Countries around the globe are facing a major crisis due to the lockdown of all sectors. Some countries are under lockdown for three months and might extend it to another six months. The situation is worsening with each passing day. All the sectors have taken a hit adhering to the virus. As a result, the effects of COVID-19 on employment will be adverse.
All the works have been stopped and no one has any idea about when to resume work. Most of the corporate world is working from home but all the other sectors are in an undefined lockdown.
Studies and analysis have presumed serious changes and trends in the working world post-COVID-19. This is going to be a serious challenge to come victories against this virus. Each one is trying to find ways to keep their business intact but to no avail.
All the businesses and other sectors are falling down but nobody is able to help. The virus has taken a serious toll on employment across the world.
Let us discuss what will be the effects of COVID-19 on employment.
The scenario has led to companies taking harsh and blunt decisions to layoff or slag their employees because the company is unable to pay them. Most of the companies have already asked employees to discontinue. This will lead to unemployment to a very large extent. The world will face serious issues to again make jobs available for people.
Daily-wagers are vulnerable
The current situation across the world is witnessing a heartbreaking situation of daily wagers. They have been the hit the most and are living in adverse conditions. They have lost all their jobs and there is no hope of retaining them. Though the governments are trying very hard to cater to these vulnerable people, the situation does not seem to better.
In future, there might be severe cuts in daily wages as predicted. It is also assumed that the wagers may get their wages in parts over a few days. But the lives of these workers depend on daily salaries, it will be very difficult for them to lead a life in these circumstances. Daily wagers are topping the list of effects of COVID-19 on employment.
Re-skilling is Essential
The world will demand people with more set of skills and will only hire candidates that will live up to the expectations. The companies will also set-off to teach their staff the new required skills. But the applying candidates will have to update themselves with the new lines of hiring.
All the companies will try to hire less and fewer people so keep their profits intact. As no business is working currently, all the losses incurred will affect the growth of all businesses. Businesses will not be able to afford new employees if there is no urgent requirement. This will result in mass unemployment across the world. Economies will take a hit and it will take a lot of time to come back to normal. This is one of the most serious effects of COVID-19 on employment.
Work From Home
Since the world has now recorded that half of the world can work from home. Many businesses might insist that their employees work from home. With this, businesses can rent smaller office spaces and pay less. All the sectors will now come up with new systems that might allow more employees to work from home.
Tough Time for Fresh Graduates
The paid training period of freshly passed out in companies will shrink. The companies will no longer be able to afford a paid training for their upcoming staff. The graduates are expected to come prepared by themselves and not expect a training period.
The contest for jobs will be more competitive than ever imagined. This will create serious pressure among the upcoming students as well. Graduates will face the strongest wave of effects of COVID-19 on employment.
Creation of New Jobs
Many of the current jobs will be lost but there will be new ones that will surely come up. The digital economy will take a boost and all the jobs that are online will definitely see a rise. The health and wellness sector will also witness a surprising boost.
Since pandemic will result in less travel, the transport or even import and export of commodities will become difficult. This will give the local markets a fair chance to grow and flourish following the crisis.
Right Attitude over Degrees
Many companies will prefer candidates who have the right attitude and the willingness to adapt and learn about new environments. Degrees might take a backseat during hiring. The main aspect of occasionally hiring will majorly focus on attitude and grasping.
People will try new ventures
The crisis will though not break the hopes of people. The population around the world will try new ventures to come out of this crisis. All the entrepreneurs or MSME’s will see this crisis as playing ground and come up with new and innovative things. The creation of new jobs expected out of budding entrepreneurs.
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Effects of COVID-19 on employment will be severe and dangerous. Though the world is in a serious crisis. The world will rebuild and come out stronger.
Stay Home. Stay Safe.