Millions of enterprises face an existential threat. Nearly half of the world’s 3.3 billion global workforce are at risk of losing their livelihoods. Informal economy workers are particularly vulnerable because the majority lacks social protection and access to quality health care and have lost access to productive assets. Without the means to earn an income during lockdowns, many are unable to feed themselves and their families.
Job losses and salary cuts are likely in the high risk services sector, including airlines, hotels, malls, multiplexes, restaurants, and retailers, which have seen a sharp, fall in demand due to lockdowns across the country. If the current global and domestic economic slowdown persists, it will impact demand and realization.
Undoubtedly, with this covid-19 impacting the business around the country, it will create very challenging situations for the workforce. Companies are not meeting the revenue targets hence, forcing employers to cut down their workforce. The world travel & tourism council has predicted 60 million tourism jobs getting eliminated because of the pandemic. Not only the employees of multinational companies, but daily wage workers have been impacted the most during this crisis.
Employment affects during covid-19 pandemic
Pandemic affects on millions of jobs
The coronavirus outbreak led to companies across the globe temporarily downsizing operations and also making employees work from home. Amidst this, several jobs were lost in companies that were struggling to spruce up revenues or had to completely suspend business in sectors like hospitality, aviation and travel/ tourism. Laid off employees across companies told in many interviews that the employer was using chat platform call services to inform them of the decision. In several cases, the employee was being asked to resign on their own.
Pandemic affects on finance
About half of the workforce is dealing with financial stress, leading to $800 billion in lost productivity costs for employers. This is according to a new survey by Salary Finance, which found that 48% of employees are worried about money. Those worries cost the employee about a month of productivity per year. Financially stressed employees are also 2.2 times more likely to seek employment elsewhere. Seek out for the placement services several mid-sized and large organizations have the provision of placement services. This means that if they let go of an employee, he/ she is to be offered hand holding in finding a job.
For this purpose, companies take the help of placement firms who help selected employees find alternative employment. Hence, as soon as a company informs of a job cut decision, employees must write to the human resources team to seek clarity on whether professional employer organization services in India can be availed of. COVID-19 has squeezed the number of job opportunities open in the market right now. Placement agencies in India would be more equipped to help sacked employees find another job.
Pandemic affects on mental health
An often forgotten aspect when someone loses his/ her job is the mental health impact. During a pandemic situation like COVID-19 with a rapid increase in cases on a daily basis in India, losing one’s employment is likely to lead to anxiety and depression. Online counseling and therapy sessions are available on nominal costs for individuals who may want to discuss issues related to uncertainty due to job cuts.
Always seek professional help to tide over mental health issues during a tough time. Or get tips from EOR services firm by managing entire process for recruitment; selection becomes quite challenging and time consuming. Candidates need to invest a lot of time in preparing the process of Interview. Still sometimes they are not able to find out right job as per their work role. Alternative solution is taking help from a reputed manpower recruitment company in India. As, we at MME help thousands of job seekers all over the world who are still don’t know the procedure of getting selection in reputed organization, who are struggle in getting a right job.
