Nearly 85 lakh undergraduate and postgraduate students who are to pass out from various universities this year will be staring at a bleak future as corporates halt hiring process. Graduates are in a dilemma.
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn”- Alvin Toffler
The COVID -19 pandemic is a nightmare for everyone. Employers around the world are facing turmoil in their business. The organizations are resizing manpower and laying off a lot of people. The unemployment rate went up from 7.6% to 23.5% in April alone. The lockdown has left millions unemployed.
The students who will be graduating are highly affected. It is going to be a great difficulty for them to get jobs. According to a survey on Naukri.com, 66% of the campus graduates do not have jobs. The employers are currently looking for people who have a good skill set. The people seeking jobs must be adaptable to any environment and must have a unique skill set useful to the firm.
However, the colleges with on-campus placements are also facing problems. Out of those who have received the offer letter already, 9% have been rolled back or pushed the offer. The others who were to come to the campus have postponed it all together. In this dire situation, almost 17% are connecting with college alumni and taking the referral route whereas some are also considering freelancing as their future career option.
Students are strongly fearing that the jobs will dry up, as companies aren’t hiring in order to recover from the losses caused during the lockdown. Hence, the companies will definitely retain their old employees rather than hiring new ones seeing the market structure. The current employees are heavily facing the situation of lay off or given leave without pay.
The companies want the best skills at work, today they aren’t hiring using traditional methods. The companies have realized that people can easily work from home. As a result, this has led to a huge increase in remote hiring. Interviewing candidates from all parts of the nation to choose the best one they deem fit. In such a competitive market, students need to upskill.
Students graduating will require value-added courses and skills to sustain in the job market. Thus, the best way to do this is to analyze one’s strengths and weaknesses. Then work and improve on them. Many freshers have also enrolled themselves for various online courses so as to upskill. In addition, a survey shows that 70% of the graduates have already registered for online courses. As the world goes through a recession, it’s the best time to acquire skills to sustain any future economic crisis.