Covid Impact on Job Market

Year 2020 will be remembered for COVID 19 and its impact on global economy inward to outward, Market: Lockdown and unlock, Environment: Carbon footprints, fear of virus and many more. But Corporates and employees will certainly remember this for new words and there evolved meaning by experiences. Lockdown, Quarantine, Pandemic, Coronavirus are amongst the top search words on Google. WFH is new normal, Gig economy has added flavors, Tier 2 and 3 cities have seen people coming and few of them working(WFH) seen impact on wages.

Despite furlough, pay cuts and layoffs there are some silver lining. Few folks (especially IT or dependent) went to their hometown and have been working and will most likely to work for a major part of the next year (till the time the vaccine is available) as well. They saved money, stayed with families, enjoyed festivities and work flexibly. This has created a dialogue on retention, productivity, team spirit, culture and interestingly access to more talent from an unattractive habitat of talent.

Virtual interactions, WFH, cost and productivity based jobs are deciding elements to route jobs to small cities, talents and even employers are finding this a good option. Gig economy is an old concept but technology and now this pandemic has added a new dimension and new life to it. Skills from regions and cities that were not job magnets may get more opportunities but it would be interesting to see whether this would be really a model that will define these cities.

India is technically in recession now, consecutive second quarter negative growth is not surprising, and Q3 and Q4 forecasts are in sync with Q2. Vaccine launch, latest FDI investments and few sectors results e.g.FMCG/D, automobile, retail and Ecommerce shows strong signs of faster recovery. Technology will play a pivotal role in identifying talent. AI/ML technologies will see good traction. Talent and skills will have premium and corporates will be considering skills, productivity, cost and employee soft skills.


Tags: HR Payroll, HR Services, Manpower Solution, Requirement, Workforce Solutions

Author: Mayur Saraswat
Published Date: 28th Dec, 2020

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