COVID -19 crisis has brought a complete stand still in the Indian economy. In an attempt to combat the disastrous impact of COVID -19, Government Of India has brought in an Influx of Twenty lakh crores to bring a paradigm shift in the Indian economy with a special emphasis on self reliance.
Right from established to budding entrepreneurs, everybody has welcomed the move. However, every radical move brings in a new challenge with it and one apparent challenge right now is the Exodus of middle management from the industry. This statement appears to be over statement at the moment but would be a reality in the times to come. In India, the middle management is normally aged between 30-45 years with an average salary ranging from 10 lakhs to 20 lakhs or little more. They are the people who have acquired a rich experience of managing both upper and lower levels of the organization over the years.
Middle level managers are a holistic package of expertise, experience and appetite for risk with a yearning for money, which are desired requirements for becoming entrepreneurs. Till now due to lack of capital support many of them could not fulfill the dream of becoming entrepreneurs but with this booster package to Micro, Small and Medium Enterprises many of them would embrace the opportunity of owning their own enterprise.
So what is wrong in that??
The problem is exodus from the industry, which would damage the current working of organizations because of lack of middle management. The situation can be well managed if the organizations work on Succession planning and team work.
The last decade is evident of growing internal competition amongst employees for a better package and profile which made them independent but in this scenario more transparency and involvement is needed in the working so that if one member leaves the organization the damage control can be handled by the successors.
The organizations should work on providing a healthy atmosphere of knowledge sharing in the form of deliberations and documentations in the form of reports or case files. In a nut shell, succession planning backed by communication is the need of the hour.