New Era of Multi-Discipline Engineering is Here – Are You Ready?
Project delivery in modern times encompasses many forms of methodologies from Design-Build to Alliance Contracting and finally construction to name a few. Even before the pandemic, the engineering projects were facing several challenges mainly due to the growing complexity, size & risk allocation amongst stakeholders. Though the companies in this vertical are used to cyclical downturns yet the speed and strength with which COVID-19 struck was unprecedented. While projects were getting delayed or canceled the supply chains were under constant threat.
You would agree post-covid era is proving to be highly uncertain and dynamic. The projects that were on hold for the last 2 years went on stream & active. Though the future availability and skills of the workers were uncertain.
Further, the already stressed-out businesses are now facing a new issue i.e., Russia and Ukraine wars. While the world economy was slowly recovering, due to the war and reemergence of COVID in China it is showcasing distress yet again. The net effect of all this is reflected in the rising inflation. Even the cost of raw materials and labor has gone up and so is the project cost. This has posed a challenge to EPC companies and owners and operators while checking the project costs.
And because many of these companies operate without substantial capital reserves, the impact of the lockdowns forced some of them to restructure debt, seek new sources of capital, or risk insolvency. Therefore, completely new strategies are required to deal with these unforeseen scenarios. This would work only for the companies that are agile and flexible & who can reposition themselves to take on this jolt.
Though what is the best way to get projects to market that would provide a stimulus and the most appropriate procurement & project delivery approach? It could be termed as the one to get shovels in the ground and meet the needs of the project stakeholders. Engineering design services being an integral part of any project are based on transparency, collaboration, and relationships. A trusted partner can keep the project on budget and schedule.
Rishabh Engineering has evolved to be a trusted partner of choice who works with clients from project concept to providing support for successful commissioning stages wherever necessary along with continued & ongoing operations support. We utilize our know-how, technology & innovation to deliver cost savings, higher efficiency & productivity in a safe and environmentally responsible manner.
In the new era, what they need is increased collaboration and transparency to overcome common challenges more efficiently. And, keeping the workforce safe, engaged and skilled is yet another challenge.
Though these efficiencies compound with time and can prevent costly errors before it’s too late and reduce your TCO and TIC.
Through this article, we wish to showcase our engineering experience to leverage opportunities and overcome challenges, especially with a resource & talent management focus.
- Availability of manpower with the right skills: Continuous upskilling is the key to having the right resources available. We at Rishabh Engineering as a part of our operation, keep upskilling our people on newer and emerging technologies. With appropriate infrastructure and background, we at Rishabh Engineering ensure having the best people on our team to make every project deliverable a success.
- Psychological factors to support the workforce: Psychological issues are posing a great challenge in Post COVID era, as many of the team members have suffered in one way or another. We provide all kinds of support to the skill force to overcome the challenges. We invest in their mental health & well-being with periodic & focused sessions from experts & counselors.
- Workplace comfort: According to Deloitte, the future will likely center around adaptive workplaces—a more fluid model providing employees greater flexibility to work from wherever they are most productive, empowering them to do their best work, and delivering better performance for employers. During the pandemic area and even post that, the organization supports the hybrid model with the right tech infrastructure to ensure seamless project execution
- Quality & Timeliness on deliverables: Even with a hybrid style working model, we have in place robust project methodologies to track & manage the quality & timeliness of all project deliverables. Further, we even track the productivity vs output as a metric to ensure project deliverables get completed within the estimated timelines and without any hurdles.
- HR policies: Our friendly and employee-centric policies ensure we take care of genuine needs and provide an atmosphere of learning and career growth.
- Attrition: This is the major concern during Post COVID era as many people are preferring jobs closer to their hometowns. Therefore we provide them with the flexibility of working remotely. Also, we have introduced various schemes that incentivize good efforts. This helps in motivating and providing additional financial support.
In the new normal, we’re witnessing interesting changes in the marketplace. While some national governments are eager to invest in upskilling the infrastructure to jump-start the recovery others might face new resource limitations. With changing portfolios from both public- and private-sector project owners the emphasis is on sustainability and resilience.
It’s a formula for continued uncertainty even though the company’s client base, competitors & project book may differ dramatically from their pre-COVID reality, but it’s impossible to foresee exactly how it would pan out. Yet the companies who would emerge from this crisis with solid finances must have a resilient supply chain, skilled workers and the capacity to gather and analyze the data that the decision-makers would need while pivoting and seizing new opportunities. And such types of organizations will surely become the market leaders in the times to come – no matter how the world evolves.
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