Effects of COVID-19 on careers in 2020March 30, 2020
COVID-19 depicts the Coronavirus Disease 2019 pandemic that emerged in early 2020 in India affecting the majority of career prospects unknowingly. The experts have predicted that this effect will land massively in the IT sector, which will probably be the most affected of the industries. Coronavirus emerged in the Wuhan city of China, late in 2019 and slowly spread to Europe, taking a massive hit on Spain and Italy.
The new epicentre for Coronavirus has emerged to be in the US in the last 48 hours with the effected confirmed cases crossing the mark of 100,000 cases in USA. Experts have revealed that if this is not controlled in time, this can lead to at least 200,000 deaths in USA.
All throughout the past recessions and economic hits, India has known to be different than USA when it comes to the employee loyalty policies and lay-offs. US based companies are infamous for slashing their employees to maintain revenue income and expense management.
While India did not land in this arena so far, this epidemic is expected to change that. The 2020 recession which was expected by economists in 2019, the IT sector was the least likely to be hit with the recession. While the year has proved otherwise, the work from home models are failing tremendously.
The most massively hit state of India has put recruitments on hold. As many as 250 placements in a single organization in Mumbai put a hold on their recruitment processes, leaving over 200 graduates high and dry in the middle of a pandemic.
Yet, the doors for networking and security professionals seem to be wide open. The reason behind this is that working from home has been the least of the worries of the Indian market so far, things are changing rapidly now. More than two-thirds of the IT industry has been shut inside their homes required to keep business running as usual. Although, it is much easier said than done, they require constantly working and well-built networks to function on.
The effect of the virus spread on the world as a whole is taking a market by the blow. If you are someone working in the IT sector, you need to secure your career right now. The IT industry is expecting the see the blow throughout the year 2020. Even so, the country imposed a 21-day lockdown on 25th March 2020, these sectors are required to run as smoothly as possible to keep the economy growing.
The youth of India is worried for their future. Students graduating this year are expecting a full stop to their education further with no experience opportunities available. The opinions of the experts, however, are varied.
While some worry that the maximum hit will be taken over by the IT industry, others argue that the marketing and sales force along with those working in the production departments shall take the hit.
2020 has started as a global recession and pandemic. With more than half the world in a state of quarantine, uncertainty has taken over the world as a humanitarian crisis.
The effects of the Coronavirus outbreak could be as below:
- The virus spreading majorly in the superpower of USA, it is expected that we may take more than a year to recover as a global economy.
- Major MNCs running in India comprise a maximum of those that are US-based. This could mean a mass deduction in the employment rates of IT professionals.
- The share market with Sensex has dropped more than 1000 points since the first case of the coronavirus was confirmed in India while Nifty opened below the 8400-point mark.
- Small businesses take the impact of the economy slow-down while the import-export market is the second most effected industry to be hit by the virus spread.
Yet, on the bright side, the world is looking out for its people with governments and leading organization pledging money to help run small businesses with tax rebates, rent relaxations for both official and housing fronts and other such minor subsidies.
The daily wagers in India are taking a massive blow due to the shutdown of the country during the 21-day lockdown. What they do not have however, is our topmost asset today: The Internet.
Access to the internet is one of the most privileged aspects of this lockdown. All that we are required to do is stay at home. Stop the spread right now.
- USA pledged $2 Trillion towards medical equipment, tax rebates, helping small businesses sustain themselves and other recovery requirements during the pandemic effect.
- India has also pledged 2,00,000 Crore INR so far as per the update till Thursday, in order to provide medical care to the affected, isolation wards, food and shelter requirements of the poor in order to recover from this global epidemic.
The question that most of us are worried about is when we will be able to get back to our normal lives. As per the Cabinet Secretary of India, there are no further agendas of extending the lockdown so far, however, the uplifting of the lockdown may not lead to the revival of the economy. With the global economy going down the drain, 2020 could become yet another 2008 on the wall street and Sensex.
Post 2008, we still haven’t learnt the lesson to prepare in advance. Now is the time to do so. Now is the time to take as much as time possible and invest in ourselves, to expand our learning base and make ourselves stand out of the crowd.
The job sector taking the blow will lead to the best of the best being able to survive. Promotions, hikes and all other job growth prospects hang by a thread all over the world.
We support you completely and are available online to be able to provide you the best education possible even in these tough times. We understand that saving up for the unexpected time periods is what all of us are trying to do, yet, once this is over, the enhancement of our educational skills is what will bring us to the best of our abilities.
Let not the coronavirus hit your career tomorrow.