New Challenges for Employees During Covid

 New Challenges for Employees During Covid

-Dr. Lalit Kumar

Expenses Up and Incomes Down:

The Covid-19 is making the life of middle class citizens critical. Those who are doing business are facing slowdown in business and those who are serving companies are facing cut in the salaries or retrenchment in the company making them to leave the job. In all countries, developed and developing nations, the unemployment is emerging as a prime economic problem of the nations. The expenses over medical services, emergency expenses; reduced the savings and investments of the citizens and their incomes also reduced significantly.

Non-availability of Loans or Credit at cheaper rates:

The slowdown in economy leads to cash crunch even in the financial institutions and there is non-availability of loans or credit at cheaper rates. In other words, the rate of interest on loans or credit have increased significantly. The employers or companies are not offering loans to the employees as there is scarcity of cash in the companies. The financial institutions are taking advantage of such scarcity and giving loans at higher rates of interest.

Online or Virtual Job Opportunities increased the competition among Employees:

The remote working patterns in the companies and businesses increased the competition and now there are more number of individuals available to work from remote areas. There is challenge to sustain the existing jobs as the companies are recruiting talented people who can work from remote areas as well. Due to such availability of the people, the existing pay packages are not increasing and the companies are cutting the salaries. As there is lack of employment, the employees are not going against the companies due to fear of losing the job.

Need of Budgeting and Financial Planning

Everyone requires to do proper planning to manage the monetary resources. There are problems in increasing the revenues, therefore, it is required to cut the expenses by taking advantages of discount in purchasing goods, postponing the purchase of fixed assets and unusable expenses. It is required to keep sufficient amount of cash in hand, to take the advantages of offers whenever available in the market due to cash crunch. Further, to stay fit and reduce the expenses over medical facilities, it is must to adopt Yoga and Meditation in life.