Job Loss is really a Loss?

Introduction –

Job is not just a job! It is the source through which your family gets food, your child gets the education, and you can sleep peacefully in the night. 

But what if you lost that Job? It will bring turmoil in your home.

And If you are the sole earning member of the family then the situation becomes worse.

If you also lost the job due to the covid pandemic then let me tell you guys- “you are not alone”. The economy of the whole world is bleeding and the job markets of developed economies like – USA and Europe are also at the lowest low.

In India, the scenario is not too different; we are also facing enormous challenges in this area. Employment and job creation is not a small issue in India; we are struggling in this segment since Independence and never able to resolve it completely. So the situation is furthermore difficult for us.

Here I will try to highlight the employment challenges of different sectors and discuss solutions as well, so here we go!

Impact of COVID on Job market

Corona is a virus that affects the respiratory system of human beings- it is neither the first nor the last one!  In the journey of evolution, the human race came across numerous such viruses in the past and can’t ignore the possibility for the future as well.

But in the case of COVID -19, we witness lockdowns across several nations and as a result of which a panic situation is created in the market. People are afraid of spending and switching the gears to survival mode. The inflow of money in the market is hampered badly.

According to the IMF, due to COVID-19 pandemic, the global gross domestic product (GDP) is expected to shrink by over 3% in 2020, and if this estimate will come true, then the financial crisis would be worse than the 2008-09 recession.

The impact of this slowdown is clearly visible in the form of a sheer decrease in the job creation of different sectors. 

The IT Industry-

Since the 1980s the IT sector is the biggest job creator of our country, it has generated the revenue of $180 billion in 2019.  The Indian IT industry has built deep ties with American and European nations by co-location, international travel and temporary on-site migration. All these factors are the key elements to develop this sector over the years.

In the current scenario, it is clear that international travel would be restricted and costlier. So the repercussions are inevitable for the highest growing sector of the Indian economy.

The Manufacturing sector

According to CMIE (Centre for Monitoring Indian Economy), more than 25 %  people lost their job in the past few months and the worst may be yet to come as we may witness up to 30 %  cut in blue and grey-collar jobs in the upcoming months.

The term “Industry 4.0” is quite trending these days as we are moving towards an AI-powered industrial world where robotics and automation tools are used to operate machines and perform most of the manufacturing activities without any kind of human assistance. If this concept is adopted by half of the industries of India then the unemployment rate will shoot up sharply in quick time.

Other sectors

The agriculture and other sectors are also struggling to get back their grip as the demand is decreasing constantly. The purchasing power of the common man is deteriorating and he is afraid of spending. This trend of the market is vivacious for the growth of our economy.

According to Payal Kumar, (professor BML Munjal University),

“Certain industries have been hit so badly that recovery may be very difficult, for example, hospitality and airlines. Even many start-ups, too, may not survive.”

What can be the solutions?

So there is no way through which we can survive? No, in fact, there are several ways through which one can survive and excel. Now we need to learn the art of economic adaptation and skill up-gradation. 

You need to constantly upgrade yourself with new technology and develop soft skills such as Complex problem solving, People Management, Negotiation, Cognitive flexibility and Coordinating with others.

The changes that we are witnessing in our day to day life during the COVID-19 situation are going to be permanent. At the same time, we can’t forget that the human race has a tendency to fight and survive in odd circumstances as well.

The four most crucial points that can help you in the current situation are-

Upgrade your skills

Whenever you see disruptions in the job market the best you can do is upgrade your skills to cope up with the situation.

“If someone throws bricks towards you, it’s your choice whether you want to hit your head or make a house of it!”

When you become resilient in the career then you can easily deal with any kind of situation. The only thing which is constant in this corporate world is change, and those who keep on updating their skills will emerge as winners in the post-corona virus job market.

You need to enhance not only your technical skills but soft skills as well. You can join any online course to improve your communication skills and personality.  Such skills are vital for almost all industries.

Don’t ignore Gig’s 

In the post covid, most of the businesses look for independent contractors, on-demand workers, consultants, freelancers, and other kinds of gig workers who accept assignments on a temporary basis. So instead of looking for a safe and secure full-time job, grab all those opportunities which come in your way.

Improve your digital presence

The best part of the digital world is that it is open for all. You can create a Face book page, Instagram profile, Twitter account, blog, YouTube channel or own website to showcase your skills to the whole world. Even you can outsource the services of experts of the relevant field to ensure a strong digital presence.

Develop a strong network

A strong professional network is always recommended and in the post covid world it will become furthermore essential. If you are still at home and don’t have anything significant to do then it is a great opportunity to update your LinkedIn profile or register yourself on other such platforms like-, or Panacea People. It will help you to interact with the eminent professionals in your sector. It is a proven fact that getting a job through the network is easier as compared to the traditional application/interview process.

Hope you have a good time reading this one. If you have lost your job then there is no need to feel bad about yourself. It is just a passing face and if you work on your skills then you will find a better one soon. And if you still have the job then be alert an army of unemployed youth is waiting outside so you need to work really hard to retain any job for a longer duration.

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