Indore: Every recession has presented numerous challenges and has ushered an era of opportunities. New-age industries will sprout and shape the consumers' behavior for decades. The COVID-19 crisis will be a catalyst to unprecedented changes in every industry.
Every industry will be forced to reform and restructure in order to transform into the new realities that will emerge. Atul Bharat, Group Director, Career Development Cell, Acropolis & Founder, APlus Staffing & Indore Entrepreneur Network said while addressing a webinar on Saturday. The webinar was organized by Indore Management Association Student Chapter under its webinar series Unfolding Secrets: The IMA Way’. The topic of the webinar was ‘What Nex-Job Market Impact of Covid 19’.
Bharat started the session by stating that Covid-19 will change the way the world works, just like the Great Depression, dot.com bubble and the 2008 financial crash did in the past. The question on everyone’s mind is, ‘Will things go back to normal?’
He said; Things will never be the same again. Let’s be clear about it. The next 12 months will be difficult. Many businesses will struggle, some may even die. But as with economic adversities of the past, new industries will emerge bringing with it renewed hope of recovery. Eventually, things will go back to normal. Just that we’ll have to change the definition of normal.
The recovery of the underlying economy will be slow, and it will take around 2 years for normalcy to come back across sectors.
Impact of Covid-19
1. COVID-19 prompts freezing employing and delay in joining dates.
2. Corona virus powers organizations to restructure a huge number of occupations. An occupation loss of 5 to 25 million.
3. Here are some top employing patterns we are seeing during the progressing pandemic: Businesses encountering significant repercussion
4. Industries experiencing major ramification.
5. Indian tourism and hospitality industry is staring at a potential job loss of around 3.8 crore, which is around 70 per cent of the total workforce, due to the Covid-19 impact.
