Coronavirus has already had disastrous impacts on every sector of the business and economic world, something the human race wasn’t prepared for. The news started from China and then in the blink of an eye, the whole world was struggling to fight the dangers that lurked so close to them. We have kept imposing stringent lockdowns and taking other measures to keep our necks out of the water, but in parallel, the collateral damage that has happened to businesses and economies all over the world has been unprecedented. This impact was so quick that had a ripple effect and became completely out of control before we could actually devise any solutions.
Out of all the concerns, one major concern is the aftermath of the pandemic. How will post-covid jobs be? How will hiring be done? Will there be a shift in skills and traits? Well, change is inevitable. The situation is still very dynamic but one thing we can definitely say is that the hirers and job-seekers will shift focuses.
- Full-time Jobs will see a drop and Gig economy will witness mainstream adoption
It is quite evident now that the jobs which do not add value to the organization could be quickly and easily removed or perished. The work of coordinators and paper-pushers would reduce to dramatically low levels, making their high-salaried jobs unjustified in the eyes of the business. On the contrary, the businesses are expected to shift towards hiring freelancers and contractual workforce to carry out more and more jobs they need. The companies taking lessons from the pandemic will now look for reducing their fixed overheads and find ways to outsource all kinds of jobs except the absolute core jobs that have a direct impact on the business.
- Remote and digital working will become the new norm
People have been working remotely for quite some time now and this trend is here to stay. Remote working, also referred to as “work from home” will change companies’ expectations as well as the behavior of their employees. More emphasis would be put on technology development to sustain the remote working as well as remote schooling or training of employees. It is also possible that homes may start having a home office to qualify for jobs in the future as almost everything that needs physical connect seems to be replaced with digital connections. Social distancing will make a long-lasting impact on general social behavior for a longer period.
- Salaries will become unfixed
One obvious thing the businesses have learned during this time is to keep control of their unyielding assets and prioritize cutting costs. As a result, they will not be able to shoulder the burden of taking care of employees after a certain extent. With the rising competition, rapid growth, and extravagant costs, more and more companies are being forced to cut down their profit margins. Salary corrections are expected to happen across the spectrum and across all horizontals and verticals. It may not be what one expects, but it is what the market can afford right now or for maybe the new future. In such a scenario, the only viable option left for them is to look at adding variable salaries to a clause that will take care of sudden and unprecedented cuts that may be needed for the companies to sail through similar circumstances in the future.
- Value perception will increase
Job titles and will reduce in name and real value will be demanded in every vertical. Three values will be strongly established before creating a job:
- Accountability to increase revenue
- Accountability to provide value-added regulation and governance
- Accountability to optimize costs
- New jobs of different kinds will be created
Pandemic has snatched millions of jobs but new ones will get created soon. Healthcare and wellness sector will see a tremendous boost, leading to more jobs. along with that, the new digital and tech-friendly economy will birth more jobs for technology professionals.
Another major change will be ‘localization’ as the travel possibilities in the reduced global trade are limited, local economies will get a boost and re-emerge, creating small job opportunities which were earlier thwarted by rapid and massive globalization.
- Asian economies outside China will see an increase in manufacturing jobs
Jobs outside the world’s manufacturing hub will take up space now. Companies will get more skeptical and will now start investing and building local manufacturing capabilities only in countries they trust and that have lower costs and better efficiency. With all the chiding China has invited upon itself regarding the virus, manufacturing will start moving out of China to South Asian countries creating more related jobs in those geographies.
- Fitment will overrule qualifications
With the growing dynamic environment, the businesses will now prefer to hire people with increased focus and the right attitude to learn any new skills faster than others instead of those with higher qualifications. Paper Degrees will not matter as much as they did earlier and instead of banking on their degrees & prior experience people would learn quickly to fit into new jobs and start in new jobs afresh.
- Reskilling & e-learning adoption shall emerge even faster
Needless to say, companies would seek candidates with the ability to learn any new skills quickly as almost every business will need to pivot in some way to adapt to the new emerging trends. More hirers would be interested to invest in helping their current workforce learn new and advanced skills rather than creating & hiring for full-time jobs that may get the redundant time and again with the emergence of new needs & technologies. Hence, reskilling & up-skilling will be another new norm affecting the job market, in-turn enhancing the rapid adoption of e-learning tools & platforms.
The outbreak has thus forced us all to rethink and re-phrase our priorities. It has forced economies into taking perhaps the most significant social experiment of the future of work in action. The growing work from home and social distancing trend is likely to remain in markets post-covid as well with work policies and ethics radically changing the way we interact. The impact is far more profound than just changing where we work as it also fundamentally affects what work we do and how is it done.