JOB OFFER RESCISSIONS: DIVING DEEP INTO THE UNDERSTAFFED INDUSTRIES AMIDST COVID-19 PANDEMIC

25 Sep 2020

The COVID-19 pandemic has had far-reaching effects worldwide. The ongoing pandemic has taken a toll not just on our physical and mental health but also on the world economy. Although the pandemic has not spared any sector, it has particularly hit some sectors more than others.

These are industries that involve close contact with customers and include salons, restaurants, theatres, tourist attractions, and practically every segment in the leisure, lifestyle, and outdoor entertainment industry. Doubtlessly, this unprecedented calamity has resulted in job cuts across sectors. Moreover, many job offers that were made before the pandemic began have also been withdrawn or rescinded. This has particularly hit new graduates or those caught in the middle of switching jobs.

But, is it the end of the road? In this context, it means that either you’re just getting started in your career or are in the middle of it. And, there is hope if you choose to turn on the light in the darkest of times. In other words, though the pandemic has caused a lot of job loss in some sectors, new opportunities are being created in many other industries.

Let us look at some understaffed industries that are hiring amid the pandemic due to a surge in demand:

Healthcare: Amid the pandemic, healthcare stays at the top of things. Now, you may not be a doctor or nurse. However, there are several complementary roles in the Healthcare IT sector, Medical Devices sector, Healthcare Automation (Artificial Intelligence, Data Science, etc.), and Healthcare Administration that has opened up. Keep your eyes open for opportunities in this sector, given that healthcare is always a necessity with or without the pandemic.

E-commerce: Amid the lockdowns and social distancing, we have truly witnessed the power of e-commerce. An increasing number of people are relying on home deliveries for literally everything to avoid exposing themselves to the virus. E-commerce is probably seeing its optimal growth during this phase. Jobs in the supply chain, admin, backend coding and development, and many other sectors have opened up in this sector. You only have to look!

Telecommunications: Anything that can go online is being done online--be it work, school, or entertainment. Telecom companies are seeing an uptick in demand for data as the entire world sees the need to stay connected virtually. This has put a considerable strain on the system. To deal with this increased strain, telecom companies are hiring technicians and engineers.

Ed-tech and Online Entertainment: Sure, we saw online learning and on-demand online content booming over the last few years. But, nothing matches the growth in these sectors over the last few months. E-learning companies, as well as OTT platforms, are hiring aggressively in content, software development, marketing, and allied fields. Check where you fit in!

So, if you lost your job, now would be a good time to introspect and think out-of-the-box. No doubt, the pandemic was unprecedented, but isn’t life always like this? Perhaps, this could serve as a lesson for us to be better prepared for the inevitable ups and downs. In fact, wouldn’t it be comforting to have investments that provide a financial cushion if you were to lose your job?

This is where a systematic investment plan (SIP) works as an ideal investment strategy. A SIP is a super-flexible option for regular and disciplined investing that leverages the magic of compounding. Investing a tiny amount regularly in mutual funds can go a long way in shielding you from unexpected events, and the SIP does just that.

To know how much you need to invest to achieve your financial goals, use the SIP Calculator below. Or approach your financial consultant to assist you in it. Remember, planning and starting early makes time work in your favor.

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© Kotak Mutual Fund.2022
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
© Kotak Mutual Fund.2022
Mutual fund investments are subject to market risks, read all scheme related documents carefully.