After the advent of the pandemic, the job market has declined.
Are you a student or, you are working somewhere? If you are a student, then why do you choose to be a student?
Why do you invest your wealth to get an education degree?
Because to be a well-educated person. Or,
To get your dream job in the future.
Our parents send us to school and university for years, so that we could become a well-educated citizen of the nation. However, education is not all about being a good citizen in today’s generation. Because, if education is all about being an educated citizen, then why people start to search for the job market immediately after the study.
According to the analysis, people spend a lot of money on education not only to be a well-educated citizen. But also, to be the well-educated employee with high salary. Thus, we are studying to make our future bright, aren’t we? We did a lot of struggle to be a demanded person in the job market.
And do you get any job during this lockdown? If you are new graduates, then I don’t think most are employed. It has become hard to get a job because the job market is declining due to lockdown.
Every people have their dream. Similarly, the goal of every student id to make their future bright. However, the COVID19 brought shadow in their life. If we look at the current scenario, then all the students look like half-dead and depressed, because of the uncertain future. The COVID19 has broken the dream of every student, by hampering the job market.
Again, not only students have become the victim of depression. But also, other workers and labours are worried too. For instance, there are not employees who work for a monthly salary. However, some workers work for a daily wage. Therefore, if they don’t get work for a day, then they will die of starvation.
Isn’t it a critical condition? Due to the fall of the labour market and job market, all are depressed.
Amidst lockdown, every work station and companies are not running well due to the lack of customer. We can’t see any people in the market. So, trade and business are experiencing loss. And the business transaction has declined. Why?
- To maintain social distancing, the market or closed.
- COVID19 has affected the behaviour of the customer, therefore their demand limited.
Due to lake of customer and business transaction, the business organization are not interested recruit new employee during this crisis.
How pandemic affecting the job market?
The reason behind lockdown is COVID19. And lockdown is the reason for the failing job market. After the arrival of the pandemic, the government declared lockdown in every sector. So, due to the decision of government customers (people) are unable to go anywhere according to their wish. Moreover, people living far from home also returned to their home.
Before the pandemic, people had an income source to spend them on their wants. However, the COVID19 robbed the job from people. Thus, the employment rate declined dramatically. Therefore, the customer limited their expenditure on goods and services. The customer reduced their demand, because of the lack of income source. In this way, unemployment stopped buyer spending more on the market.
As we know, the whole world is depressed and locked inside their home. So, if we look at the market, the business waits for one or two customers. Unfortunately, the business organization or companies are facing low sales volume of their product due to the lack of buyers.
Similarly, financial institutions are not finding any investor, who is the source of bank income. Due to the low market opportunities, no one is ready to borrow loan from banks to start up a new venture.
So, if all the job providing sectors are facing loss, then who will give work to the jobless?
If they are already facing a crisis they why they will waste their capital to distribute salary?
Is there any relation between unemployment and the job market?
Yes, there is.
Suppose you are a businessman and you want to hire new staff in your company. Will you hire more staff for your business if you are facing a loss? No, you will not. Only you give the job to other people if you saw a new business opportunity or, you are in profit. Otherwise, you will not waste your capital on giving salary.
So, the job market falls, because no one is interested to recruit a new employee to their company due to crisis. So, Every organization are facing loss due to COVID19. Therefore, they are not publishing any job vacancy for new staffs.
Does the job market remain the same in the future?
Until the pandemic, we can’t predict the future of the job market.
Here is my own experience of my country, before the pandemic a bank demanded 23 junior assistants. Therefore, about more than 30 thousand students applied for that post.
Don’t you think it’s a tough competition? If there was such competition before the crisis, then what to expect after the COVID19? Yes, the job market will rise in the future and also, will competitors. The school are continuing the class through the web, so they will also search for the job after they complete online education.
Some countries have controlled the spread of the coronavirus. So, their government has lifted the lockdown for the movement. Therefore, the job market in those countries is recovering. The workers are going to their part-time and full-time work with safety. Meaning, the job market in those countries is improving despite pandemic.
However, the job market still falling in those countries where pandemic as become uncontrollable. Therefore, we can’t assume whether the unemployment rate will fall soon in those countries.
The job market will recover if:
- The effective corona vaccine comes in the market.
- The government remove lockdown by controlling the spread of the virus.