The outbreak of Coronavirus has set off a chain reaction across industries taking the world economy into probably what can be called the worst recession so far. Various sectors like travel, hospitality, BFSI, supply chain, and logistics are getting hit due to social distancing and lockdowns. The effect of 2008 depression can be felt again and possibly more this time. This will have an adverse effect on employment as organizations will now re-evaluate their current business position. The initial wave of unemployment has already hit due to a lack of demand and limited cash flow in the economy.
Due to the lockdown in India, the number of unemployed people increased from 32 million to 38 million in March, said a report released by Centre for Monitoring Indian Economy (CMIE). The unemployment rate crossed 23%. Many small and medium businesses have already started layoffs and furloughs. Organizations have become more cognizant of the money spent on human resources and deploying methods to simplify hiring through remote recruiting. Even though there’s less demand for workforce, this situation will prove to be an opportunity for jobs in some sectors.
Jobs in demand during this pandemic