At the present, the entire world is witnessing and vehemently struggling with COVID-19, a pandemic creating havoc and that has already affected around 24 lakhs people worldwide and nearly a lakh deceased. Major countries like the United States of America, The United Kingdom, France, Italy, Spain all have been severely affected in every possible way and has been majorly hit in the economic system. India too have been treading the same path with no such positive impact even after the second lock down from 15th April 2020 as the positive cases are rising at an alarming rate daily.
However, the entire Lockdown process in order to prevent the virus from spreading is taking a serious toll on the world economy. It is not only setting recession and crumbling the global economy but India too is being majorly affected as well. Barring a few, almost all the sectors are struggling with the severe impact of the deadly virus. The worst hit sectors due to COVID-19 outbreak are that of Travel, Hospitality and Aviation industries. Among these various sectors experiencing the effects of the pandemic is the IT Recruitment Industry as well.
The recruitment sector which was one of the major growing markets in India that witnessed a 46% growth in 2018 and contributed a flourishing size of around six billion dollars has also been experiencing the consequences of the global pandemic. However, it not only made its ever-increasing growth financially but has also evolved in advanced ways over the past few years. Both India and the world recruitment industries in general have to bear the tremendous effects of the pandemic as the recession has hit and crores of people are losing their employment.
What are The Major Impacts of COVID-19 -19 on the Recruitment Industry?
According to a survey conducted by Willis Towers Watson, a global advisory firm, around 57% of the businesses and industries in India will experience a moderate to large impact during the Crisis of COVID-19 and post the pandemic which will be lasting for six months to twelve months. However, the IT Recruitment Industry of India is no way a different scenario, as it would too witness several changes and impacts on itself.
Let’s see what are the main impacts that would be felt in one of the most flourishing industries of India for the Past decade.
- With second phase of Lockdown in India, most of the companies have to bring Work From Home or Isolation Policies into effect for its employees as a result of which many businesses of the IT recruitment sector are either forced to shut down or layoff it’s employees at large.
- For the recruitment agencies, the job gets really difficult as most of the organizations are holding its recruitment process due to the social distancing issues and until the crisis is under control. As per the Naukri Job-speak Index, India has witnessed a 18% decline in the recruitment activity last month. Therefore, as a result, the work process of the recruitment agencies are on the way of freezing.
- The crisis of the global health emergency as cited by the World Health Organization for COVID-19 has had significant effect on the recruitment sector of the country as UK and USA have witnessed a decrease in about 70% of the new permanent job roles between 2nd and 20th March 2020. This itself indicates that the businesses have largely being affected overall globally
Although it is hard to recruit without a face to face interaction of the employer and the employee, but the changes brought into the remote working facilities of the IT sectors are somewhat a light at the end of the tunnel. With the crisis affecting the overall scenario, the recruiting industry too has to adapt to the new and advanced systems of recruitment. As a result, more remote recruitment are going to be effective. The challenges would be of course difficult but the industry needs to bounce back. It must find out the sectors that would create job opportunities during and post COVID-19 world and thereby bounce back hard.
Norlox Solutions, an IT recruitment industry based on Kolkata has been offering the candidates with the best suitable job opportunities since a long time. With the COVID-19 crisis affecting the world, the job demands have been decreasing but with the right set of skills and talents, and proper guidance by the organization, the candidates are assured of proper job opportunity in the relevant field.
Although, it’s true that the low GDP rate and economic slowdown in the recent phase, the COVID-19 impact on Indian economy is hard hit and therefore is going to succumb to the added crisis of the pandemic. But, the effect on the recruitment industry is not going to last long. The industry being a strong one is going to bounce back stronger than ever. While, patience and confidence are always the key to success, the time will therefore speak how strong the recruitment industry in the country is.