Impacts of Covid-19 on the graduate labor market
1.0 Impacts of Covid-19 on the graduate labor market
Covid-19 had been a sensation worldwide. Although in various countries, it has seen a different direction, it has a strong influence worldwide. More than 10 million cases of Covid-19 have been reported at the time of writing around the world, with more than half a death globally nowadays. While much concern has undoubtedly been concentrated on the health consequences of the pandemic, the impact on the economy and labor market is rising. The scale of the economic situation arising from the Covid-19 crisis is outlined in Kristalina Georgieva, the Executive Director of the International Monetary Fund. The scale of this economic downturn would eventually affect the workforce. As economies weaken elsewhere, unemployment and, in particular, fewer jobs are likely to decrease in youth and other employment entries (Cortes and Forsythe, 2020).
The image remains bleak following pre-Covid standards notwithstanding the general change in the job situation (Aucejo et al., 2020). The ILO poses various questions about the challenges that young people are experiencing, but most worried for people interested in hiring entry-level talent. Young people are poor in the job market and have few opportunities to handle unemployment times, and are clustered into the regions that are most affected by Covid-19. The ILO report accordingly says that youth unemployment is rising and suggests that a sustainable policy solution to this situation is required (Montenovo et al., 2020).
An international call to proof on the job market for graduates under Covid-19 took the shape of a project. It was distributed through INEUCS and ISE networks but was also more widely spread on social media. The goal was to hire a select group of individuals from a variety of countries to provide high-quality insights into their country’s graduate labor market (Campello et al., 2020). A formal questionnaire was presented to form their contributions, but details, articles, and other thoughts were also requested (McKibbin and Fernando, 2020) to help the projects gain perspective on the situation in their nations. Usually, the respondents were CEOs or study administrators from employers’ associations, senior university practitioners, or employers. Both of them give an educated, subjective perspective on the case.
The lack of certainty and the usual account of how graduate transfers operate are some of the main impacts reported by employers, colleges, and students. Although the practical effects of the pandemic are being addressed by employers and colleges, by introducing social distancing initiatives and shifting business and education systems online, the uncertain existence of the pandemic is more difficult to resolve (Cheng et al., 2020).
Interviewees from Ireland emphasized confusion about the future, but it was a characteristic of many reactions. It was frequently obvious that the experts were not unanimous, particularly when there were numerous answers from one country. While the variety of opinions illustrates the challenges many people have in predicting the future of the recruiting of graduates in their country for the intent of this study that has assessed responses (Couch et al., 2020).
Some nations (notably Australia and Finland) have indicated that many students will pursue their learning by postgraduate studies because of labor market problems. This decision is likely to be prudent in the short term because it will allow users to identify entering the job market in great disruptions (Gupta et al., 2020). Graduating from recession would have a lasting effect on the ability of graduates, which is beyond the recession’s immediate framework. However, it needs to be seen if the credentials they have finally reimbursed the time and resources they have spent. This pattern could mean that postgraduate qualified applications from universities would grow in the next few years for employers.
Covid-19 has a global influence on the job market for graduates. All the survey respondents identified the negatives they attributed to Covid-19 on the graduate labor market. The pandemic also affects the economy and graduate recruitment in nations where patients die of the Covid-19 are poor (Borjas and Cassidy, 2020). There is also uncertainty over longer-term economic consequences in countries such as Australia and New Zealand with strong crisis management and few deaths. While there have so far been comparatively few cases in some Asian countries, managers believe again that they are worried about larger global implications. In all the nations that participated in this study, Covid-19 influences all lives. As a result, government interventions all over the globe to resolve health issues and boost jobs and the economy have been a significant political issue.
This may be apparent but it should be remembered that the labor markets for graduates are part of their national labor markets. Although the worst consequences of recessions frequently bypass graduates, the dimensions and health of the job market for graduates are related to the broader economy. The severity of the recession now unfolding means that the consequences would be especially daunting for people of all experience levels to reach the labor market for the first time. The ties between the job market for graduates as well as the market at large are especially reflected in how graduates’ perceptions are influenced by the industry they choose to work in. The sectorial essence of the effect of Covid-19 is especially evident where more comprehensive data are available, such as in the UK and Australia. In the Netherlands, sectorial challenges have also been illustrated. For instance, for service industries, such as hospitality and tourism, the pandemic has been damaged, with other industries such as the health sector rising (Ahlburg, 2020). These broader developments have been accompanied by trends in graduate recruiting. In general, for the entire economy, the recession was terrible. However, there are benefits and challenges in every case, and the equilibrium between good and negative has a clear sectorial structure.
2.0 Covid-19 Impacts on Business
The year of 2020 was a transformative year. The pandemic of coronavirus has intensified the move to distributed service and digital transition while enabling customers to think critically about their shopping habits.
In shaping our agenda and progress after Covid-19, business schools would be even more important if they can adapt with agility to the stunning variety of challenges faced by economies. The leadership qualities expected to sail countries and multinational businesses out of the Covid-19 wreck in the next 10 years would not be magical. The curriculum agenda for leadership needs to be updated. The World Economic Forum revealed before the pandemic in 2020 how university education would change to the modern workplace. This is often the starting point for commercial schools to develop a greater understanding of how to successfully training leaders of businesses, societies, and countries to plan themselves for and actively create more plurality (Seetharaman, 2020).
In a time of incertitude related to the emerging global health crisis, entrepreneurship will offer innovative solutions by pooling entrepreneurs and innovators’ expertise and knowledge across regional borders. Specifically, to seize opportunities (Ji), entrepreneurs will explore the serious problems facing communities around the world and generate new possibilities in a variety of sectors, from the market, the social, and the government sectors. As hybrid organizations, hospitals, for instance, need to resolve several structural logics in China, while intersect oral coordination and collaborations will help the Chinese health insurance reform process (Donthu and Gustafsson, 2020), an integrative solution focused on the elegance and strength of the industry to achieve sustainable regional growth and economic transition (Ratten, 2020). International organizations around the world strike back to find innovative ways to deter and potentially conquer the transmission of the virus.
Schools can share their skills and reach potential candidates worldwide through fast, online classes and MOOCs. Since the spread of the coronavirus, Wharton initiated an on-line course that discusses how the pandemic impacts students, as well as the consequences and repercussions of this pandemic. Although the comprehensive campus experience in full-time programs remains strongly demanded, people are more comfortable with working online and COVID-19 is possibly going to raise interest in more versatile programs. For brands, it’s time for make-or-break. It will be remembered how brands behave in times of crisis. Business schools must market themselves successfully and keep the products in the attention of potential students (Shankar, 2020).
Content promotion is an effective way to demonstrate the positive actions of a business university during the pandemic and to attract potential markets. With content marketing, schools can link their products, instead of with the likely influence of the COVID-19, to main themes, for example, where they choose to encourage to candidate’s creativity, social impact, and culture.
Webinars are a perfect way to share value proposition, and also written and video material. Business schools started providing Webinars to the general population in the months after the pandemic outbreak to discuss COVID-19 and its repercussions. Schools may also approach students explicitly via webinars such as the usage of business school during the epidemic and the importance of an undergraduate degree in an era of economic upheaval.
The pandemic gives schools the chance to develop connections to the local community through programs with social implications. The LBS COVID-19 Volunteer organization, among other items, organizes student volunteers at local Food Banks and homeless shelters to assist people who are most impacted by COVID-19 and support them respond to the shifting business conditions.
Students have established a “pay what you can” consultancy service at Nyenrode Business University in the Netherlands to enable Netherlands businesses to manage the impacts of COVID-19. Philadelphia Zoo helped a Wharton group to develop an interactive media strategy and center its efforts on virtual participation after shutting the doors to the public. These group efforts are increasingly relevant right now as the limitations on international travel place student recruiting on a more regional path (Papadopoulos et al., 2020).
Korea faced an enormous crisis in the early stage of the COVID-19 epidemic. In terms of the number of confirmed instances, at one point it was the second-largest region. Partly because of the geographical location next to China and partly because of a large-scale population outbreak. Korea, however, has succeeded in slowing down its expansion and is trying its best to stop a second surge. Korea is also proactively supporting policies to turn this situation into a possibility. The Korean government and companies were active in creating a range of groundbreaking preventive initiatives (such as driving tests) and goods (such as test kits) around the world during their fight with the virus. Many Korean producers have also taken the opportunity for their global supply chains to be rethinking and restructured to improve their competitiveness. In non-contact sectors both global governance businesses are seeing strong growth prospects, including telecom, online education, and remote assistance. Companies will improve their credibility by introducing corporate social responsibility programs to mitigate the detrimental impacts of a global health crisis. For example, several Korean multinational companies are providing funding to secure the availability of medical equipment and to safeguard medical infrastructure for their workers in developing countries. Briefly, sustainability, situational agility, and creativity remain crucial to generating value when resolving the crisis.