Sixty 1% Indians are experiencing mental health related issues because of the uncertainty and looming financial crisis during the lockdown, said a survey.
According to the e-Rebooting 2020: A Story of COVID-19, and Shifting Perceptions' survey by The Mavericks India, Gen-Z and millennials have been impacted the most with 27% of Gen-Z and 19 % of millennials expressing that the crisis has taken a significant toll on their mental health.
Baby boomers are least impacted or perhaps better experienced and prepared to handle the crisis. Furthermore, women are struggling more than men as their workload has increased significantly with them carrying multiple responsibilities without any assistance from domestic helpers, the survey added.
The survey was conducted during the period of April-May, collecting 600 responses via an online survey tool.
Work-from-home - the new normal?
Around 46% of CXOs surveyed believe that working remotely will be the most significant change in the post-COVID-19 world. Many CXOs are exploring options to get a major portion of their workforce to work from home for a longer period of time post-COVID, or permanently in some cases. With salary cuts implemented with immediate effect across all industries, the WFH proposition offers saving time and money while bringing down the real estate costs for the employers significantly. WFH is being touted as a win-win scenario.
On the contrary, the workforce is itching to get back to working from office with 75% Indians finding WFH very challenging and further blurring the boundaries between work and personal lives.
Indian economy's road to recovery - a bleak future
Around 90 % CXOs expect the recovery to be slow and painful and this is likely to be reflected heavily in their decision-making as they try and navigate the turbulent times. A whopping 72 % Indians do not expect the economy to recover in less than a year with 26% being further pessimistic, not expecting the recovery before two years.
Reduced dependencies on China the next big move for India?
Around 51 % of the CXOs and 40 % of other respondents believe that China will suffer a global backlash as the world perceives that China could have responded more responsibly in handling the crisis that has gotten the world down on its knees.
Media consumption shifts to the online medium
Indians are tuned in to Zoom and Google Hangouts/Meets for most part of the day, besides being pushed to bring in the digital transformation to some of their most loyal habits like consumption of traditional media. 70% of the respondents are reliant on online news sources and apps and only 3 % of the millennials hold on to their old habits.
Sustainability is the name of the game
Fifty eight per cent respondents are likely to have increased appreciation towards sustainable environmental practices while 63% are committed to leading a healthier lifestyle with a special focus on physical fitness and building better immunity.
Say no to travel till there's a vaccine
The travel and hospitality business is likely to take the longest time to recover as social distancing will continue to be the new normal for a while and definitely until they are vaccine-protected. At least 67 % Indians are not likely to travel for the next six months unless it is absolutely necessary.