Force Majeure: Every Business’s Worst Nightmare
The world of Human Resource Management is rapidly changing due to the recent pandemic. Due to populations being put into lockdown, thereby imposing financial constraints on business, many were forced to either furlough or let go of large numbers of staff during the crisis. As a result, most companies worldwide have shifted their workforces into more flexible remote working arrangements to manage the costs of maintaining physical workspaces.
Business analysts are at opposite ends of the spectrum of whether this new emphasis on flexibility regarding work-from-home situations will be beneficial or detrimental for the employers and employees of the commercial world and whether remote working is here to stay indefinitely.
While the current situation is indeed complex, many of the challenges faced by employers today can be overcome by understanding the fundamentals of managing what is most arguably every company’s most valuable asset: Human Resource. However, as many experts will say, this asset is highly subjective in nature and must be approached on a case-to-case basis.
Health welfare measures are now prime sources of concern for any HR department. Ensuring employees’ physical, mental, and emotional well-being allows companies to be as productive as possible during these difficult times.
In addition, measures such as social distancing, temperature sensors, and even viral test verification at building entrances allow for a safer work environment, especially since remote working may not be a possibility for several lines of businesses or industries.
Management is defined as allocating resources appropriately to carry out processes effectively and efficiently as required by business objectives. The biggest challenge is to strike a balance between cost efficiency and efficacy, or, in simpler terms, quantity versus quality.