From the gloom and doom of the past many months, the narrative is slowly shifting to how and when normalcy will return to a post-COVID-19 India. With the economy in reboot mode, there is reason to cheer.
The Union Finance Ministry indicated that the November GST receipts, crossing ₹1.04 lakh crore, were not only the highest in this fiscal but were also 1.4% higher than that of the corresponding month in 2019. The Centre for Monitoring Indian Economy has reported that the unemployment rate dropped to 6.98% in October from a high of 23.5% in April.
As we take the long road to recovery, it, however, appears that not everything will go back to what it was. Some things have, perhaps, changed forever.
Work from home (WFH) and work from anywhere (WFA) are redefining the workplace. During the lockdowns, almost 90% of India’s 4.3 million IT workforce moved to WFH. As initial wariness and scepticism gave way to quick adoption and increased productivity, WFH became the new norm. Flexible working hours, savings in commute time and a better work-life balance seemed like a dream come true.
Employers saw it as an opportunity to reduce expensive rentals and costs on electricity, facilities management, and employee transportation. Conferences and meetings went online. Apart from the huge savings, productivity increased as availability at multiple locations became possible. An eminent lawyer shared his experience of being able to appear in the Supreme Court at 11 a.m., the Rajasthan High Court at noon and the Karnataka High Court at 3 p.m. from the comfort of his London home. The resultant decrease in the carbon footprint is substantial.
WFH enabled companies to access a larger employee pool, particularly helpful to those with skills in high demand but were previously unable to join because of location and other restrictions. People who left homes in search of work leaving behind their aged parents suddenly found that work need not mean separation. Women who had to sacrifice their careers for commitments at home suddenly found new doors opening.
Tata Consultancy Services announced that by 2025, only one-fourth of its workforce would work from office and the rest could work remotely. Infosys plans to have 50% of its employees working from home. Deutsche Bank is considering 40% to work from home permanently.
Life interrupted
WFH has, however, not been without its share of problems. With bedrooms and living rooms being converted to makeshift offices, life at home is not only interrupted but also intruded into. Inappropriate furniture and working conditions lead to health issues. Many even reported a fall in productivity and performance.
The absence of physical interaction affects the ability to ideate, innovate and solve complex challenges. Lack of personal interaction leads to loneliness and reduced mental wellbeing. Binge working, longer working hours, lack of peer support and in some cases, even greater stress are among the problems.
This shift resulted in hugely disruptive consequences for other sectors. The first half of 2020 saw India Inc. vacate almost six million sq.ft of Grade A commercial office space. The market for office space sales and rentals has plummeted. Cities are seeing a huge increase in the number of vacant houses leading to discounted rentals and falling home sales. Many housing and property loans are on the verge of becoming non-performing assets. The pandemic induced change in customer preferences. With giving e-commerce a huge boost, footfall in malls and traditional stores has dramatically reduced. This has forced many to downsize. The travel and entertainment industries are yet to start recovering.
But WFH is here to stay. The future will see the evolution of a blended model that combines remote and office-based work. Digital technologies, intelligent networks and adaptive management practices will drive this transformation. The intricate interdependencies of various sectors in the economy will see a reset.
The companies that can navigate this reset and deliver the right digital experience will attract and retain talent, improve productivity, and succeed. The future for the $200-billion Indian IT industry is pregnant with possibilities.
(The author is an IAS officer and a former IT Secretary of Tamil Nadu; views expressed are personal)
chandramohanias@gmail.com
