Impact of COVID 19 on jobs

May 12, 2020

The coronavirus pandemic has the world gripped in fear with serious implications on the economy that has left people worried about their jobs and livelihood. It is also estimated that this will have long-lasting ramifications. According to some reports, nearly 25 million jobs could be affected due to the pandemic. Though some sectors may gain some benefits other industries will, unfortunately, feel the heat.

With the global leading economies now closed and people staying indoors to stop the spread of the virus, the trend of working from home looks like it may continue for some time more till the effect of the virus completely wears off and the world is a safe place again.

Impact on Jobs

This lethal virus not only has created a medical emergency but an employment crisis as well. Some reports have suggested that this global pandemic is the world's worst global crisis since World War II. Scary as the numbers seem, few sectors may survive this blow. Some companies that may do well are the one that have a strong online presence and do not rely upon brick-and-mortar presence. Those engaged in essential services are open to business but the pandemic has hit retailers selling non-essential items which are likely to cause widespread job losses. The other sectors that will feel the pinch are auto, tourism, metals, fashion, logistics, MSMEs and electronic goods.

With nearly one-third of the workforce constituting the casual workers, they may not have much of a safety net if the economy spirals down further. The need of the hour is to bring about a large scale, well-coordinated measures across these three elements – protecting the workers, stimulating the economy and supporting jobs and income. Fiscal and monetary policy measures must be implemented and certain economic sectors need financial support to survive and thus ensure the availability of jobs.

Hiring during a pandemic

Even during a situation like this, some companies are continuing their hiring practices with great caution and care. With the rising global health crisis, companies are using intelligent systems that offer virtual screening environments instead of the usual face-to-face method. With some interviews being postponed till the lockdown is lifted, few companies have opted for video or telephonic interviews if there is an urgency to hire. The usage of online platforms has increased the efficiency of the hiring process as it is easier to filter and move candidates to the next level.

Is it the right time for a job change or hire employees?

The dilemma to change your current job and the decision to continue looking for talent for your organization will prove to be a tricky one. From what we hear in the news and the current situation paints a grim picture but again one should remember - like investing, trying to time the market is futile. Not every industry slows down in an event of an economic downturn. A successful investment is the one that is done regularly and consistently. The same applies to look for a job or hiring employees. It may be more difficult than the usual time but it isn’t impossible.

And at times like these, Shiras HR is always with you in every step of the way. If you are an employer seeking to on-board some fresh talent or a candidate in search of better opportunities, we got you covered. Our wide range of services for the employers and job seekers is designed to serve you in a best way possible with quality outcomes.