Based on statistics compiled by the Bureau of Labor Statistics, the hospitality and tourism sectors accounted for the majority of the 1.8 million layoffs that occurred in the US in December 2021. Furthermore, several businesses were pushed to sack workers because of decreasing economic activity and profit margins throughout the COVID-19 pandemic.

The statistical fact presented above just delivers an outline of the ongoing worldwide economic plight. And the most catastrophic time has yet to come for the global business market as a whole in the coming years.

Thus, in these times of crisis, business owners, CEOs, and employers need to demonstrate the actual nature of empathy at work. Empathy illuminates like a guiding beacon, establishing a tapestry of connection and compassion. As the global economic crisis tests the durability of businesses and their workforces, empathy emerges as a transforming force, generating solidarity and fortitude.

Understanding The Global Economic Crisis

Long-lasting global economic crises have brought about unforeseen difficulties that are drastically altering the business environment. Countries, businesses, and individuals have all had to navigate unfamiliar territory as a result of this catastrophe. 

Supply chain interruptions, unstable financial markets, and overall economic instability are its defining characteristics. In addition to budgetary considerations, the outcomes include employment rates, investment trends, and overall economic stability.

Worldwide, governments and financial institutions are implementing a range of strategies to mitigate the adverse effects; nonetheless, the full extent of the crisis’s consequences remains uncertain. 

Strategic decision-making, resilience, and adaptability emerge as critical traits for traversing this challenging economic landscape as industries adjust to the shifting circumstances. This global economic crisis emphasizes how interconnected economies and nations are, and how innovative problem-solving and collaboration are essential to addressing the intricate problems at hand.

Essence of empathy at workplace

“Leadership is about empathy. It is about relating to and connecting with people to inspire and empower their lives.” – Oprah Winfrey

In stressful situations, empathy—which is typically seen as a desirable trait—takes center stage. Businesses are driven and drawn into the future by human connections, and not by profit margins and the bottom line.

Emphasizing the huge influence empathy has on workplace culture, a Harvard Business Review study found that companies that foster empathy at work see a 50% increase in employee retention.

The examples below demonstrate the importance of empathy at work.

• According to Gallup, 85% of employees are disengaged at work because they believe their managers lack empathy.
• The American Psychological Association reports a 21% increase in employee stress levels during recessions, underscoring the significance of compassionate leadership.

Implementing Empathy in the Workplace

Clear Lines of Communication

Employers can ensure employee comfort by encouraging open and honest communication and having frank discussions about problems and difficulties.  Team meetings, and routine check-ins can all be helpful in this regard.

Flexible Work Arrangements

In times of economic recession, personal situations may vary. Offering flexible work arrangements, such as the option to work remotely or adjustable schedules, can help to lower employee stress.

Programs For Financial Wellness

As part of financial wellness programs, encouraging staff members to take budgeting and financial planning classes may enable them to manage their money more adeptly during uncertain times.

Training Programs

If programs such as empathic and active listening education are introduced, leaders will be better prepared to understand and meet the needs of their team members.

Acknowledgment and Appreciation

Workers ought to have their efforts valued and acknowledged.  Whether expressed verbally, in writing, or through small tokens of appreciation, acknowledgment makes a big difference in boosting morale and fostering a positive work environment.

The Final Thought

It is impossible to overstate the value of empathy at workplace, particularly given the intricacy of the unfolding global economic crisis. It is a strategically necessary concept for organizational resilience, not only an idealistic one.

 Helen Keller said, “Alone, we can do so little, but together, we can do so much.”

Empathy enables corporations to forge relationships that endure adversity and emerge from them stronger, more cohesive, and better equipped to handle future challenges. After all, empathy is the cornerstone of a robust corporate culture and extends beyond crisis management.

At the inception of a career, you are bound to be perplexed regarding future prospects. Questions such as “When will I be able to get the first break of my career? Do I have the right qualification and skills to get a breakthrough?” and many more keep haunting the mindset. Many of you wonder whether your education is the right path toward getting the dream job you dreamed of at school. In general, you are worried because you think about your career inaccurately. You plan wrong and act wrong. There are many ways to think about your career prospects. Let me guide you on how you can develop a mindset to follow your dreams beyond academics.
Most of you are not born with a golden spoon, right? Now, if you think about shaping your career, let us consider three ways of earning a livelihood.
· Job
· Business
· Investment

I have considered these three scopes to determine if any of these can be achieved as an individual. Let me explain briefly:

· Job – We all have a dream job that we have been cherishing for a while. How you plan to achieve your goal depends on your thinking and planning pattern. There is a pattern for everything in life. Successful people follow the pattern of a successful mindset. The failures follow that of a failure mindset. Failures always put their conditions as defensive mechanisms. In short, to achieve the dream job, we must consider the right path towards achieving it. You should understand the core requirements, skills, and the right approach.

· Business – It can be anything. Being self-employed with adequate skills is also a business. Business can start from your home too. Businesses give you the freedom to take risks and convert those risks in your favour. Again, you must do a self-assessment if you have the right mindset to start a business. The right mindset is essential to do anything in life. If you think or do miscellaneous things, you are sure to receive miscellaneous results in return. Proper market research, mission, and a definite vision make a perfect blend for a successful business initiative. In a Business, if you stay determined, then failures become added advantages. Failures in a business make you strong and help you identify new ways to become successful.

· Investment – Another way of making a career choice is through investments. You either inherit wealth from your family or from the jobs you engage in at the early stages of your life. It is preferable to start early. Starting early will make you experienced and cautious within a time frame. You can even invest in time. We all know that time is money, and that is why rich people buy time.

We can keep discussing how to shape our career by choosing any of the above-mentioned choices. But you will know your choice better. Hence, make your fruitful choice. Successful people make decisions fast and change their decisions slowly. In this article, I would like to focus on how to develop an entrepreneurial mindset to think about Businesses. I will tell you why you should start a business and how to progress with the idea of entry and exit from the businesses you create. Now, ask yourself this set of questions- “what is a business idea? Why do I do business? How and from where the money will come to invest in my business idea? How can I generate revenue to sustain my business? Do I have the right attitude towards giving everything that I must make the business a success? How can I excel and expand?”

As an entrepreneur, you must understand money and believe in the power of money. Money gives you options and flexibility and helps you acquire any tangible things in the world by making you rich. Entrepreneurs are disciplined, focused, go-getters and confident. That is why people say rich people are arrogant.

Once you have the right mindset about money, you can start thinking about becoming an entrepreneur and starting a business. In a business, the right answer to all these questions such as “where money will come from? Who will give the money? and Why will someone give money?” are people. People will give you money because your business is going to solve their problems. This means that your business will have a product or service to satisfy people’s needs. They will give money for the value that your business offers.

It is challenging to run a business. Not that every business sustains and grows. That is why you must be incredibly careful while choosing your business or business idea. You must decide which business will be suitable at the right time. Once you decide to run your business, go full swing. Business is not a part-time endeavour. It is a commitment to solving people’s problems by adding value.

Organization is central to the success of any business or endeavour. Once you have your business up and running, you must plan to organize everything i.e., how to run day-to-day activities; how to manage inventory; how to maintain a proper distribution channel; how to handle customer feedback; Human Resources & policies and follow government regulations, to name a few. So you need to organize and develop a system. A well-organized business always keeps a customer-first approach, and they do not hustle.

The pundits always say a business which is not growing is dying. Now that your business is well established, you should plan for expansion. Being an established business, you will have credibility in front of your banker and customers. You can look to solve the customer problem in other locations. You can either open on your own or partner with an associate who understands the demographics of the intended location. You do not have to be everywhere now because you already have a proven system to run the business anywhere. This way you can think of expanding your business to multiple locations and grow a sustainable model. Also, think how many people employ today. How many families will rely on you? That is why entrepreneurs are considered good human beings. Yes, you should be a good human being to contribute to society.

Now, I believe you have earned some profits. Your lifestyle has changed positively. Most importantly, your business is growing and already has multiple locations. Progress is life. At this juncture in life, either you continue and look for expansion to more locations or you sell the business. Many people do not sell the business because they consider it their baby. Business is not a baby; it is an asset. Whenever you feel it is the right time to sell the business, you should proceed. Remember, you took the right decision at the right time to start your business. That is why you are successful today.

It always sounds good that you will be successful in anything you do. But to become successful, you must burn midnight oils, work countless hours, and fail in multiple ways and attempts. All these make you stronger if you are committed. There are three kinds of people in our society:

· Victim Card player – They always blame others for their failure. They cannot stand up by themselves. They blame society, family, friends, the economy, weather, and anything you name it. They live on sympathy. They always want someone to spoon-feed them. You do not want to be one and wish to excel in any of the above-mentioned career options.
· Never-ready attitude – These kinds of people are never ready and are always concerned about making a decision. They keep reading and attending classes and seminars, but they are not ready. Avoid being this kind because the information is widely available. You can get any information available immediately, and it should not stop you from deciding on your career goals.

· Decision maker – These people are always informed and action-oriented. They keep trying new things and learning new ways of doing things differently. They are creative, approachable, doers and risk takers. They fail many times but never stop trying. They just need help from a mentor or experienced person to help them realize their dream. You will have to be this person to excel in life.

I tried explaining to you the career options you can think about. I also explained how you can think of solving a problem and adding value to the people or customers. A scenario description helps you to think about the end goal. I focused on the entrepreneurial side, but this will help you to plan other focused areas too.

Start taking risks and enjoy the life for which you are destined.

Today, the entire world is witnessing uncertainties. We are susceptible to the Trade war, Climate change and the recent Pandemic the Coronavirus (COVID-19). Our lives have become so challenging that we brawl every day for survival through this dread. We are in constant threat through this disruptive event of the Corona Virus. This casts doubts upon the future unexpected turnout of events. The market is deregulated, and there are serious climatic changes in the offing.

What have we done? What is our role to make things right? What can we do to change these uncertainties? In short, what is the THING we are thriving for? Are we considering life’s tangible procurements over happiness? How are we aging today? What are we passing over to our future generations?

As an individual, I am not worried about how and when the world will react to me. I am worried about how we lead a life of compassion, happiness, success and continue being grateful to the creator of this universe.

Technology is a driving force of innovation today; People seek more of comfort, convenience and accessibility. We all live in an expeditious milieu where time is a virtue. New technology offers some of the most promising solutions to these challenges. Along with the shift in habits, Masses have marched on to new technologies making their lives at ease. Innovators have been constantly creating new ways to harness the power of Technology to enhance every sector.

With the influx of new technologies every day, no Industry is impervious to these revolutions instigated by technological advances. The food industry is also receptive to this advancement; they have also realized the importance of Modernization and are constantly thriving to the changes.

YMOC- “Your Meal On Call” is also an addition to this B2B and B2C market trend. Where dining out has tipped itself from its stand-alone market to online food deliveries, YMOC will fuel the germination of food delivery business across Global Market.

The paradigm shift from normal dining out to deliveries at home are finally catching up with consumer outrage, where queuing for no reservation places, tipping stress, tarnish the experience of eating out. Our phones nevertheless are receptive to this change. One Button call is what everyone wants these days. Meal ordering apps have encouraged convenience to the consumers.

All innovative meal ordering portals took the advantage of the new age technologies and reached out to the audience with different benefits. Most importantly, the benefits have been shared amongst all. The convenience offered by online food delivery services is the greatest appeal.

Why YMOC? Is YMOC for a change? What benefits it offers? These are very common question for any technology which must be answered. Consumer demands have expanded to include ethical mantras but have not given way to requirements of convenience. Any innovative Product or service always tries to bequeath a solution to our Consumers. The faster the time flies, the more choices a consumer gets: the market is swamped with new products and services. That is why we are constantly working hard to transform products into something bigger –where products become services, and services are turned into experiences.

However, the innovative Consumer food tech segment tends to have a commitment to the society; it also focuses on the current developments which are primarily marketed towards Consumers. Whatever shape or size it may target, it always attracts the local economy drastically.

I am very glad that, today YMOC is able to sustain itself and has moved on to a next phase; introducing its Brand Ambassador and aggressive promotional activities. The local test and try approach are temporary as YMOC has a global vision. I am optimistic that, with time YMOC will be an integral part of its audience. Investments in food tech will continue to increase to help deliver on the promise of healthier, more sustainable food systems for the world.

After all, “We are What we eat.”