Impact of COVID-19 Pandemic on Internships & Placements , How to deal with the Coronavirus outbreak?
In the history of the world, whenever a worldwide economic crisis has been reported, the effects are explicitly observed in the employment process of every country. In the wake of the ongoing pandemic, the impact is predicted to be immense enough to engulf the existing jobs of thousands of employees in India and this will drive more uncertainty of jobs in the country.
Let’s discuss how the employee-employer relationship works during this crisis and what does the demand-supply of employment procedure signify!
During periods of recession, the demand side, which engages in the recruitment process of organizations, cuts recruitment due to financial crunch for smooth operational workflow.
For example, if a company of 100 employees faces a revenue shortfall, it begins to lay off that portion of the workforce that falls under non-essential operating flows. Rest of the essential staff are kept to keep the company running.
Let's say 1000 people are looking for jobs during this period and thus fall under the 'supply' category. Competition intensifies when 1000 more unemployed people are added who have just been fired from their pre-existing jobs. Now 2000 people are struggling for some essential jobs which still remain in the companies. This is where the trouble arises for the unemployed segment of the society.
Why do we need to worry? The world faced a similar situation during the 2008 economic crisis (The Great Recession), when primary businesses suffered a slowdown in their economic activity. Globally more than 8 million people lost their jobs.
Therefore, the Great Recession Period still marks the consequences on the economy since it has begun.
Therefore, the period of the Great Recession still marks the consequences on the economy since its launch.
These graphs illustrate the difference between the economic impact of 2008 and 2020. The difference between the two is clearly noticeable as the 2020 stock market curve appears to be much steeper than the 2008 curve.
There may be an inclination towards the curve. Be cyclical but unfortunately recession is inevitable. The 2020 recession is predicted to be stronger than the previous one, which could have a strong impact on the country's rising unemployment. It is possible that the IT sector may experience a sudden economic decline in 2020 as the IT sector in India has expanded significantly since 2008.
With the fall in revenue, companies like the hospital sector, travel industry, food and beverage industry are going to have a huge impact on their economy. Firms like MakeMyTrip and Indigo have announced a cut in salaries of employees due to the COVID-19 lockdown.
The operational teams of organizations will be affected to a large extent by the pandemic lockdown, but technical teams of firms are expected to be affected in a similar manner. However, the repercussions could be dire for the technical departments of Indian firms.
The gravity of the situation is yet to be realized, with Moody's projecting India's GDP growth to fall from 5% to 2.5%. As a result, the process of layoffs continues to increase and more people will start looking for employment.
Competition should increase manifold as freshers have to compete with experienced but unemployed people as well. There is a possibility that many companies may suspend internship programs as a way to reduce costs.
What are the measures to be taken to deal with the situation? Do we need to stop to survive the crisis? Should we sit on our hands demotivated?
Learning from the History
History proves that a pitiful crisis has always led to some important inventions. Newton is known to have discovered gravity when a great plague struck London.
The Great Recession or the dot com bubble burst has seen many companies like Netflix, Citigroup, PayPal, Amazon, eBay, etc., become stronger than ever. These exemplary moments show that the hard times are not to lose hope but to skill ourselves at every step.
Every Cloud Has a Silver Lining
To deal with the corona virus pandemic, we need to take preventive measures and never give up on a critical situation.
Boost your Immunity
by taking a balanced diet and intake of food rich in nutrients like Vitamin C, Vitamin E, and Zinc. Start your day with regular exercise.
Follow a Schedule
Which covers all your routine and prepares a goal plan for the lockdown period of 21 days. Work strictly on the objective of completing it before the deadline set for you.
Choose Remote Freelancing
Work to enhance your experience as a programmer and improve your resume. Gain a similar internship experience by working remotely with technical fields.
Up-skill your Knowledge
By learning new concepts every day. Differentiate yourself on the basis of skills to be industry-ready to compete with more job seekers. You can hone your programming skills by attending Coding Blocks' live classes to get a better user experience by bringing the classroom to your homes.