Would Covid19 Create Havoc In Employment?

Since the outbreak of Covid 19, we have been hearing about how this would result in layoffs, job reduction, recession which would be worse than the earlier ones and so and so forth. Well, let us think through it differently and logically.

The survival of any business depends on the below key parameters :

  1. Financial stability of an organization – How strong is an organization in terms of Liquid Cash?
  2. Business model and business plan of the organization – How lucrative and sustainable is the business model and plan of the organization?
  3. Type of services/products offered – Does the product or service have a USP or it is just one more addition in the whole array of similar products in the industry. 
  4. Existence of a lucid business continuity plan – Does the organization have a strong plan to fight adversity?
  5. Having a Plan B for survival – Does the organization have a Plan B if at all Plan A does not work?

If all the above parameters are affirmative, what we get is an absolute STABLE Organization and that’s the organization which would survive any adversity.

The next question that arises is – Are only Larger MNCs ‘STABLE’ in terms of the above 5 parameters or there are few startups as well who fall under the same category?

It is a myth that only larger organization has stability. There are many startups as well as medium sized companies who are extremely stable and have a strong Business Continuity Plan. We have read inspirational announcements from organizations in the recent past which are real moral boosters. Citing few here :

  • Flipkart assuring employees that even if its a tough situation, no paycuts would be made and appraisal would be done
  • Big Basket hiring 10,000 employees
  • Start Ups such as Nykaa receiving funding

AND MANY MORE….

So, the situation is not that bad as we think. That being said, there would be few sectors and segments which would be impacted but that doesn’t mean end of employability. Few sectors which would survive and thrive even after the Pandemic are :

  • Healthcare & Diagnostics
  • FMCG
  • Hotels/Restaurants
  • ECommerce
  • FinTech
  • IT Product
  • Manufacturing

So essentially, all type of job would survive. For e.g., If an IT company is laying off people, it does not mean there is not job in the market.

The need of the hour is to analyse and understand the skills of your respective role in different segments and prepare for the same. Spend this slow time in upskilling.

Published by ZMC

The ZMC blog encapsulates the recent trends in People and Culture across organizations/sectors and spreads awareness across the HR Community, leading to the formation of a superlative People Strategy. We would share our experiences through this channel as well as share insights on key topics prevailing in the industry. We aspire to share knowledge and leverage best practices through this blog.

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