Covid 19 Impact on business and jobs

Covid 19 epidemic & the lockdown applied by the Government to control its spread has had a major impact on the economy and business. Senior Executive jobs have also not remained unaffected from its effects. In the initial period of the lockdown, companies tried to hold on to their employees, both senior and junior.At least 41 lakh youth in the country lost jobs due to the Covid-19 pandemic while construction and farm sector workers account for the majority of job losses, according to a joint report by the International Labour Organization (ILO) and the Asian Development Bank (ADB).The preliminary results showed that loss of employment was considered as the most severe immediate impact of the crisis while lower economic growth and rise in inequality were probable long-term impact.Locking down has had a differentiated impact on industry sectors and corporate functions. From having taken serious hits to remaining relatively unimpacted and to actually gaining positive momentum, each sector and company have responded differently to it.Without any stimulus the economy might have declined by 12.4 per cent, the participants noted.Estimates of job loss showed that 80 per cent jobs were affected in urban economy, most of which were self-employed, 54 per cent jobs were affected in rural economy, most of which were casual employment, they said.The government had imposed lockdown on March 25, 2020 to fight COVID-19.It further noted that in India, two-thirds of firm-level apprenticeships and three quarters of internships were completely interrupted during the pandemic. The report calls on governments to adopt urgent and targeted measures to generate jobs for the youth, keeping education and training on track, and to minimise future scarring of more than 660 million young people. Senior executives need to prepare themselves for this change to stay relevantly employed in the future. On one hand, this may include a need for functional reskilling but more importantly, it will necessitate attitudinal retuning. If you have been an opening batsman for your entire career, you may have to settle in for a middle-order position or be ready for a coach’s job.We may no longer remain a leader of large teams but may have to deliver with lesser manpower and more technology. Organizations are likely to become leaner with flatter structures and the onus to fit in will eventually fall on individuals.The corporate job is likely to gravitate towards entrepreneurism, both in spirit and pay structures. Jobs in future won’t allow rolling down the sleeves, permanently.

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