Agile Workforce a Post Pandemic Revival Plan for SMEs

Agile Workforce a Post Pandemic Revival Plan for SMEs

Mohamed Basheer Elanthi, M. Dhanabhakyam
Copyright: © 2021 |Pages: 18
DOI: 10.4018/978-1-7998-6632-9.ch001
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Abstract

The global spread of the coronavirus (COVID-19) has left a clueless situation to all economies globally. Entrepreneurs of SME, during the contagion, have to build and rebuild many survival strategies for the upcoming times. Agility in the workforce will be one of the principal revivals plans to bring back the business on rails. This chapter mainly aims to enhance the understanding of the importance of SME know-how of how SME leads to creating jobs, grasping the present situation of SME employees, understanding different post-pandemic SMEs revival plans, and finding how workforce agility can be used as a revival plan. The study confirms that workforce agility can play a vital role in the SME sector in India to survive this pandemic and to bring back the growth rate. Apart from all the other strategies, agility tops with high priority among growing SMEs. To enable workforce agility in the practice, organizations can use techniques like cross-training, employee empowerment, employee compensation, information-sharing, and work design.
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Objectives

Objectives of this chapter are

  • 1.

    To define and understand the importance of SME.

  • 2.

    To know how SME leads to creating job and employment.

  • 3.

    To find the present situation of employees of SME

  • 4.

    To understand different post pandemic revival plans of SME

  • 5.

    To find how workforce agility can be used as a revival plan

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Background Of The Study

1. What are SMEs?

SME stands for Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are business whose personnel numbers fall below certain limits. Actually the SME sector plays an extremely important part in modern economy, proving to be the most attractive and tremendous innovative system. The number of employees in SMEs varies from industry to industry. SMEs are jobs creators for employees where the motivation and flexibility are better. Also, competitive states of the market have created by the SMEs lead to better satisfaction of consumer’s needs. Another important feature of SMEs is Focusing on innovative processes, both in technology and in management. Thus, they help in forming the GDP and increasing the national export and play role in maintaining the social-political stability in a country. Thus it is important to understand the revised definition of MSME notified by Ministry of MSME, Govt of India.

According to Micro, Small and Medium Enterprises Development Act, 2006

  • (i)

    a micro enterprise, where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;

  • (ii)

    a small enterprise, where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;

  • (iii)

    a medium enterprise, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.

Key Terms in this Chapter

Workforce Agility: Workforce agility described as the ability of the employees to respond appropriately to changes timely and reap the benefits of change.

Pandemic: It describes as a disease which is prevalent over a whole country or the world.

Revival Strategies: Strategies used by SMEs to survive and to grow in future in the post-pandemic period.

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