Here are 5 ways that Coronavirus will impact the job market for current and aspiring graduate students. The better you understand this, better it will be for your jobhunt strategy.
Covid 19 toll is increasing day by day on the whole world. As we adjust to this new normal, here are few things to keep in mind for MS and MBA candidates.
Coronavirus job search impact
Apart from the learning impact which is happening as classes are being conducted virtually, there is a fear how badly coronavirus will affect the job hunt. As we all know, Coronavirus will leave behind a massive global recession. This means that whatever you are used to in your job hunt strategy is going to be questioned.
1. Remote jobs will increase
This one is a no-brainer.
Between 2005 to 2017, there was a 159% increase in remote work. In 2015, 3.9 million U.S. workers were working remotely. At the start of 2020, that number stood at 4.7 million, or 3.4% of the population. Here is the kicker – March roadrolled it all. Today, nearly 90% of white collar jobs are happening remotely!
Tailor your resume and mention any successful projects you have completed remotely. Highlight that you are comfortable and conversant in working remotely to get empathetic brownie points from the hiring manager.
2. Referrals will become critical in recruiting
The immediate effect of the lockdown is cancellation of campus events, job fairs and so on. If you are to survive in the coronatimes, you will have to get comfortable finding the jobs from your home. While on-campus career portals will continue, a major part of your job hunt would be on your own.
Secondly, due to the budget constraints and recession slump, employers will be more cautious in recruiting. At such times, one usually falls back on the most reliable source of hiring – referrals. That’s right, finding referrals can make or break your job hunt. Your best bet is to get existing people to refer you in their companies. This is also where networking skills make a huge difference in your success.
Read: Masterclass on ‘How to find internships and jobs in coronavirus times and recessions‘
3. Visa sponsorship will become more scarce
Bad news – companies will get more selective in sponsoring H1Bs (and work visas in other countries). Nothing much can be done about it. It will help to talk to your International Students Office and get tips on how to get the max of your OPT period.
4. Revenue contributing roles will survive
When the economies are booming, even the supportive and non-revenue generating jobs are on the rise. But when the purse strings are tightened, these roles are the first to get shed. And it does not mean that only administrative roles are affected.
Think it like this – are you contributing directly to your company’s top line? For eg. Google search or adwords team are critical to it at all times whereas those experimental projects may get shelved when times are tough. While data science role may be critical to Netflix, a funded content startup could have hired a data scientist just to show it off to its investors.
Try to find roles which are crucial to the company’s revenue generation as they are safer and more promising in long run.
5. Few industries will dry up
It breaks my heart to see how brutally the travel sector has been hammered in the covid-19 crisis. It is probably a good time to join an edtech, healthcare or foodtech company as opposed to retail, construction, or transportation. The idea is to focus on industries that are hiring and not, firing.
Who is hiring or firing?
How do you cope up with something like this?
Yes, the future is looking bleak. As per BBC, nearly 200 million people could end up out of work by mid 2020. But it is at times like these, we need to look at this pandemic for what it is – a jolt to our world. Remember, while you are only feeling the brunt on your job prospects, there are millions dying.
This is truly a testing time for humanity and the ultimate strength we all can find in is in knowing that our world has changed. Covid-19 is bigger than a job loss, you or me. People have lost lives, dear ones, homes, life savings and hope. As you try to build your own life, try helping those around you too. The only thing that can help pull us out of this gloom is grace, kindness and generosity. Let us be grateful for where we are and what we have NOT lost – our health, our families and food.
I am sure you will conquer this. Hang in, there. Stay safe, stay sane.
How can we help you?
We are doing our best to collect resources on helping you combat the covid-19 crisis. Keep up to date on Coronavirus impact on international students here. Comment what else do you want to hear from us.