Impact of Corona Pandemic on Job Industry - What you need to know

 

        Corona Pandemic hit the world in 2020 hard and along with creating a havoc and damage to the health of people, it also has impacted the job industry and overall economy of the world. According to a survey conducted by BBC, around 3,70,000 members lost their jobs by October 2020 due to Covid pandemic. See the below graph

Also many people, who have not lost their jobs have experienced reduction in their salary or no salary being paid at all on time. So this Covid19 situation has give a major blow to economy on an individual and organization level. You can have a look at below diagram to understand which industries have experienced what level of economic damage due to corona.

If you browse through LinkedIn, you might find so many connections of yours posting such request posts and expressing their sad stories and tight situations and requesting you to share details of any openings or at least like or comment for better visibility. The registrations to job portals like naukri, Monster India, LinkedIn Job portal, hirist etc exponentially increased. 

Because of this, the the number of candidates applying for a job increase dramatically. By this process ultimately the supply of human resource is greatly increase where as the demand is still the same or in fact reduced. So an imbalance occurs between demand and supply chain. When such an imbalance exists, the filtering and recruitment process and selection procedures all will become highly stringent. This creates a bottleneck in Job Supply-Demand stream. 

This increases the competition, challenges, everything. So how do you prepare yourself to be better than others so that you get a good job even in this difficult times? Yes In this post we discussed and realised the situation and problem due to CoVid. How to cope up with this and some guide to moving forward and a plan to prepare and equip yourself to meet this problem head-on will be discussed in next post.