Post-pandemic job market outlook

14 May 2020 11:11 AM
Like a great many other countries in the world, the coronavirus outbreak has disrupted the business models in Bangladesh which will have an impact on the work landscape, and the work market. Various industries are anticipated to experience a substantial effect on jobs, which range from job creation to task displacement, from increased labour productivity to raising skills gap.

While the change in the work industry is inevitable,  the question is, what lengths does it affect Bangladesh all together? When asked this question, Shehzad Munim, taking care of director of 1 of the major MNCs in Bangladesh, described: "Changes in global work market will take place for certain, but may be not so much in the case of Bangladesh. Bangladesh economy is usually a subsistence overall economy as majority of the workforce go on the border and their needs happen to be of basic nature. Previous global monetary crisis also didn't affect Bangladesh economy many. You will have turbulences however, not a crash!  If we consider lessons from days gone by pandemics, the focus ought to be to have an able and in shape manpower following pandemic. So, presently, our actions ought to be on conserving lives, containing the virus and producing sure the workforce is usually fit and active following the crisis. 2020 will generally be considered a year of merely survival for Bangladesh when it comes to its population and for businesses. 2021 will open many options and we must be equipped for that".

Right now, if we consider the imminent global recession and slowdown, most sectors in Bangladesh like the export-oriented firms will be straight impacted. The RMG sector, the backbone of the market, has already been bearing the brunt through disrupted way to obtain raw materials, delayed shipments, cancelled or suspended orders that resulted in factory closures. However, because of the fast-changing global landscape and geopolitics, there could also be opportunities approaching for nations like Bangladesh.

"Overall, I really do not visit a massive impact on the garments sector apart from an expected consolidation," added Munim who's now serving as managing director of British American Tobacoo Bangladesh (BATB). "As a result of basic nature of the products we produce, orders will consolidate to larger and more efficient factories and small and less efficient kinds will shut."

These changes will demand focusing on up skilling technical competence of the manpower together with, its imagination and innovation. Mr. Munim also emphasised the necessity for upgrading technical skills.

"The need for a technically-enabled labour force increase at exponential charge and if we happen to be gradual in equipping our youthful generation, then we might just miss the biggest bus for fast-tracking to a middle-income nation," said Munim. "We also have to develop skill for the mid to senior level administration. This need has already been there as much Indian and Sri Lankan nationals happen to be filling the void, but this void will grow and soon become a Grand Canyon, if we usually do not take methods quickly.   Entrepreneurial skill and courage happen to be also something to spotlight. In a post-COVID world, we have to be courageous plenty of to create opportunities and not wait for chances to come quickly to us".

In the neighborhood job market, as the start-ups and small and medium-sized companies have already been badly hit by the crisis, the large business houses are also facing the impact. Post-Covid-19, companies will probably be more centered on liquidity and continuity, lowering non-essential expenses, and strategic planning an uncertain near future. This may create a demand for authorities, or strategists to help companies revive; personal experts to assist companies plan their funds flows; supply chain professionals to reinvent e-commerce structured supply chain; IT specialists and program developers to make sure digital transformation and rolling e-commerce; info analyst and researchers to supply data-based decision-making and predict the trends.  Whether one works in a factory or an accounting business office in a post-coronavirus environment, one must be more comfortable with the tech tools along with be able to work with them effectively. 

The type of the change in jobs and skills depends quite definitely on the industry itself. For instance, the financial providers sector was already going right through a transformation before this crisis as the mobile personal services were overtaking the marketplace. This change will only be towards considerably more digitalization and innovation.

Mr. Kamal Quadir, CEO of bKash, the most significant Mobile Financial Provider (MFS) on the globe, emphasised: "While staying alive and keeping a wholesome manpower is definitely the primary objective, the essential change will be a nation-setting up activity. Digital payments, transition from income on delivery to online payments, wage payments on digital wallets are a number of the few shifts that will probably emerge and maintain in the post-COVID-19 period. Such trends can not only decrease the inefficiencies in the system but also generate better governance and transparency."

According to Quadir, "Besides, data is a critical asset. With the right data, companies are able to better predict the affect of future organization disruptions and so are better in a position to serve consumers with the right product or service during or after any pandemic. So that you can utilize the data effectively, small bright talents with data literacy skills will be needed to allow them to take better educated decisions".

The mass media and the entertainment industry have been through a significant change over the past years which includes only accelerated during the lockdown. Revenue and manufacturing jobs will need new expertise, such as technological literacy, data literacy, automation in producing goods and companies and advancement in distribution to customers.

While discussing this expertise needed in the content covid 19 dispensation, Khaled Mahmud, a co-employee professor of IBA, University of Dhaka and Director, MGM Consulting Limited, said: "Those who are already equipped with technical skills is definitely the front-runners after Covid 19. Many chances will be realised predicated on IT systems in the coming times. Knowledge or expertise on artificial intelligence, programming, electronic document operations, photoshop, data access, and client communication will come to be of popular for freelancing."

He as well said: "The environment has learned the necessity for health professionals in a difficult way. So, medical sector will get booming. A diploma in this sector could possibly be an extra advantage. Health personnel will be exported all over the world as well. Great governance will come to be asked for by many corporations to make sure optimum make use of resources. In simple, regular professional expertise will be needed but maybe in a numerous program and in a diverse manner. All of us need to stay razor-sharp and hold our eyes widely open".

A number of pupils in Bangladesh are because of be graduated in 2020 and desire to enter the work market. Now, many firms are going into selecting freeze and lay-offs, although some have declined presents made to candidates. Campus recruitment and internship will be held. As the immediate career course looks tough and bleak for the fresh adolescent talents, they could employ this as a learning. Somebody who is heading to succeed in a post-coronavirus-world should be able to adjust to ever-evolving workplace and also have the potential to constantly update and refresh their skills.

Amidst each one of these challenges and opportunities, how if the young technology and the graduating learners prepare themselves to adapt and embrace the changing task market, occupation and skill production? There happen to be endless free of charge and open on the net courses available that may help you improve your expertise and be even more resilient in crisis and disruptive circumstances.

While discussing the way the youngsters should prepare themselves to handle the challenges, Mr. Mahmud gave some suggestions for the graduating pupils: "The most crucial learning from this pandemic was minimalism. We've learned to live with minimum important things; we discovered ways of doing business with minimum costs. Our adolescent generation must internalise this learning perfectly. Job cut is unavoidable. Finding regular careers will be problematic for refreshing graduates. Competition for bright white collar jobs will end up being fierce. As working from home has turned into a norm, a income cut will also happen. These shouldn't frustrate the younger technology. They should prepare themselves for these alterations. Covid-19 will also bring lots of prospects for our service market. They should modification their mindset place from obtaining a job to as an entrepreneur. They should use phones to cultivate their beneficial networks for opportunity rather than spending hours in social media. Our young technology should practice the habit of a healthy diet plan and regular exercise aswell. These will raise up their morale".

While one needs to pursue the required job or profession that guarantees prosperity and success, as well, one would also have to prepare himself/herself to handle the challenges and uncertainties and pick up the opportunities to understand to learn from failures, from challenges and disruptions and apply them to go ahead.