. services like infrastructure, health the inflationary pressures and education, etc. which are shouldn’t be overlooked and Let’s look at the risk factors which necessary for sustainable growth considered while easing the increase uncertainty about the and boosting India’s potential liquidity hold. economic outlook growth. Also, enhancing the role of local governments is of utmost - Yamini Lamba Jan 2022 \\ Small Enterprise \\ 70
COVER STORY | THE NEXT NORMAL SMALL BUSINESS STRATEGIES THAT NEED TO EVOLVE IN 2022 “Customer is King” is a common term referred to in business over the course of two years. Simply put, the business world. Be it any industry, you always small businesses must adapt to survive know that your business entirely works upon your post-pandemic for the future customer and beyond. customer’s needs, demands, addressing their pain points via products, service, and the overall Most successful brands understand that their experience. customer is the center of every decision they make. As the global pandemic hit, companies have Keeping that in mind, we have a list of business dramatically changed the way they do small strategies that you need to develop a small business in 2022. 71 \\ Small Enterprise \\ Jan 2022
Customer Knowledge Redefined business means taking into Whatever maybe the medium of To be able to reach customers account all interactions the service that you are using, your efficiently and effectively, small customer has with your business. customer expects the same level businesses need to understand From the first impression of of experience across all channels. their customer segments along someone deciding to seek All of them have an equal with the mind-shift during the information from your website, importance. Serving truly good on two years. Small businesses making a purchase, and then one medium and underdelivering usually have only one type of navigating to after-sale service - on another creates an overall bad customer segment (or they think are all crucial parts of a customer customer service experience so) and address them via journey. which has a direct impact on your marketing. Clarifying your brand value itself. customer perosnas in various Importance of Digital categories allows your business to Transformation B2B is 2022 B2C target customers specially and It’s high time you start embracing You might be in a complete cater to their needs which can be digital technologies if you still business to business space, but tailor-made. have not given it a thought. The remember that you are pandemic has brought more and interacting with another person Increased Customer expectations more of your customers to use on the other side of any business. Never before have customer technology on a daily needly We are now dealing with a expectations been this high. As basis. Utilizing this technology generation of large digital native consumers, all of us expect a where your customers are present and millennial generation as part seamless experience from your allows you to understand the of the business. They no longer business as soon as they choose touchpoints of your customer expect other businesses to do to connect with you. journey better. It will also enable trade shows and have product you to create a truly personalized trails, instead expect a customer Creating experiences like this is experience for your customer. centric experience via digital only possible if you utilize the solutions. power of technology and data. Rather than removing the human Targeting to create a personalized element from your business, it is The future holds a lot changing and relevant customer experience important to understand that you businesses along changing with your existing customer base truly create a personalized customers - and we think all your and new customer base is simply experience with technology with business strategies for 2022 is to the need of the hour. the added human experience. get ready for the digital ready customer base that you will be A Unique Customer Journey Multichannel Service is Key targeting. All your marketing strategies How are your customers across social platforms point interacting with you? Are you towards your customer journey at using social media as a primary the end of the day. medium? Chatbots, contact emails or a phone-based This holistic approach of the customer service. - Priya Murugarajan Jan 2022 \\ Small Enterprise \\ 72
COVER STORY | THE NEXT NORMAL E-COMMERCE TRENDS IN 2022 Success requires flexibility, innovation, and 2021 has made \"The New,” \"The New Normal.” dedication apart from hard work. E-commerce, We moved forward with a tectonic shift to acquire the ever-changing industry, has started following significant changes like improved automation, AI the business trends for 2022. Several new trends and ML, virtual and augmented reality, etc. These pop up every now and then to help businesses acquisitions forced eCommerce to turn business, a grow and survive the competition, and the same sure-shot motivation for eCommerce business will be with 2022. The Pandemic has slowed ventures. The trends shaping e-Commerce are down, and vaccination is in its middle; pretty visionary, and we already see the eCommerce businesses will forward into 2022 implementation has begun. We cannot predict with a vision and mission for up and swift growth. everything, but some are the following: 73 \\ Small Enterprise \\ Jan 2022
Personalized Products chatbot tool can come in handy innovators, brands, service D2C or direct-to-consumer is a to offload and improve customer providers, and businesses. The new norm for businesses, opting experience, essential for Instagram shop has created a for direct selling. In D2C, a brand sustainability. Customer service convenient platform to find sells the goods directly to the consists of two phases, handling desired goods, enabling the user consumer, without any mediator, queries and assisting in solving to browse through shops and by understanding consumers' the queries. For that, companies editor's picks and a lot of other requirements. This trend will have to onboard numerous attractive features. The new become more polished and customer-service representatives. features of Instagram are implemented in 2022, as the Integrating chatbots into creator-centered, which means consumers are getting more customer service changed how buyers and sellers; both will specific in their demands. Brands customer service used to dominate eCommerce trends in will have to handle consumers accomplish different tasks such as 2022. looking for customized shopping Answering FAQs, Collecting needs with new trends and tools feedback from surveys, or offering Voice Assistant Search like ML, AI, intelligent and products or services to the The concept of voice shopping dynamic websites to give every customer. sprouted by Amazon'sAmazon's customer a personalized and Echo has changed the online individualized experience. Some Drone Delivery shopping world. Voice shopping brands even started to sell The advanced technological usually does not involve visuals, customized products, which seem strategy is changing the way we and customers opt for FMCG very promising in 2022. live, and business is also getting cheap gadgets or households revolutionized. The drone is a where visualization does not Faster Payment Methods fantastic invention, and Drone matter too much. Voice search For any business, especially delivery is at its initial and has become very popular and an e-Commerce, instant payment is inception stage, but we are pretty effective search tool for shopping crucial, and the seller should sure it will prove to be a outcomes. The eCommerce sector provide the fastest delivery game-changer for short-distance, is constant with the changes in method and instant payment for local and small deliveries. In this search and keeps optimizing the the sales. There are many ways for Pandemic where social distancing platform for future sales. The that, like video consulting, direct is a norm, this delivery method eCommerce industry has credit or Debit card payment on will surely be the best contactless optimized, and keep on, mobile the website or COD, Cash On delivery. We can expect it to be voice search platform and their Delivery method. These days UPIs one of the top trends in 2022. desktop version by gathering the like GPay, IPay, AmazonPay, Paytm E-Commerce Giants like Amazon, inquiry data of consumers. and PhonePe, are getting popular. eBay, etc., have already started The money transfer can happen opting for this method, and AI, ML, and VR instantly without going to your sooner, by faster developments in Businesses have started online banking site or hassling for drone technology, Drone delivery implementing AI or Artificial any registrations. will be acquired as a secure intelligence and ML Machine delivery option. Learning to predict sales patterns, Chatbots Customer-Service and e-Commerce is no different. Management Insta-Marketing These cutting-edge technological Chatbots will manage the future The Pandemic has brought people advancements uniquely customize of customer service. When closer to social media, mainly a website for every single visitor. customers require pre- or because of lockdowns, social Nowadays, ERP and CRM software after-sales assistance, they prefer distancing, and quarantines. Last vendors have included ML for a live chat, phone call, email, year Instagram emerged as the cross-selling and upselling social, or text message. The new online platform for assistance. Almost all humans Jan 2022 \\ Small Enterprise \\ 74
have welcomed e-commerce as it The customer will absorb every of the time limit we have to saves time and effort. The only possible way to absorb conclude by saying that all these issue is sometimes what you get is information from different trends have one common not exactly what it looks like on sources before concluding on element, they all focus on better the site. AR or Augmented Reality buying decision and deciding the and convenient customer's and VR or Virtual Reality come in buying place or platform. shopping experience. These to sort this issue by visualizing the Omnichannel Commerce is based eCommerce trends for early 2022 actual imagery of the product to on a multichannel strategy. aim to enhance user experience in gain consumer trust. Omnichannel Commerce connects one way or another. E-Commerce all channels for a seamless trends in 2022 will focus on Omnichannel Commerce customer experience across all creating a comfortable There are three types of platforms. This is very beneficial environment for the clients, e-Commerce sales for channels: for increasing sales and traffic, making their expectations and Single Channel Commerce, boosting Customer Loyalty, and demands stronger. It's all about multichannel Commerce, and better data collection. making the business processes Omnichannel commerce. automatic to control Omni-channel is a multichannel Conclusion communication channels. sales focus to provide an That was not all, there is a lot enhanced customer experience. more to talk about, but because - Maeen Tanweer 75 \\ Small Enterprise \\ Jan 2022
COVER STORY | THE NEXT NORMAL TRENDS IN SUPPLY CHAIN MANAGEMENT AND LOGISTICS FOR 2022 The COVID 19 pandemic disrupted nine out of ten non-perishable items all around the world. This things all around the world and more so among has compelled suppliers to take up innovative all the industries e-commerce is continuously ideas to keep up with the increased pressure which facing increased supply pressures to keep up with has resulted in the birth of new trends from the increased demand due to the shift of a next-level automated warehousing to need of the significant number of consumers to online hour social sustainability. Let us have a look at platforms for shopping from perishable to upcoming trends for the year 2022. 76 \\ Small Enterprise \\ Jan 2022
AI and Machine learning increased output per unit while businesses should learn from The increased complexity of the ensuring safer work retail giants such as Amazon and global supply chain demands a environments for the workforce. Walmart who have already constant shrinking of chances of deployed such technology in error. The world is left more so Robotics in logistics their warehouses. Off course it connected virtually Robotics in logistics means isn’t possible for small and post-pandemic which requires employing robots to perform medium businesses to businesses to be super-efficient. regular acts such as taking completely overhaul the current The rising expectation between orders, delivery, inventory workforce and deploy robots but businesses, suppliers, and management, transportation, eventually the process can be consumers further intensifies the packaging, and routing, etc. made familiar with robotics to need to utilise the capacities of among many other processes. stay ahead of others. AI and machine learning. There With the advent of e-commerce exist deep-rooted inefficiencies getting goods from doors of Blockchain and gaps which AI and Machine business warehouses to the Blockchain technology is an learning can catch with precise doors of consumer houses have important asset for peculiarities that the human become a humongous task due organisations because it helps brain is not capable of. AI in to multiple requests at a single them build a transparent supply supply helps businesses with point in time. The solution for chain mechanism. It can greatly support to deliver at the lowest this is to let the robotics handle improve supply chains by possible cost, higher quality, the manual work to bolster enabling efficient and faster advanced capacity planning, and productivity at far much lower delivery of products, improving costs. Small and medium coordination between Jan 2022 \\ Small Enterprise \\ 77
stakeholders, improving The devices are connected via with ongoing changes and traceability of products, and the internet. IoT devices use trends in the industry. These acts increased access to finance. All sensory features like chips and will ensure that the workforce is these benefits are availed smart devices to gauze the less likely to quit or get fired because of how blockchain is features of things like based on a lack of relevant structured, where it is a temperatures, light, movement, skillset. Constant hiring and distributed ledger available to etc. around them. An effective firing of workers is a resource multiple parties for recording supply chain management uses and time-consuming task. Thus transactions in a secure manner. technology such as GPS to track social sustainability is an It requires no central the movement, storing empowering tool for both the administering authority for conditions in any part of the employer and employees. transactions to happen. It is world and the exact time when valuable because it comprises a goods can be expected to be Automated warehousing chronological order of blocks delivered, etc. Automated warehousing is a that integrates all the details concept where with the help of regarding the transaction. All the Social sustainability technology activities of the blocks are encrypted and Social sustainability will be a warehouse are made efficient, distributed among the relevant trend in 2022 as accurate, and safe. It has participants who maintain their post-pandemic the workforce become a crucial tool to respective copies. These features has been seen experiencing high increase profits. The technology make blockchain a trustworthy employee turnover rate has supplements the workforce to technology. forced warehouse and logistics maximize their productivity. companies to focus on workers Internet of things and ensure they stay relevant It is an assortment of with times. It means they have to interconnected physical devices appropriately empower the which can manipulate data workforce and provide them according to the requirement. with education and skills at par - Yamini Lamba 78 \\ Small Enterprise \\ Jan 2022
COVER STORY | THE NEXT NORMAL CONTACTLESS SHOPPING TRENDS TO LOOK FORWARD IN 2022 Consumer habits have changed a lot since the pandemic and the retail market is constantly upgrading to meet the new consumer demands. Here are a few contactless shopping trends that will scale up small businesses in 2022. The past two years have shown us different shades So much has changed with the way the different of life, technology and business. Gearing up for a levels of business work. From manufacturing to new year now is about understanding the new marketing, to retail selling; several aspects have got normal in 2022 and adapting your business new technological touches. One such major trend according to the recent trends and changes. that customers are prioritising is ‘Contactless Shopping’. 79 \\ Small Enterprise \\ Jan 2022
Why Contactless? are also preferring cashless Consumers tend to go to a Consumer habits have changed digital transactions. Advanced different shop if there is no a lot in the past years due to trends like buying online and availability of card swiping or Covid19, lockdown and related picking up at the store and payment scanning facility. Not cautionary restrictions. These virtual try-on are also slowly only will new customers hesitate habits are not going to wane making their way into the retail to buy at your shop, but loyal any time soon as customers are industry. Such movements are customers might also shift slowly getting accustomed to seen across the globe and are bases, if you do not have such them. As the buying mindset of driving sales. So, retailers are modern payment facilities. consumers changes, there is a implementing these key trends need for retailers to keep up to satisfy and retain their It is not about going entirely with the times. customer base. cashless. With different customers using different Even if the pandemic worry and Cash-Less modes, it is wise to adapt a few restrictions ease down, people The shift from cash to cashless new changes and keep the have got the hang of contactless transactions is not new, but has business going. Having said that, shopping and will find it more speeded up lately. Debit/credit cashless payments are not the comfortable and easier. cards, digital wallets and only trend in contactless According to a recent survey, payment apps are used more shopping. Retailers need to work 52% of consumers have said that nowadays. Swiping machines on virtual stores and more they will do more online and QR scanning are available in friendly pickup and checkout shopping in the future than they almost all shops, irrespective of options. did before the pandemic. People the size and popularity. Virtual retail stores Jan 2022 \\ Small Enterprise \\ 80
Every small or big business is image and reach. It reduces the time spent jumping into virtual retail stores. queuing up & waiting at the A virtual store is an online store This is a smarter way to boost checkout. It also reduces the where customers can browse, customer experience. According chances of physical interaction explore the products and buy to research, the global retail with other customers. This from the comfort of their own market is expected to spend facility is available in many of homes. $7.3 billion per year on AI by the famous brands, retail stores 2022. Retail is a very competitive and e-commerce sites. This revolutionises the way space where a customer-centric Understanding the need behind consumers buy. It gives a similar approach is essential. As said this model and implementing experience as in physical stores earlier, product ingenuity plus a similar modes of shopping will and has gained more popularity seamless buying experience is amplify your sales. due to the pandemic lockdowns. the way to boost your sales and As people are trying to avoid increase your loyal customer Other technological crowded spaces and go out less base. From pre-order guidance developments like virtual try-on often, setting up virtual retail and responding to incoming features, self-checkout and stores has already become a queries to supporting checkout in-call support from virtual norm. A virtual retail store will and post-sale updates and assistants are being be the major boost your educative information, chatbots implemented worldwide to business needs right now. can change the buying encourage and scale up experience you offer to your contactless shopping. When Chatbots customers. both global and local markets Using Artificial Intelligence to are increasingly siding towards enhance customer experience, Buy online, pick up at the technological support for thereby increasing sales, is store touchless shopping, it is going to be the next big thing in Buy online and pick up at the essential for you to include such 2022. Customers seek individual store is widely known as BOPIS. approaches in your business in and immediate attention. The It is a new shopping trend where 2022 to reap success. buying experience is as customers are allowed to browse important as the quality of the and order their products online product. This way, using and pick up these pre-ordered chatbots to provide personal goods from the stores. This way and convenient support to the people spend very less time at customers 24*7 will help stores, avoiding crowds and the retailers build a better brand chances of contracting the virus. - Harshini Venkatasubramaniyan 81 \\ Small Enterprise \\ Jan 2022
COVER STORY | THE NEXT NORMAL HYBRID WORKING IN 2022: PLANNING A HEALTHY WAY OF WORK-LIFE BALANCE The hybrid working model has revolutionised the work-life balance. With a few days of commuting to the office and a few days of working from home, here is how the balancing could work. Whether you are an entrepreneur, normal of workspace from 2022. remote working. Most of them are a CEO, an HR or an employee, this now ready to shift to hybrid hybrid working is going to be new Hybrid working has offered the working space to create a working for all of you. We worked from flexibility both businesses and environment that echoes success. office until 2020 and we have employees have craved for so With many business organisations been working from home ever long. According to research, already implementing hybrid since then. This changing decision-makers and employees working, the important discussion landscape of the workplace is in Small and Medium Enterprises is how businesses can work this going to get a whole new outlook believe that hybrid working is out. with the hybrid working model. going away no time soon. Further, this could define the new Businesses of all sizes have The right question to ask now is, experienced the outcomes of ‘Is your business ready for hybrid 83 \\ Small Enterprise \\ Jan 2022
working?’ To assess this and make hybrid model after strategising Making Hybrid Work For Your necessary changes to fit in a the major roles, preferences, work Business well-balanced hybrid model, it is timings and other related After coming up with a proper imperative to analyse and work characteristics. strategy, ensure your office space on your planning strategies. is more comfortable to meet the Being Flexible hybrid working requirements. Analysing Hybrid Working Hybrid working will be beneficial While creating a plan and The myth that remote working to both employees and reviewing your digital will negatively impact productivity employers. To make the most out requirements, it is imperative to has been busted in this lockdown of it, it is necessary to be flexible keep your budget in mind. Also, period where we were forced to at times. Offer more flexibility and chart out a phased hybrid work work from home. This has trust to your employees, it will plan, so that the employees do changed the way companies view reflect in their work and loyalty not feel a sudden shift in the working models. However, this towards the company. This does working atmosphere. does not mean every company not mean that you follow an It is vital to balance the will benefit from hybrid working. employee-first model and tailor a organisational importance and This calls the need for analysis. hybrid model that fits only them. employee preferences to unlock Take a survey among your Because what often gets lost in the highest potential of the hybrid employees and monitor your the hybrid work strategising is model. The perfect definition of results to understand how that it is equally important to work-life balance differs with each beneficial a hybrid work style is understand what works better for individual and each business. for you and strategise the organisation as well. Make a plan tailored to meet your accordingly. needs and practice hybrid Ensuring Remote Working with working in such a way that it Planning a Profiting Hybrid Proper Digital Tools in Place balances work from office and Model Check if there are proper digital work from home in a healthy A hybrid plan is a fusion of the equipment in place to manage a manner for both employers and best of both remote and office hybrid work model. When we set employees. working. It is necessary to pick out out during the pandemic, we did the features that work the best for not have the time to make - Harshini Venkatasubramaniyan you. Seek employee preferences appropriate arrangements to and necessities before charting facilitate a seamless remote work out the hybrid model because a style. So this is the time to positive work-life balance will re-check and make necessary yield maximum output. While changes. An online storage space, some employees prefer remote software set and secure digital working, some are more equipment are essential to create comfortable with on-site working. a smooth work from home Some prefer face to face meetings experience. to virtual meetings. So, create a Jan 2022 \\ Small Enterprise \\ 84
COVER STORY | THE NEXT NORMAL WORKPLACES POISED FOR POSITIVE MAKEOVER IN 2022 New Zealand’s Prime Minister Jacinda Ardern was culture, started. on November 8, 2021, telling her country how she and her administration were charting the way However, over time, people have managed to ahead amid an apparent waning of the pandemic develop quite a few “hacks” to avoid such situations, when her three-year-old daughter interrupted the like turning off their camera. Then again, there are live video feed. those that have created separate spaces for themselves at home: spaces they designate as their A somewhat-flustered but still smiling Ardern told office. the toddler to go back to bed, before turning to the camera and apologizing to the people. Now, with WFH culture likely to continue a little more, thanks to the emergence of the omicron The video went viral, but it was neither the first nor variant of the novel coronavirus, the workplace as the only one of its kind. From newscasters to techies we know it is going to change in different ways. to streamers, people across the gamut of professions Heck, it could permanently change location! have seen their video calls interrupted — often unintentionally or accidentally — by relatives, But then again, that has already happened with friends, or even pets! many people, as we have already seen. With the possibility of further home confinement looming on And that has been the new normal ever since the the horizon, here’s how the workplace will change, Covid-19 pandemic and the resulting lockdowns, especially for small enterprises. which themselves fueled the work-from-home 85 \\ Small Enterprise \\ Jan 2022
A new work environment at lighting and cabinetry solutions. are sanitation and hygiene home standards — not just of the Those working from home — While most smaller enterprises people but also the furniture. especially if they have to show may not have such money, they Another interesting change that is their face on video calls — will might actually be able to coming is the leave policy: Rarely increasingly seek an isolated work reevaluate some places where will people now be denied leave if environment. spending has become they report in that they are under unnecessary, and redirect those the weather. It will not be surprising to see funds for this purpose. A third change is taking hold is homes increasingly adding a workweeks where employees visit separate “office space” to Another change that is taking the office twice or thrice a week, themselves, often with place at home is the tacit while working from home the rest professional help from architects understanding between the of the time. and electricians. office-person and members of the And that itself is transforming the family, with the latter having been workplace as offices will now look Broad-based retailers like Amazon instructed not to enter the office to optimize their spending on real and Flipkart have already started space or interact with the former estate. selling furniture target for such except in cases of absolute It won’t be surprising if home-office setups. emergency. employees are made to use the same cubicles and workstations Specialized ones like Urban A new work environment in on a rotational basis as the actual Ladder and Pepperfry have gone office office space shrinks, with the several steps further and offer not Offices, too, are seeing sea management looking to redirect just tables and chairs but also changes, not the least of which Jan 2022 \\ Small Enterprise \\ 86
expenditure from rent and internet connection. This should be music to the ears upkeep to software solutions for of those who finished their eight employees. Some, like Google, have already hours of work faster than others, compensated their employees for and were called slackers for This will be especially critical for the devices they had to buy to simply enjoying their spare time. small enterprises, some of which continue working from home. may choose to do away with It should also be great news for almost all of the office space, Possibilities are, more companies small companies, which will look retaining a room or two for the will now reimburse workers for to retain the best employees top brass and for purposes like their internet connections now. while letting the slackers go, having an official address. especially when they have little by Separating the trash from the way of financial cushions against Internet connections and online treasure market shocks. meetings One big change in the workplace Online meetings have become the that the WFH culture has had is it Document trails norm ever since WFH began, with has helped employers and That document trails — emails Zoom being added to the list of managers separate the and messages between software names like Photoshop performers from the slackers. colleagues and managers — will and Facetime as nouns that have help the management separate come to be commonly used as With no one to pull up the the slackers from the productive verbs. slackers, a least not without a ones have already been discussed. “paper trail” that can expose them Now, Zoom may not be the only later, management now is able to There is another side to these video-conferencing software tell which employee is honest and trails, though: They may help the that’s being used for the purpose, which one is not. company identify bad managers but the future may soon hold and management practices. And more integrated solutions for the Of course, this has come after the observant and purpose. some employers’ misguided work-culture-oriented firms will attempts at ensuring productivity. pay attention here. Microsoft has already taken a step in this direction by integrating People circumvented For small enterprises, this will be Teams and the Office suite, but requirements like mandatory the opportunity to enforce better more pointed or specialized mouse or keyboard activity every work practices and reevaluate software solutions may be in the minute or so by in various ways, managers based on feedback on offing. like using software that moves the them from subordinates. mouse cursor randomly every few In some comes, these may turn seconds or so when the input It would not be surprising if some out to be further customized for devices are not in use. companies choose to let some specific industries and/or job managers go. After all, most roles. Possibly the most creative “hack” managers who tend to put for this was the individual who hurdles in front of productivity The bigger possibility, however, is claimed to have attached the usually have someone in the team that this entire sector will emerge mouse to the grille of a rotating who works extra hard to take the in the software-as-a-service pedestal fan. ream past those obstacles. If space. that’s not managerial quality, Such incidents are bound to lead what is? And finally, with everything companies to reevaluate their moving online, companies may productivity metrics, which should - Arkadev Ghoshal require WFH employees to have a now reward efficiency over mere more-than-merely-reliable time spent on a project. 87 \\ Small Enterprise \\ Jan 2022
COVER STORY | THE NEXT NORMAL RECRUITMENT AND HIRING TRENDS TO ADOPT IN 2022 Talent acquisition and hiring are taking new shapes. Technology is the King today and will likely rule the The changes in hiring and sourcing talents started in upcoming years. LinkedIn research reveals that over the pre-pandemic period and have only been 150 million technology-related jobs will be created accelerated in recent times. The traditional in the next five years. Additionally, it suggests that workspace is changing and so are traditional jobs, most jobs that are in high demand can be done skillset and hiring methods. Job seekers are looking using remote working. Therefore, one major trend for different qualifications in the companies and we could observe in 2022 is hiring more people for organisations are changing the hiring procedures remote work. Recruiters could potentially face more and necessities. changes and challenges in the next year. Here are a few hiring trends to prepare for in 2022. Remote Recruitment & Virtual to understand its advantages. Hiring Gig workers & Interviews Freelancers Remote recruitments and the When compared to face to face Matthew Mottola and Matthew process of online selections hiring methods, remote hiring is Coatney argue in their book ‘The became a major mode of hiring in more convenient and less Human Cloud’ that ‘Full-time the past two years. While getting expensive. With the help of digital employment will soon be a thing back to office space and tools, the procedures are more of the past as organizations opt conducting face to face recruiting simplified. It is easier to schedule, more and more to hire employees procedures are slowly becoming has no commuting issues and is on a contract basis.’ Recruiters possible, remote recruitment is supported by video interviews. have started to realise the true here to take root. Organisations This way, remote recruitment is potential and benefits of gig and hiring managers have come more time saving and workers and freelancers. More budget-friendly. 88 \\ Small Enterprise \\ Jan 2022
younger people are into investing in their own growth. So more diverse teams. freelancing and you could hire it is essential for the recruiters to young and talented individuals on stay updated and keep upskilling Holding on to Employees a freelance basis to get your work themselves, for their own benefit Another major trend we could done. as well as the company’s growth. witness in 2022 is the measures companies will take to hold on to Freelancers and gig workers can DE&I - Diversity, Equity & employees. It is said that the also fulfil your one-time needs Inclusion policy and commitment available jobs in the market are and make it profitable for both of of organisations has always been gradually outnumbering the you. Hiring full-time workers for a at the forefront in recruiting number of candidates, making the one-time work during which you procedures, employees’ demand hiring space a candidate-driven could learn the procedure is not and a company’s overall success. market. Therefore, the recruiters really fruitful. So hiring freelancers Experts opine that this area needs and organisations are taking is a win-win situation. It will also additional focus now, as job measures to retain their employee help widen the company’s seekers are willing to join a base. Hiring to replace the capability and make use of skills company that shows a existing team will only cost more that their internal team doesn’t transparent DE&I policy and time and less growth. So have. Additionally, hiring people commitment. additional focus on retention will on a contract basis saves a lot on come to the fore in 2022. administrative costs. It holds supreme importance as job seekers have more awareness Hiring and recruiting procedures Updating Skillset and there is a change in the are changing rapidly. Once hired, While recruiters need to catch up availability of talent and plans to keep the remote workers on important trends like remote geographical flexibility in hiring. encouraged, in sync and well recruiting and hiring freelancers, Thus there is a growing need to supported will bring out higher honing their skills is the need of emphasize pooling diverse and productivity. The hiring market the hour. There is more inclusive talent. The hiring process has long been traditional and less technological development and could be difficult and challenging, experimental. However, with digital innovation by the day. but it is going to fetch fruitful frequent changes and new While recruiters could be the best results in the long term. So it is workspace designs, it is safe to at what they do, they should also imperative to invest in expect more changes in the learn to adapt to the technologies and other workspace recruitment market. ever-changing industry and start routines to establish and include - Harshini Venkatasubramaniyan Jan 2022 \\ Small Enterprise \\ 89
COVER STORY | THE NEXT NORMAL KEY TRENDS THAT WILL AFFECT EMPLOYEE EXPERIENCE IN 2022 2020 and 2021 have shown us a paradigm shift in environment that also included health concerns, the way we work. It also made us understand how lockdown, the emergence of new businesses, and to deal with changes in our work lives. Now. 2022 innovation. We have also seen economic will most certainly be the year where HR will also disruptions, talent shortages, and more in several see the transformation in the form of waves that companies that were continuous instead of have rippled across the beginning of the episodic. pandemic. Hence, it’s crucial to understand the HR trends in 2021 was the year where HR and its roles were 2022 that may impact employee experiences. It’s reinvented and solidified. 2022 wil be much more also crucial to understand how the HR department than that. It will emphasize how HR can add value can address these trends to build a better to a business. During the past 2 years, we have workplace environment for the employees. noticed a shift in the work settings and 90 \\ Small Enterprise \\ Jan 2022
Top 5 Key HR Trends and Have enhanced mission, How to address it? Strategies in 2022 visions, and values in your HR in 2022 can focus on the business. Also, celebrate the following areas: Trend #1: Employee Retention employees who live up to these values and missions. Conduct lifecycle and pulse One of the top priorities in 2022 surveys of employees to for HR will be employee retention. Invest more in employees to deploy continuous listening for Yes, a competitive salary along assist them in growing - the employees. with excellent benefits would professionally and personally. attract employees. However, it Identify what’s important for Develop a proper won’t be enough. The new trends them and help them through communication strategy by are more than just high-paying creating pathways. listening to the VoE (voice of salaries. They won’t be enough to the employee). It will allow a keep top talents in a company. Show employee appreciation better follow-up action, which and bring on some employee will get you a closed feedback The main reason is that recognition programs to loop. employees want their ideas to be support your retention goals. used. Along with that, they also Address problem areas in the want their hard work to be seen Trend #2 New work manifestation company more efficiently by and recognized. Hence, we can enabling more check-ins say that some aspects like growth, The new normal in work will among managers and purpose, progress, and manifest in new ways. There will employees. connection are crucial for be an enhanced focus on employee retention. well-being, purpose, fulfillment, Trend #3 Employee’s Mental and labor compensation. How to address it? However, companies are yet to Health Some strategies that may allow follow this approach. There isn’t HR to follow this trend include: any proper connection between 2022 will see an enhanced focus the three when it comes to on employees’ mental health. In Enhance transparency and leadership strategies, HR policies, the present scenario, HR is show long-term career goals to and employee sentiment. Hence, already focusing on the physical the employees. Setting goals the new HR trends show new health of the employees. for success and being work needs, aspirations, and However, mental health remains transparent at a leadership impulses within the workforce. left out. Companies will need to level. invest more in the upliftment of their employees’ well-being. It will allow the employees to stay confident and strong enough to face new challenges and opportunities. How to address it? HR can address this trend by: Crafting valuable policies for mitigating employee stress such as flexible work schedules, employee assistance programs, etc. It will foster the well-being and resilience of the employees. Ensuring a culture that’s psychologically peaceful and stable for the employees. You Jan 2022 \\ Small Enterprise \\ 91
can have a company Let the HR team lead the DEI trend will lead to selection based environment where people can initiatives and empower them. on coaching/mentoring and feel safe when stating their Ask the leaders to invest in leadership skills. opinions in certain matters and resources and training for the having career-related HR employees in these How to address it? conversations without any matters. Here’s how you can focus on this pressure. trend: Include DEI in the entire Trend #4 DEI Challenges business strategy, including HR shouldn’t focus on one area pricing, product/services that managers should know all The pandemic has shown tough offering, etc., of physical and the answers to anything. If HR times. People lost their jobs, and digital workspaces. has this mindset, then it will be employment recovery rates had easier to select a reliable become slower. Hence, HR #Trend 5 HR Decentralization leader. requires to follow new DEI (diversity, equity, and inclusion) with new management skills You shouldn’t focus only on trends in 2022. Although diversity aptitude for the manager recruiting, bias training, and Although HR has been a selection. Instead, emphasize employee resource groups are centralized function of companies, talent and skill development. good, there needs to be that will change too in 2022. HR something more. There should be functions must allow themselves Choose the right technological more equity and inclusivity in to outsource the connectivity with tools for the training of companies. all the employees thorugh managers, which allows them managers. Whether it’s forming to cooperate better with How to address it? strategy, events, policy-making, employees. HR should solve DEI challenges: engagement, it will apply to all. Even the process of manager Conclusion: Create safe spaces and talk evaluation and promotion will The latest HR trends in 2022 are about how you can solve the change. Before, managers were entirely new; one wouldn’t even DEI challenges and get selected based on “task have thought about it. Moreover, employee feedback on them. orchestrators.” However, the new we don’t really know if these trends are all or we are yet to see more. The last two years have been hectic. Yet, we have learned a lot as well. The workspaces are changing, and so are the HR functions. Businesses will emerge stronger from the pandemic, from return-to-work planning to new variants. Hopefully, HR can live up to the trends and expectations. Addressing the new trends isn’t that tough if done the right way. Let’s see where 2022 takes us! - Maeen Tanweer 92 \\ Small Enterprise \\ Jan 2022
Search
