Due to current pandemic, millions of job has significantly changed; being a huge loss for employment at global scale. According to the International Labor Organization (ILO), it has now affected around 2.7 billion workers, representing almost 81% of the world’s workforce. It estimates that 1.25 billion workers, who represent 38% of the global workforce, are mainly employed in those sectors which are currently facing an extreme decline in output, giving a higher risk of workforce displacement.
Because of this, a central component of efforts to overcome the long-term effect of this coronavirus crisis is needed through a structured approach to help almost everyone in the workforce. This indicates the realities of the labor market. Given a clear magnitude of the Covid-19, all workforce members and career- oriented people need market intelligence to know on how their industries, and consequently jobs are impacted; as well as coaching and guidance on actions that needed to be taken to ensure a successful and professional future in a post COVID-19 world.
Talking about the effect of Covid on career choices and how is it affecting the fresh graduates
Unexpectedly coronavirus has hit many industries globally. Some experienced a great slump whereas other found the sales going up. What does this indicate to graduates? Does their selected industry is still hiring? What certain issues a particular sector is currently facing, also how does the future look like for chosen career? These selected industries direct students’ decision on career; also the graduates who are looking for jobs in this sector.
- Retail Industry : With huge traffic on online shopping , the US online market has increase by 135% whereas the retail tech has increase by just 129 % only. The future in this industry appears uncertain.
- Tourism Industry: The worldwide tourism industry was supposed to create US$711,940 million but due to Covid-19, they have made a fraction of US$447,410 million (a decrease by 73%). This industry is working at a loss of 101 million jobs in 2020. Asian region has hit the most, followed by Europe.
- Financial Industry: Most of the banking operation went online, also the increased customer services were catered through online channel in this Covid-19. So, in future there will be less reliance on traditional bank branch increasing focus on Fintech.
- Advertising and Marketing Industry: Since the pandemic started, there has been a shift from ad spending via desktop (decreased by 25%) to ad spending via mobile (decreased by 25%. Digital marketing is taking a great way to effectively market a product or service and will go a long way in future despite working at home.
For post Covid-19 careers, leaders possessing clear vision wants their employees to have necessary skills. The workforce across different industries must identify the ways to adapt to rapid changing conditions, besides the companies matches these workers to new activities and role. This dynamic is more than the role of automation and remote working. It’s all about how the leaders can upskills and re-skill the workforce to carry new business models in the post-pandemic era.
A thing to consider when planning educational enrichment for success and achievement in the post-coronavirus world; never ignore the significance of soft skills. Graduates must be able to adapt and adjust to the constantly changing nature of economies. It doesn’t only refer to ‘react’ to change but also embracing and engaging with it. Career resilience is crucial, also flexible enough to adapt to changing use of technology.
Fresh graduate challenges in term of careers and employment in this pandemic:
- Unemployment
Students who are graduating in the year 2020, will face a hard time finding a job, unlike other immediate seniors. Similarly, to the 2000 and 2008-09 market crash, the unemployment levels after graduation would be greater for cohort by up to 30%. The opportunities and chances were better and improve when started earlier.
- The job at first and later the choice
You may get to start quicker by taking risks and making more efforts. Due to pandemic, salaries might be lower by nearly 20% and there is a higher chance no not find the jobs in your preferred domain. For the time being, as a graduate, prioritise getting any job in order to acquire work experience and then shift domain after the market improves. The unpaid internships may work well too.
- Gaining digital skills
After a major crisis, there is a change in the job market. This time, the most seen change is a higher focus on online channel, technology and most importantly the digital skills which allow workers to effectively contribute remotely. Doesn’t matter what line of education you’re in, you’re unlikely to be considered without demonstrating comfort with digital tools in your respective field of work.
- Additional degree
A great option at the time of pandemic for graduate students is to acquire additional degrees and certification. Also, defer the entry into job market. This just won’t equip you better but also when market circumstances will change. So, pursue next degree instead of waiting for a long time period. Meanwhile, you can consider a job-worthy diploma in relation to the field in order to keep costs low.
- Online learning
Full-time course is more valued than online learning and is the best way to get occupied in this pandemic. Acquire certification and learn more. Simply know that ed-tech has become highly popular in the time of crisis with free or low-cost options. The benefit will be, in the next job interview you will be clearly able to distinguish yourself from other competitors.
So, the future career options can pave a risk to those who doesn’t have the ability to catch up with fast- growing changes in employment sector worldwide. The significant challenges and profound change, has leaved people clueless on the above questions, also what the future will get them to. But, to enhance preparedness and limit the damage, it is critical to know what the key questions are, formulate a view to mark the priority and continuously refine through new career information and evidence.
