Impacts of COVID-19 Over Employment Sector

It is clear that there has been created a big hole in world economy by the catastrophic outbreak of Covid-19 across the globe. Shutdown of economic sources due to scary diseases adversely affected the culture and customs of every sector even job vacancies are held in danger. Recently, The ILO (international Labour organization) disclosed that COVID crisis has pushed unemployment past 200 million worldwide.

   According to Statista research department’s publication, In January 2021, India saw an unemployment rate of over six percent. This was a significant improvement from the previous month. A damaging impact on an economy as large as India’s caused due a total lockdown was imminent. Unemployment went up to nearly 24 percent in April 2020. This was possibly as a consequence of a fall in demand as well as the disruption of workforce faced by companies. Furthermore, this caused a GVA loss of more than nine percent for the Indian economy that month. To prevent the spread of the pandemic, the social distance was forced on people. It resulted in the job losses, specifically those Indian society’s lower economic strata. Several households terminated domestic help services – essentially an unorganized monthly-paying job. Most Indians spent a large amount of time engaging in household chores themselves, making it the most widely practiced lockdown activity.

Impact over Main Job Vacancies

The Covid-19 has brought an unpredicted fall in the financial position of both government and private sectors. The larger number of economic sources like education, sports, religious and non-religious meetings and gatherings had stopped unexpectedly due to the outbreak of the pandemic. People across the world are bound to start thinking about healthcare, lifestyle, food habits, sanitization, cleaning and social distancing – thanks to the advancement in the technology that it makes everything feasible at a large extent. It seems that biggest victim of Corona virus is the "economy", especially in the case of people’s living hood.

Un-fixed Salaries

As the post-COVID economic situation became predictable, the salaries of agents became unfixed; all the main factors of economic mainstream were independent before the crisis. Indian massive workforce is hit by Corona virus. According to a report of center for monitoring Indian economy, as many as 21 million salaried jobs have been lost between April and August in 2020. When looking for background of U.S economy status, it has seen a huge spike in employment as over 26 million people have claimed for state support because of losing their jobs.

Opportunity for Indian Economy

Every fall in economy can be seen as a new opportunity. A large number of workers have lost their job due to economic lockdown. So a big opportunity in India for labor intensive industries like hospitality and food service, are to expand and exploit the world market. Covid-19 has generated a huge demand of personal hygienic and protective equipment over the entire world and there are little demand of paramedical and cleaning staff. Government is expected to make some reformative measure; so that, the industries working in this sector can expand and also new enterprises may come out.

The digital working platform is started setting renounced among the citizen which caused to earn enough or more needs without any social contacts and online marketing became a litigated solution, principally, YouTube is considered as financial door among the society. Winston Churchill famously said after World War II, “Never let a good crisis go to waste". The current pandemic will test the resilience and agility of the Indian economy for sure. However, it will also throw up some new opportunities – it is up to us to capitalize on them and emerge stronger on the other side of this pandemic.

YouTube Turned as a Financial Door

Following the proclamation of lockdown across the world, the method of making money changed the track to digital system especially to YouTube. From little children to housewives, created the channels and run famously throughout subscribers. Over 70 million  households are now streaming content on their connected TV screens and YouTube represents a quarter of all streaming watch time across both subscription and ad-supported platforms in the U.S. YouTube's scale is more important than ever as people are spending more time at home streaming content. There are nearly 25% of consumers watching 7 or more hours of online video per week, the power of YouTube has only been amplified, as consumers turn to the platform for entertainment, education and information more than ever before. (The power of YouTube in the era of COVID-19, Published by Retail Dive)

Conclusion

However, The COVID-19 is the pandemic that shook the thread of the world after the massive spread of plague in 20th century. Even though novel corona gives the opportunities for new economic doors, there had been a deep slow down at GDP growth since the beginning of the 2020 until now. It had shocked an overwhelming impact between Indian private employees and their lifestyles.