What happens when wisdom meets fervour? A winning combination that goes a long way in reinforcing the success of any business, regardless of nature, size, or industry.
In a vast and diverse country like ours, one can find businesses across a diverse range of products and services, proving that there is no dearth of good, viable business ideas. This also forms a good enough reason why the small and medium businesses form a critical cog in the wheels of the Indian economy. In 2020, for instance, approximately 110 million people were employed in micro, small or medium businesses across the country. How important is this number? When we see the growing number of employable population in the country, with 12 million people joining the working population each year, this number reflects the significance of MSMEs as a major employer. Also, according to the Hon’ble Union Minister for Health and Family Welfare Dr Harsh Vardhan, the proportion of the working-age population is expected to increase from 61% in 2011 to 65% in 2036.
Having said that, what many start-ups and entrepreneurs draw up short in is the lack of expertise and experience to help their businesses sustain and grow.
While challenges such as manpower, financing, infrastructure, and technology can be dealt with, filling the gap for talented workforce, and more importantly, for experienced people at the helm or as key advisors to the leaders is something that is hard to fill.
This is where the role of retirees having years of experience comes into play. Over the past couple of years, we are observing an interesting trend where while the retirement age remains the same at 60 years of age, the improved standards of living and better healthcare facilities are leading to extended average life expectancy. This is resulting in a good number of retired professionals, especially those from Government/PSU-related jobs who are looking to contribute productively towards economic growth.
Some of the ways in which the retired seasoned professionals can aid MSMEs’ growth
A retired professional would most certainly have several characteristics that can be of huge advantage to the SMEs. He or she would have played various roles during his work tenure, across functions and business units. Therefore, such professionals bring deep insights from industry, work, and life. The experience of working in a particular industry, in the various business disciplines, brings a unique perspective and expertise that one cannot find in books. Thus, the young and budding entrepreneurs can benefit greatly by hiring such professionals in various disciplines, such as accounting, human resources, production, planning, and other functions. The knowledge and expertise when applied across business processes and workflows can increase the business agility and efficacy.
The professional would have built good personal rapport with many of the colleagues across the organizational hierarchy. The years spent in the industry come with longstanding relationships built with one’s clients, partners, employers, etc., that the individual cultivated over time. He would bring those lucrative networks of connections into the business that can open up a wide range of opportunities for the SME business. Join Stayright to Help MSMEs to a New journey. Visit www.stayrightcon.com
Moreover, he would also have created successors behind in positions he vacated, having the ability to mentor and create leaders. This acts as a vital element especially where young entrepreneurs are foraying into the market who need clear direction, helpful feedback on their actions that can impact the business growth.
Further, if the retiree has worked in a large number of organizations during his work tenure, he has a better understanding of the workplace culture and environment that can contribute towards creating an efficient, productive, and conducive workforce. In today’s time where recruiting and retaining a talented workforce is not an easy task, the retired professional’s knowledge on these matters hold a lot of weight.
The gamut of benefits that retired professionals can offer to business owners starting off a venture or looking for guidance and expertise to expand their operations are numerous. For these professionals, working with the SMEs provides them a new lease of life when they are not ready to hang up their business suits!