Employment in Extraordinary Times: Employee's Market or Employer's Market?
In recent times, the economic world has been overturned by COVID-19, leaving many employees to become remote representatives for their organizations overnight and various businesses have battled to remain above water. Since the pandemic struck, organizations in various sectors worldwide have observed their revenues drop fast and steep - in some cases leading to the closure of businesses. Hundreds of organizations have found ways to avert significant impacts, for example, work from home arrangements, cutting back on employees, and obtaining aid from the government.
When the dust finally settles on the crisis, businesses are going to confront a new challenge; reconstructing our world economy, but will most likely be stuck in a situation of not knowing where to start. MIT SMR has identified several response tactics that will certainly aid businesses to kickstart once again. The most vital aspect would be to determine in which ways are the most impacted by the pandemic and how can these businesses turn misfortunes to their favor.
While it may be difficult to admit, COVID-19 has had a great impact on global markets, leaving almost every industry affected in some way and Malaysia is no exception in this situation.
Although businesses are struggling to keep afloat during these tough times, Bank Negara Malaysia’s announcement on a six-month moratorium has helped ease the burden for these businesses.
Regardless, even with relief from the government, it is predicted that many businesses will face great strain to make ends meet. Businesses may not be what they used to be, affecting right up to the end of the value chain- households.
At the end of the pandemic, many would have had to take big pay cuts, or worse still, lose their entire source of income as businesses shut down.
The nature of this crisis is such that some industries will feel a greater pinch than others- healthcare and certain technology and service industry feeling the least as it remains to be high in demand. Nevertheless, it is tough to tell precisely how everything will turn out and prognostications are no reason to cause panic although it is indefinitely obvious that this will fall heavily on almost all employees around the world as everyone is affected in some way.
One thing that remains however, is Hope. Times may be tough but it is completely up to us how we wish to treat time and turn it into a positive outcome. Here are some pointers as to how we believe you can turn things around:
· Be more open-minded to venturing into various industries – It is in everyone’s mind to land their dream jobs in their preferred industry, but time is such that we need to learn to keep an open mind. Opportunities are out there, and it is completely up to us on how we make use of them.
· Re-innovate the way things are presently done – In times like these, where companies struggle to stay afloat, employee performance is extremely important and plays a huge role in terms of cost-cutting. Being much more proactive at work helps employers see the value in retaining employees.
· Constantly strive and persevere for better days – Stress is almost unavoidable but a little stress is always good, it keeps us on our feet at all times. It is up to us to use it well and never give up on pursuing to stay above water during these times.
You can also check out this article for more tips and tricks as a job seeker during this pandemic.
Besides the above, Employment Hero has also shared their point of view on How can we prepare now that the recession is almost here, and what should we be doing differently.