‘Most of the companies have lived many downturns. The biggest problem with COVID-19, however, is that we can still not see an end to it
‘Hello everyone, I am looking for any kind of job. I am a school teacher. Due to Coronavirus, my contract ended sooner than it should. So, any help I can get is more than welcome. Thanks.’
‘Due to COVID-19 impact, my employer has made a difficult decision to lay off all unassigned developers, including myself. Looking for a full stack developer position. These are difficult times but I hope to stay positive will pave the way forward’.
These are snippets from some of the social media posts. We have altered them a little to maintain the confidentiality of the people. However, these posts rightly reflect the stark reality of the current employment situation. With the uncertainty over COVID-19 looming large, the risk of job loss is a near certainty. Companies across industries are cautious, trying to cut down costs and survive the downturn.
‘Most of the companies have lived many downturns. The biggest problem with COVID-19, however, is that we can still not see an end to it. Companies are waiting and watching the situation. But for how long? With a severe economic fallout anticipated, they are already trying to cut down their costs. The first measure in this direction is to halt or delay their hiring plans,’ explains a recruitment manager based in Switzerland.
While with the small companies downsizing seems more inevitable, bigger firms are currently trying to work around the situation by delaying interviews, cross utilising their current resources in different projects. In both situations, recruitment companies and job seekers are likely to have a marked impact.
‘Some companies have asked us not to send candidate profiles, resumes as they are putting all their recruitment plans on hold. Some of them have even asked to rework our commissions as they try to cut their budget for the year,’ says a business developer (BD) at a recruitment company.
While the situation is still grim, the only silver line one can spot at the moment, is that employers are trying their best to retain their existing employees. ´There are both positive and negative sides of this situation. Since it is not clear how long the pandemic will last, companies, especially in industries like technology, food, pharma, are not only trying their best to protect and retain their existing employees, they are also open to limited hiring for specific roles´ he explains.