A disease that knows no boundary and a disease that couldn’t be seen is completely devastating the entire world – the Coronavirus. Nowadays, we couldn’t deny the fact that this crisis has lead chaos to different parts of the world, and it couldn’t be stopped yet. With this, almost everything, and everyone, is indeed affected. From health to education, to economy and to many sectors of each society, no doubt that its impact is more than what you’ve ever realized.
And in this trying time, you might not stop to wonder, what would happen next? What would lie after all this crisis? And this has a great effect on your career too! In this post, let us tackle things that you should be aware with regards to career topics during this COVID-19 pandemic.
Career Predictions During This Pandemic
Now, let’s take a look at how this pandemic greatly affects society, particularly the career status of each and every one. It is indeed creepy to think that this coronavirus outbreak leads to a recession in the economy of almost every country all over the world.
In fact, the stock markets are almost hitting the lowest point and many businesses are beginning to lay people off. And during this said recession, more than half of the jobs are at risk, or worst these jobs might be gone completely.
So, what if it includes yours?
Well, the thing is, it is not just airlines, schools, hotels, parks or entertainment events which are laying off the people right now. However, it also includes the coffee shops, restaurants, bookshops, laundry, and dry cleaning places, and hair salons that don’t have anyone to offer their services to, since everyone is under quarantine.
Besides, both the demand and supply is down for the entire economy, making it a hard time for everyone.
Take note of the industries below that might have moderate and high risks of layoffs and you should be ready if in case your career during coronavirus could be at risk too.
With the current situation of the economy due to this pandemic, most companies have responded with cutting hours and overtime pay, furloughs, freezes hiring, and worst layoffs. According to LinkedIn, layoffs that are associated with this economic slump due to the pandemic are beginning to appear across the workforce, having reports that come in from the retail, shipping, and travel sectors too.
Moderate Risk of Layoffs
- Manufacturing would be a bit hard due to the broken supply chain. In this globalized world, most countries would depend on one another for raw materials as well as various elements in the production process. If people around the world stop going to work, and if the borders begin closing, some parts of the production and supply chain are lost too.
Therefore, most manufacturing companies will start cutting expenses, and one of the ways to do so is to consider layoffs. Manufacturing companies might begin doing so since there is also a decrease in demand from other businesses or the society in a broader sense.
- Food and Retail. There are millions of people working in the food and retail industry. If people stay at home and begin to start saving up, those hourly jobs might be the first ones to be at risk. And with certain protocols required during the crisis, there is no doubt that there will be a lesser chance for these industries to remain fully operational.
High Risk of Layoffs
- Hospitality and Leisure — If there are no flights, then there is no tourism too. Most hotels have already lost billions equating to a million job which already have been or would be eliminated.
- Travel and Transportation — There was a cancellation of thousands of flights all over the world. If not all, most airlines might be bankrupt by the month of May. So, many airline personnel and flight attendants would be left without a job.
- Sports Industry —. College sports careers and individuals having college scholarships are the jobs most at risk.
- Help Services — There are many care service jobs and construction works that might be lost since people around the world begin saving up and letting go of those non-essential services.
- Oil Drilling and Extractions — Because of this pandemic, oil prices are at an all-time low. Some speculations said it might fall below zero which could cut off many careers in the oil industry.
There is a chance that because of this crisis the world is facing nowadays, the above industries are definitely at risk, and so as you and your corporate career too.
How to Deal with This Coronavirus Outfall?
Yes, things are hard these days. But, the only thing you need to do is to definitely be prepared. To give you some tips, consider these five ways on how to battle this kind of recession:
1. Prepare for the Worst
This is definitely the right thing to do. Look at your corporate finance career and the risks presented above. Is your career during coronavirus at risk? If yes, then you have to take measures immediately. Maybe, you qualify for some government benefits or for Unemployment Benefits. Then, calculate the money you are supposed to get as a benefit.
For those who own a business, or if you are a freelance, you might create what-if situations using the worst possible outcomes that you can ever imagine. It is best to account suitably for a decrease in customers or working hours.
And after such an assessment, you can calculate the amount of money that you will need in order to survive until you could find a new job, after this coronavirus crisis.
Also, it is recommended that you stop funding the retirement plan and begin cutting back on certain expenses. Instead, look for better deals on subscription plans such as insurance, telephone carrier, and energy bills. Spending more on online games or casinos must be lessened. You might consider no deposit bingo too. This would indeed help a lot. Yes, it is not easy, but it is necessary.
2. You Have To Be Extra-Valuable to Your Company
Though you think you are good at your job, if the bosses begin to lay off people, then being good doesn’t guarantee you at all. Instead, you need to be indispensable. It is important that you build a superb reputation. In times of such uncertainty, most companies would want to keep the people who add the most value and couldn’t be replaced.
Even if you are working from home, you should think of going above and beyond right now.
3. Begin Growing an Emergency Fund
It is recommended by experts to have at least three months of expenses kept as your savings. You should start putting these savings away for rainier days. Exchange rates might start plummeting and savings rates are as well low.
Soon, there could be no enough funds for investments and also foreign goods might be more expensive as well.
4. Try Paying Off as Much of Your Debts as Possible.
Since interest rates are so low and the economy is going down, try taking care of your debts too. It would ease up the credit score and might allow you to borrow again once your income gets lower during this crisis. Refinanced a mortgage which is at the highest interest rate to a better deal.
5. You Might Also Consider Switching Careers.
It is a fact that our economy now is very uncertain. No one knows what would happen next. So, many would be considered career switchers. Yes, you might have done everything you can in order to maintain your current job, there will still be a possibility of getting laid off because of this pandemic. That is why always be prepared in case you need to change careers.
Learning some new skills or taking online courses in other industries could help you a lot, particularly now that you have ample time at home. In fact, now is your chance to learn the skill you’ve been wanting to learn for months, yet you didn’t get the chance at all.
If in case you are not sure about switching careers, there are things you should ask yourself which include:
- Is the industry you are predicted to cut down jobs because of this coronavirus?
- What are the future prospects of the industry you are in during this recession?
- And, do you have any other skills that you can put into use which would help you in the transition?
It is important to really think about your answers to these questions before deciding whether to consider a career change or not. Any other career option must be considered.
So, these are just some of the best tips that you should at least consider in order to be prepared for whatever might happen because of the coronavirus pandemic affecting everyone all over the world.
How to Choose a Career or Job During This Pandemic?
If in case, you’ve decided to change career, or you have been laid off, or whatever reason it may be, finding a new job amidst the crisis must still be a priority on your part for your career development. With this, there are number of things that you could do to help you find a new job during this unwanted situation.
Searching for a job seems to be a lot harder due to the coronavirus these days, even if you have help from national careers service. Nevertheless, stay proactive and positive about looking for a job during this crisis. Here are some ways to consider:
- Involve your network —We all know that this is a difficult time and everyone wants to help. You can let your family and friends know that you are looking for a job and simply tell them about the kind of job that you want. They might notify you if they know or hear of anything. You can also ask them if they are willing to make an email intro to people who work for a company or to the hiring manager. You shouldn’t hesitate to reach out to former bosses and colleagues about the openings of some companies.
- Take on a temporary gig or be a freelancer — For those without a job at this time, applying for a temporary gig or freelance job to pay your bills. It might lead to a full-time job once you impress others. It’s also best to gain in-demand skills. Or in case you are working on jobs, you can do from home, most employers are into looking for individuals who are known to be self-disciplined along with superb verbal and written communication skills needed to communicate with clients and colleagues remotely. They might be looking for an efficient and organized one too.
- Practice job interviews through phone and video — Since many people, today are working remotely, most job interviews are also done by video and phone. It is more challenging to have such kind of interview since it might harder to interpret the reaction and have a natural flow of conversation. Besides, it could be a lot trickier to do a video interview making it a bit awkward to be on camera. So, in order to stand out, you have to learn the ins and outs of these kinds of interviews.
- Show off what you’ve got — In whatever job, there will be a competition. So, it is best that you up to your game now. The first thing to do is to prioritize those jobs which have been posted recently as it’s a sign that the company has a current role that should be filled. You should stay confident even you couldn’t meet all the qualifications required. You can use your resume and the cover letter to show off what you’ve got.
- Customize the application for each job — For your job application gets seen, it is important that you spend more time on each resume and cover letter. Though it takes more of your time, still it’s necessary to modify them for each of your job applications. When applying for work from home online jobs, the application might go into ATS or software which review the resume and identify if you would fit the qualifications. Well, the secret here is written on the job posting including the job title, the skills, and the responsibilities.
Even in this kind of crisis due to a virus outbreak all over the world, it is important that you shouldn’t ignore your career at all. You might consider the above-mentioned tips if you plan to look for a job during this pandemic.
The said coronavirus doesn’t only pose a threat to one’s health or one’s life, but it also leads to a global recession that has a big impact on your career. It is a difficult challenge to adjust to the job market during these times of uncertainties. However, it is important that you should stay focused and always be prepared for what is inevitable. Sooner or later, after this catastrophe, you’ll still get a chance to improve and develop your career. So, stay safe yet keep going!
How about you? Share your thoughts about the effects of this pandemic on your career by leaving your thoughts in the comment box!