Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.                                                                                                                                                                                                                                        –  Dale Carnegie

INTRODUCTION

The Covid-19 pandemic has brought the entire world to a standstill, affecting businesses across the globe.  This lockdown has resulted in the closure of many industries, resulting in companies struggling to retain their employees. In these difficult times, organizations are trying their best to balance humanitarian needs with cash flows.

This pandemic has also impacted campus placements adversely. For many students, including those from premier institutes like IITs, employment offers have been withdrawn amidst fears of an economic slowdown. While 66 percent of students have not received their offer letters, for 44 percent of students with job offers, joining dates have been deferred, according to a recent report by job search website Naukri.com.

With COVID-19 cases continuing to rise, there is no clarity on when this pandemic will be over and when we would be able to resume our routine work.  Even if companies do manage to survive and sustain this uncertain period, under the present circumstances, fresh hiring is sure to take a backseat. In fact, Companies have started focusing on CSR initiatives, partnering with NGOs, government panels, or local initiatives to help out people that require support or resources.  This will not only help society revive from the effects of COVID-19 but also help in establishing their entity as conscientious and understanding its social responsibility — also resulting in strengthening their ‘brand’.

METHODOLOGY

My experience in the field of Human Resources has laid the foundation of this Article.  To have a deeper understanding of the impact and way forward, I have reached out to reliable material and credible data available in open source to bring in more clarity.

KEY FINDINGS

No 1

One of the biggest impacts this pandemic has brought about is employment transgressing geographies. According to a recent update by the International Labor Organization (ILO), between April-June 2020, the world lost almost 400 MN full-time jobs due to the pandemic. Almost 59 percent of full-time jobs have been exterminated in the APAC region, while South Asia accounted for 110 million of the total 235 million full-time jobs lost this quarter.

Unemployment turns out to be the second biggest concern around the world, as the novel Coronavirus turned out to be the first concern. However, a total of eight countries have now seen Unemployment replace COVID-19 as their chief worry since April 2020. France and Israel are the latest two countries to see job losses take over from the coronavirus in the first place. Many in the hospitality, travel and tourism, transportation, and related industries are facing the brunt of the pandemic and are forced to lay off employees (mostly daily wagers). Other fields facing this issue are restaurants, bars, cinema and theaters, and logistics/manufacturing companies that deal directly with countries that are currently on lockdown.

Small and medium-sized companies which can sustain for a few months on the resources they have, are not firing their current employees, but have frozen their hiring cycles until there is any more clarity on the situation.  According to ‘People Matters’, the overall hiring process is likely to witness a 60-65 percent drop; interviews will get delayed especially in services sectors due to fewer resources. Along with that, leadership hiring is seen to be frozen for the next six months.

No 2

Giants like Amazon and Walmart are hiring in bulk to keep up with the sudden rise in their demand worldwide.  Healthcare services, for instance, have seen a 35{828d3c3f61672f5f3f915e8276d5ef35c5e0117d26b89f98a9d5e22a85a2eb78} hike in demand for employees, according to a report by ‘LinkedIn’.

No 3                                               

Not surprisingly, most college students are missing out on traditional internships this year due to COVID-19. About 22 percent of employers said they were canceling internships entirely, with another 19 percent undecided as of May 1, according to the latest polling from the National Association of Colleges and Employers (NACE). As companies adjusted their summer internships to meet the new reality, HR and front-line managers took on the challenge of how to remotely incorporate students into the organization’s culture. Organizations that had invested in remote work long before the appearance of the coronavirus were perhaps better prepared to transition to virtual internships than those that had not, but all employers had to adjust their practices in some way to develop and run effective virtual programs.

CONCLUSION:

The fact and the reality is that we need to continue our life with this COVID19 situation for an unknown period of time.  In other words, COVID19 and our day-to-day life will co-exist parallelly.  We will start our life back with new ways to adjust to the current scenario which has been now termed as ‘New Normal’.  In just a couple of months, things will be back on track with companies facing a debt trap, some companies locked out, new companies in the market, some products becoming obsolete, and some new products becoming mandatory for life, etc.  We also need to appreciate that COVID19 has tested many relationships and brand-images of companies.

Key changes that will drive the future of any organization are:

1. Companies will have three categories of employees.
   1. Employees who can be told to Work from Home fulltime.
   2. Employees who are required to be in Offices fulltime.
   3. Some employees may be asked to Work from Home as and when required.
2. The above categorization of employees will bring down the day-today operation requirements and thus result in cost-cutting/saving.
3. Employees’ skill sets and attitudes have been tested during these hard times. Employees who had displayed flexibility and a greater sense of business will hold an edge on other employees forever. 
4. Employees with diverse and additional skills will be preferred.
5. Automation of the process will happen in the non-technical area also.
6. During the dark clouds of Lay Off/Shut Down, there has been considerable growth in some sectors like Pharma and Crisis support Industries. Focus on these sectors for fresh hires will be a good option.
7. Campus/fresh hiring will be hard this year and thus brings a lot of uncertainty for the graduating students. Some companies have deferred joining dates for students while others have canceled employment contracts.  This year, campus hiring has come to standstill.  Some ways to mitigate the current scenario: –
   1. Join for higher studies in areas of interest.
   2. Add additional skills which can complement basic studies.
   3. Look for jobs in various platforms like LinkedIn, Consultant, and Job Portals.

Prepare to

1. 1. Improve skills that can make one presentable for online interviews and assessments.
   2. Get resumes improvised to meet the requirements of the potential employer without diluting core competencies.

8. The internship is one of the key areas which has got affected. Companies have not been functional in full capacity and with a lot of restriction around, the easy way for companies have been to say NO to an internship.  In the days to come, the internship will have a new dimension.  We may see Virtual and Remote Internship.  In a Virtual internship, the students will go thru online sessions while in the case of a Remote internship the projects will be award with Mentor from the company to guide/assist.
9. Paid Internships may not be available for some time and hence one should be ready for a non-paid internship. An internship is actually a stepping stone for deep learning in the real world.  Look at the Internship as an opportunity for moving ahead in these hard times.
10. An internship is a route for permanent placement in the coming days. The seriousness displayed will matter a lot, apart from the learning for which the internship is meant for.

Struggle brings refinement in life and makes one stronger.  Face the Challenge to move ahead and only if one decides to move, things will start moving! It is thus famously said, “When the going gets tough, the tough get going”.

By   

D Ravi Kumar, Partner, Theia New Consultancy