Economic activities are picking gradually after the harsh lockdowns, but the damage has already been done. The economic shutdown that went on for months caused industries and businesses to lay off many workers and put job hiring on hold. Faced with a gloomy future, many professionals are coming out of their comfort zones to re-evaluate their career choices and upskill themselves to remain relevant.
An unprecedented unemployment rate has left the job market in India unpredictable. According to the Centre for Monitoring Indian Economy (CMIE), the Indian economy lost an estimated 122 million jobs in April. As the months went by, the number of job losses began to reduce. Job losses recorded in May, June, and July were 100.3 million, 29.9 million, and 11 million respectively.
The pandemic has also put startups in India in a deep crisis. Nasscom’s Startup Pulse Survey-Q1 2020 report, “Reviving The Indian Startup Engine During COVID-19: Imperatives and Recommendations”, which was released in May, provided insight on the plight of startups in India. The report was based on data collected from more than 250 Indian startups. According to the report, 90% of the startups surveyed faced revenue declines, 70% had cash that could only last for the next three months or less, and 30-40% were in the process of shutting down temporarily or permanently. Even big tech companies like Zomato, Swiggy, Uber, WeWork, Cure.fit, and Ola had to lay off workers and downsize to survive the pandemic.
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India is not the only one faced with such an economic gloom. According to the June 2020 Global Economic Prospects, which describes the immediate and long-term impact of the coronavirus, global GDP is expected to shrink by at least 5.2%. As a result, the world will experience its deepest recession in decades. All of this, despite the best efforts of governments to counter the downturn.
With all of these happenings and the uncertainties surrounding the job market in India, professionals are in a difficult situation. Many who had plans to advance in their careers have put those plans on hold. The dismal scenario has put many in survival mode. As a result, many are leaving their comfort zones to re-evaluate career choices and upskill themselves to remain relevant in an increasingly tough job market.
The worst-hit perhaps is the class of 2020, which has entered a dismal job market. At a time when young professionals should have been putting together their resumes and preparing pitch notes, they are grappling with uncertainty in the face of a bleak job environment. Due to the massive industry-wide workforce downsizing, employment plans for many graduates have either been canceled or postponed.
However, the coming months promise some good fortune for professionals to make decisions from a lucrative list of career choices. While experts predict that the next six months will be bad for the economy, they’re hopeful. In the past, downturns such as the one experienced during the pandemic have led to business disruptions. For professionals, this is good as it creates different career options from which they can choose.
As the pandemic has rendered certain businesses moribund and unprofitable, opportunities have opened up in other sectors. And startups are looking into these areas as potential investment prospects. They are looking to diversify into growth verticals like healthcare, and enhance focus on emerging tech like artificial intelligence, IoT, and cloud.
Also, the job market in India is seeing an increase in activity following the lockdown relaxations. According to LinkedIn’s most recent Labor Market Update, hiring activity increased by 35% between April and June. Compared to the 50% drop recorded in April, this is good for career selection by professionals. In terms of competition, it has doubled compared to six months ago. Job posting on LinkedIn got an average of 180 applications in June, compared to 90 in January. The skills that were most in demand were software engineers, business analysts, business development managers, sales managers, and content writers. With these skills expected to remain, professionals can rethink their career choices and make sustainable decisions.
However, in choosing a career path, professionals must know that having a set of updated skills will put them in a good position for employment. New dimensions of career choices have been opened up by the pandemic. These career paths require new skills and training, and only professionals with required skills will get employed. In as much as there’s some sense of hope for the future, a lot remains unknown. Most career choices that will water the next phase of ambiguity will require an understanding of technology and innovations. Experts think that the future of work will be more about lateral growth, which will require that professionals acquire new skills that go beyond the traditional trajectory they were once used to.
In the same vein, professionals must possess in-depth product and business knowledge to survive in the next phase. Therefore, organizations need to train their employees and provide remote access to programming labs that facilitate home learning.
LinkedIn’s Third Workforce Confidence Index, based on survey findings in April and covering 2,323 respondents, suggests that 63% of Indian professionals increased time spent on e-learning, 60% want to gain more industry knowledge, 57% want to learn how they can advance in career and 45% want to better their communication capabilities through online learning.
The reality of the matter is that the pandemic has given professionals plenty of time to re-evaluate career choices and to find the best career options. While the pandemic has disrupted the career projections for many, it has provided the opportunity to explore different career options. Given that most jobs will become irrelevant post COVID-19, making career choices is the right strategy and the current market situation can be utilized to improve one’s learning curve.
References:
- The global economic outlook during the Covid19 Pandemic: A changing world | World Bank|June 8, 2020
- Economic effects of the coronavirus on the world economy | Nuno Fernandes|April 13, 2020
- Hit by COVID, professionals are coming out of their comfort zones to re-evaluate career choices | Financial Express | Vaishali Dar| August 23, 2020
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