Which are the Industries that are most and least affected by the COVID 19 Pandemic? How do we combat the losses in jobs and change? Which are the Industries that are trying to take advantage and has benefitted the most?
INDUSTRIES THAT ARE AFFECTED THE MOST:
TRAVEL AND TOURISM :
Almost 96% of all tourist locations have imposed a ban on travel and tourism from other countries. This is likely to last for a long time now, because of the growing worries of the second and third wave infections.
Take the example of Airbnb here. They have laid off close to 1900 employees and stated their intentions clear of a more focused approach going forward. Human interaction would definitely be sought after more after the global lockdown, but so will the need for safety and hygiene.
The Retailers Association of India (RAI) expect at least a year to recover from this mess. Again most experts believe that this estimate is also very conservative.
Retailers are in a huge mess with the cash crunch and the higher lead times. They would also have to monitor long term supply challenges and the change in demand for essentials and non-essentials. A considerable number of jobs have already been lost in this industry which can be clearly seen by going through the recruitment websites, with exceptions like Job Vacancy Result which focus less on the numbers and more on the value they provide.
This is another industry that people are going to stay away from unless it is absolutely necessary. As of April 2020, the Airline Industry is seeking more than $50b in government aid amidst the COVID-19 outbreak. For a relative comparison, after one of the worlds most catastrophic events: 9/11, revenues from the airline industry fell by only $23b, nowhere near the coronavirus’s forecasted implications of $63b to $113b.
Vehicle production in India is likely to contract by 8.3 (conservative estimate) per cent in 2020 following an estimated 13.2 per cent decline in 2019. Covid-19 will also make the transition to BSVI emission norms difficult. This Industry has been suffering blow after blow since 2019 and the recovery looks like a long tough process.
Around 42% of the respondents believe that the next six months will be one of the worst phases in terms of new supply additions across the major office markets in the country.
INDUSTRIES THAT ARE BENEFITTED THE MOST:
They have had massive surges in demand after the lockdown. Take the example of India. Only the essentials are allowed to be delivered during this lockdown phase. But surveys clearly indicate that majority of the non-essentials would also go down this route once the restrictions are lifted.
Home exercise programs and the fitness equipment industry:
Awareness about health and fitness has gone through the roof. Healthy living seems to be everyone's first priority now. It should have been our first priority irrespective of the pandemic, but, let's just hope that this phase lasts.
Governments and Nations across the world have realised the importance of healthcare. Take the example of India, they spend around 3.6% of their GDP on healthcare which is extremely frugal.
Online education and remote learning:
Edtech companies have reported an exponential increase in their userbase as well as the online screen time of students. Even kids under K12 have started adopting online learning platforms.
Zoom is a good example of how video conferencing platforms have used the lockdown to their advantage. Another example of this is an application called Houseparty. They have hit the 300 million participants benchmark with ease despite the flaws and news regarding their technical security lapses.
Entertainment streaming and gaming
There was a time when online and virtual gaming was considered unhealthy. Well, the tables have turned. Virtual gaming is promoted now as companies see massive traffic flowing towards the online gaming arena. The numbers of screen time and the number of users have shot up by around 30% within one month.
Losses in jobs and how to combat them
Let's take the example of the hospitality industry in India here. Almost 38 million jobs are expected to be lost by the end of 2020 which is 70% of the entire industry. Although this percentage is different for different sectors and industries, significant losses are inevitable. According to a survey, almost 86% of the global workforce are worried about losing their jobs. There are a few solutions to this growing problem.
The first step that needs to be taken to alleviate this is to look at the trends and the changes in industries which have been summarized above.
Comparing the industrial trend requirements with our skillset would be the logical second step.
Upskilling and reskilling yourself based on the requirements would follow after that.
Finding the right tools and resources to propel you to that final step, for example, Websites like Job Vacancy Result take your profile into consideration and see where you fit and get you the best fit for the skills that you have. Websites like these which focus on quality rather than quantity would be the way ahead.
Almost everyone has been affected by this crisis, it all depends on how we approach the uncertainty and how resilient we are now. Approach the uncertainty systematically and look at this as an opportunity to excel and grow rather than getting overwhelmed by the entire process.