How to Deal with Demonetization

2016 ended with a bang! A bang which created ripples throughout the country. The Government of India announced the demonetization of all Rs 500 and Rs 1000 notes in a bid to reduce spread of black money & counterfeit cash which funded illegal activities & terrorism. This step was welcomed by some and reprimanded by some. Amidst all the confusion and a series of unending debates on news channels, corporates took to bringing certain policy and governance changes in order to include demonetization.

Get Ready for a Fresh Start! A hugely impacting decision like demonetisation will draw different opinions and interests, companies must be able to build an objective perspective to it and embrace for the greater good of the company. Long-standing systems & policies must be replaced by ones that will adhere to economic opportunities and challenges the company will be exposed to. Creative & innovative thinking will help companies to focus on new ways of adapting to this change rather than sticking to redundant policies & procedures which don’t reflect current corporate dynamics.

Work on Your Teamwork like Never Before: Teamwork is a sine qua non part of corporate and it is necessary to make sure this teamwork is fortified even amidst changing times and disputed opinions.  Embrace demonetisation and educate your stakeholders on it. Inform your employees and coworkers about demonetisation and ensure everyone is on the same page. Teamwork towards a common goal will make the process of adaption more smooth.

Answer the Call for Ethics: Demonetisation promises a clean monetary environment and companies too should work toward ethical and simple monetary transactions in order to ring in demonetisation in true spirit. Policies and frameworks to include cashless and corrupt-free transactions, must be drafted or redrafted. Ethical toning even in important company documents like vision and mission statements.

Patience is Virtue: Incorporating a big change like this will take time. Visible effects of this change will only be seen after reasonable time. Companies must practice endurance at the highest level and be patient with employees and stakeholders who will take time to soak in the new system  and at the same assure them of the changes and encourage them to be patient too.

Be Open and Transparent in Communication: Confusion and chaos is inevitable in a situations like these so only good communication can help clear the air. Starting over is big and making sure everyone is consumed in the new routine is bigger. Communication will reinforce trust & strengthen teamwork. With debates and analytical discussions on demonetisation spreading like wildfire, people tend to get intimidated rather than comfortable. But your communication can change that. Make sure you reassure them and not threaten them with abominable statistics and bulk information.

Wade your way through this ocean called demonetisation and make sure it is a smooth sail!