Does Money Matter -COVID 19

COVID-19 is an eye-opener to all those who were ignorant or pretended to be ignorant of their behaviors. Interestingly, natural calamities or pandemics throw light on the dynamics of human behavior.

For ages, there has been a disparity between the developed countries and developing countries, rich and poor. Racism, religion, castism, gender bias, status, blame game, the I factor (ego), human exploitation, pay disparity, overconsumption of resources,  spending habits, and biased and convenient policies have always been a hindrance in the sustainable growth of any organization. The majority of the organizations have given undue importance to money, the revenues, the growth, the profits, and all this has come with a cost, ‘The human cost.’  

Does money help during such a crisis? If yes, to what extent and in which way?

Hats off to people who work, risk their lives (and their loved ones) and have done their bit for the larger cause of humanity. This skin in the game is vital. In the end, what mattered is the human element and the proof is for all to see.

COVID has made most of us think and introspect.

Key lessons:

• Money is not everything.
•  One can let go of the status.
• People can work from home and yet be productive.
• There is no competition.
• Cultivating empathy is possible.
• Realizing that it is fine to make mistakes.
• Work for the larger cause.
• There is no one to blame.
• It is not difficult to work on and let go of the addictions and habits.
• Not difficult to live a life of minimalism.
• The enemy is within (thoughts and actions).
• People can take 100% responsibility for their actions.
• Ego (self) is given too much importance.
• One can spend time with the family.
• Relax and introspect.
• All are equal in front of nature. Nature spares no one.  

HR and L&D professionals need to take a cue from this sad and unfortunate event and work on many aspects. First, the culture – a culture where people are important irrespective of the country, religion, and gender.  

Culture
Currently practiced	Needed
Bias in hiring and promotions	Talent recognition
Pay disparity	Work-based pay
Blame	Accountability
What is in for me	How will I contribute and use my talent
Terms and conditions	Transparency
Focusing on mistakes	Creating opportunities
Self-focused (ego-driven)	Focus on a larger cause
Money driven	Human element

Second, devise policies that are transparent, neutral and focus on the larger cause. Third, have skin in the game outlook where everyone is responsible for their decisions and its consequences. Fourth, the CSR (Corporate Social Responsibility) investments to be made in the areas that matter. Fifth, understanding what people actually do rather than being in the illusion about what they do. Fifth, knowing what really matters.

For this HR and L&D professionals need to be brutally honest and ask does money really matter?

Be safe

Sonali Wagle