COVID 19 – Disrupts the global job market

covid 19

The Premise

The corona-virus outbreak presents hurdles we haven’t seen for ages. This crisis will seemingly be with us for several months to come. During this trying time, the health of people is of the highest priority.

While the world is still bracing for the real impact, it is the responsibility of each individual to acknowledge the impact this crisis will have on all of us. While at it, the job market is no exception. We cannot shy away from the fact that COVID-19 has altered the job market overnight. This global disruption has severely crashed the economy and job security.

The COVID-19 outbreak is a generation-defining moment. It has also become more evident that when this passes, we will have a job market built on new premises. The disruption will cause game-changing ramifications. While we will have specific sectors and workers that may benefit from this tragedy, we will have many workers lose their jobs.

Due to the ambiguity around coronavirus, the world is going to see hiring freezes along with extensive layoffs.

While the governments are finding ways to come out of this tragedy, let us analyze the impact of COVID-19 on the future of jobs:

Corona

Pay disparity

Our daily life is dependent on a lot of people that are underpaid and have a low standard of living. The burden during this crisis lies on the shoulder of many such workers. Applauding them from our balcony is excellent, but we haven’t acknowledged them enough in terms of their pay. This pay gap will decrease in the future.

Work from home policy

It took a pandemic for companies to discover that employees can be just as productive from home. The compulsion to work from home has led to an increase in autonomy and flexibility for employees. Companies have now realized that they can tap into a larger pool of talent and not rely on HR.

Reduced full-time jobs

Jobs that will not add value and high salaried jobs that do not justify their cost will perish in a jiffy. Companies will hire freelancers and contractual employees to reduce their fixed overheads. They will outsource everything except core jobs with a direct influence on the ROI.

To sum up!

The Corona crisis acts as a catalyst showing the cracks in our system. It offers a moment of opportunity for entrepreneurs worldwide to innovate and come up with disruptive ideas.

 

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