An Indian Institute of Technology (IIT) topper, a communications professional and an engineering graduate went through phases of self-doubt and despondency after they were laid off from their respective jobs at different times before and after the 2008 global recession. However, instead of wallowing in self-pity, they honed their skills and eventually found newer callings. Several others who went through a similar ordeal now look back at that time as a turning point in their lives. Many got lucrative jobs later while some others turned entrepreneurs. They realised the job losses were not a reflection of their professional skills, but a result of prevailing circumstances.
The coronavirus outbreak is proving to be a similar test for employees across industries. The unemployment rate in India zoomed to 26 percent in the third week of April compared to 7-8 percent in the first week of March, according to the Centre for Monitoring India Economy. After the nationwide lockdown was announced, the rate had spiralled to about 24 percent by end of March.
Recruitment consultant Randstad India estimates that about 70 percent of the workforce in travel and tourism could lose their jobs because of Covid-19. Other sectors that have been hard hit because of the pandemic include manufacturing, and auto and retail, which have already begun downsizing. More layoffs could be expected in the coming months, across industries. However, experts say if employees get the pink slip, future employers will understand that this is a result of external factors, and not necessarily their performance. In fact, the silver lining is that sectors such as health care, pharmaceuticals, ecommerce and e-learning, for instance, are expected to see more recruitment despite the economic repercussions of coronavirus.
Bu hikaye Forbes India dergisinin May 22, 2020 sayısından alınmıştır.
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Bu hikaye Forbes India dergisinin May 22, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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