Securing a Job In the COVID-19 Recession – The global economy is facing a massive blow due to the coronavirus pandemic. The World Bank estimates it forecasts that the global economy will show a decline of approximately 5.2% this year.
Consequently, it has caused the deepest recession in history since the Second World War. Today, the world is facing the worst crisis and economic downturn of all time; companies are downsizing their workforce, cutting prices, closing businesses, and making it impossible for countries and people to support themselves.
In short, the nature of work now and the factors that will decide the future job prospects have undergone a severe change. Who is likely to survive in the current situation in terms of their profession?
People with industry-relevant skills will most likely excel in addressing today’s market challenges. This article outlines the industries that are likely to continue growing despite the dramatic changes.
Jobs were a significant pandemic victim of the Covid-19. Yet some workers are doing much better than others in this area, too.
Many technology workers are among them, and one major lesson that arose from the pandemic is that businesses that have changed themselves digitally have been able to cope better with their effects than others. When you can research on the internet, you should not move outside.
You don’t have to send a man to the pipeline to check if sensors can tell you the state of a pipeline. Again, when a computer can be fixed remotely, no physical interference is required.
So, let’s focus on the areas that one can secure a job during the recession period.
With more and more businesses moving to operate remotely to survive, health has become a major cause of concern. There have already been several examples of high-profile cyber incidents such as Cognizant, which suffered a ransomware attack that cost it nearly $ 50-70 million in losses, and Zoom, that often faced privacy concerns and was found exposed to cyber-attacks.
The shift to digital means inevitably more cyber-attacks. Hackers have also abused the vulnerability inherent in the sudden remote work during the pandemic. The market for cybersecurity expertise was strong even before the pandemic due to a lack of qualified professionals.
Technology is rarely affected by a crisis, no matter how economic conditions may have changed. Technology is what people look back to find answers during an unpredictable period like this.
IoT is one of the focal areas of the tech room. There has been a great deal of renewed interest in IoT solutions as the pandemic has identified possibilities for further machine-to-machine interactions and data capture. Thus, roles in IoT architecture and IoT analysis will observe a sharp rise.
Based on estimates from head-hunters such as TeamLease, Randstad, Magna Infotech, and ABC Consultants, up to 2 lakh professionals will be in demand in this IoT region by 2020.
Also, amid the shutdown and continuing recession, 24×7 activity involves websites, software, and connectivity, and an AI expert is indeed a vital resource to have.
Given the chaos, demand for AI experts has not diminished. According to TeamLease Services, in 2020 there will be 4.4 lakh new-age tech professionals including AI specialists. While the availability will be only 2.4 lakh people around the world.
Sunil C, Head of Specialized Staff at TeamLease Digital, also says advanced data analytics / big data with unique skills such as SQL data analytics, Python data analytics, business analytics strategy, R programming, AI / ML, Hadoop Apache Spark will be in high demand.
Cybersecurity experts, risk managers, IoT developers, and managers, cloud security practitioners, and AI specialists are practically recession-proof positions that one can follow for a satisfying and lucrative career, as the statistics predicted above clearly reflect.
Every other sector will see the recession blast, but those jobs will probably be the safety net for your profession. Post-COVID, the world will show itself in new and unforeseen ways. In the meantime, we must remain focused on improving ourselves, adding value to our curriculum vitae, and making ourselves recession-proof.