As the economy has been going down drastically, the World Trade and Development said that the coronavirus pandemic might cost the global economy USD 1
As the economy has been going down drastically, the World Trade and Development said that the coronavirus pandemic might cost the global economy USD 1 – 2 trillion in 2020. This downfall has already started affecting several areas of our country as well.
As most of the jobs are now limited to work – from – home, the companies are seeing a decline in revenues, falling demand and eventually job losses and more than expected unemployment.
This sort of situation was never faced by any of us, and now the industries, start-ups and businesses are taking their employees into an uncertain and scary ride. Tourism is the most affected sector in this global lockdown. Fuel is most saved in this period which is a good thing from the environment point of view but not the economy.
Other sectors that are severely affected are Aviation, Hospitality, Retail, Entertainment, Logistics and financial services.
Economists say that the economy can be worse than “The Great Recession” of 2008. Some economists say that the pandemic will be a depression in the economy in the near future. Even if the lockdown is lifted from different companies, the functioning of it will not be the same as before.
It will take 6 to 9 months before things start going to normal. There is still a huge question mark on how companies will operate and what challenges they have to face for it.
COVID – 19 has led to companies frozen the process of hiring employees until the economy is stabilized. Some of them are recruiting in a bid to reduce the pace of the business slowdown.
Now, what are the extra skills you will require post COVID – 19? Well, it will be definitely very different from the usual ones because things are not going back to the original normal anymore. Let us check 5 of them:
Interviewers will start testing your emotional quotient more than your intelligence quotient as that is critical and a key skill to differentiate between candidates. In these difficult times it is important you make decisions calmly and how you deal with them. They will also see it is not only intellectually right but emotionally as well.
Courage of conviction
Companies are likely to have candidates who have the courage of conviction. They would like to have people who are calm and composed in their thoughts and don’t fear making decisions. This time will expect leaders to take the bull by the horns and need to stay the course.
This job skill is common in every era of jobs and the corporate industry. Systems change and employees need to adapt to it. Most of the strategies which were planned before the pandemic have failed, so it is time that you start adapting to the new system of the company.
Due to less demand, employee roles have merged, so those who can adapt better and wear multiple hats at the same time will be more successful. It is time to show your multitasking abilities to your company.
Risk management and cost prudence
It is important for leaders to understand risks and mitigate them. Along with that, they should also know when they need to be cost prudent.
Maximum decisions have to be taken based on balanced business fundamentals, traditional risk management fundamentals. At such tough times, the companies that have cash in their balance sheets are the ones that will survive.
Companies who have cash in their banks are more likely to survive this pandemic and global economic crisis. That sounds like an economic prediction; let’s make it simple for you.
If you’re working in a company that has enough cash to run themselves then you won’t be fired for this pandemic and if it is the other way round, your job might be at risk. Our ancestors’ advice of conserving cash and building savings can’t be any more true.
Age is just a number
Age is of the least importance now in this crisis. Companies are looking for extraordinary leadership skills on the part of C – level executives. They currently won’t consider the criteria for age but experience. Shakespeare’s quote from Julius Caesar is a perfect example of this, “experience is the teacher of all things”.
Artificial intelligence and big data have become a huge part of our lives and even more for IT companies. As the technology is advancing, more and more engineers are rooting for these streams and make their career in.
Post – corona is going to be more tech-driven as there is a shift of office workspace from a building to your home in a second. As the companies are preparing themselves for any other future outbreaks, augmented reality or virtual reality and robotics is becoming an emerging skill required in the future years to come.
Creativity and Innovation have always helped mankind when it comes to saving as many lives as possible in this pandemic. Examples like a ventilator divider, doctors treating patients virtually, and shift to new products (like turning local buses into hospital beds) have helped cure a lot of lives. Such innovative ideas are the need of the hour.
With the right amount of data, companies can predict the impact of coronavirus on businesses and how they can fulfill customer needs. Hence, data literacy is another important skill for the current situation so that you can help your customers.
Lastly, critical thinking is necessary when there is so much spread of fake news and misinterpretations. You must know to objectively evaluate information from a variety of sources and determine what is credible.
Other common skills rising these days are digital marketing, coding, web development, and mobile app development. It will give you a good chance to get a job post – COVID -19 as they are high on demand. Till then you can keep learning new skills for your career and improve your resume for a job in the industry you like. Good luck!