Business Challenges: Employer’s Struggle and Employee’s Loyalty

In April 2019, I started the journey of entrepreneurship, filled with hope and success.

Little things I know that in the first year of business, there would be huge challenges. hose will lead to significant losses for the business.

The arrival of the COVID-19 pandemic created complications in every business. We have paid salaries to over 50 employees despite a struggling venture.

The pandemic spread all over the world, Due to lockdown everything shut down.

Then the lockdown opened in June 2020. We had expected to see some hopes in July 2020 when operations resumed.

But, a new obstacle started in September 2020. RBI implemented an Embargo on major banks in the Credit Cards industry. That led to huge losses in our businesses.

We lost a huge amount in this period. 50% revenues, but salaries paid for the year.

The turning point came in September 2021 when the banking embargo lifted by the RBI.

Unfortunately, despite our efforts, many employees chose to resign. Competitors who had not paid salaries in the Covid and Embargo period. Hired our employees on salary growth.

It was a very hard time to swallow, having fulfilled our commitment to them even in the bad times. Again we recruited and started fresh in Oct 2021.

Yet, from November 2021 onwards, our business saw a remarkable turnaround. Profits began to materialize, marking the end of bad times.

Reflecting on this journey, I am compelled to acknowledge a crucial lesson learned. The pivotal role employees play in the success of any company.

The fixed loyalty and dedication seen in our in-house employees. They proved and contributed to the prosperity of a business.

The personal and financial growth of employees depends on the success of the company.

While the past four years have been a rollercoaster. I am grateful for the flexibility shown by both the business and the employees.

The experience reinforced the importance of encouraging a strong employer-employee relationship. Also, businesses built on employer-employee trust and mutual support.

As we grow up, I am committed to improving this bond. Also, recognizing that a united and dedicated team can overcome any obstacle. Together they can make it a successful business to new heights.