The COVID-19 pandemic brought the entire world to its knees within a year and people across various domains lost their very sources of livelihood. Some of them were fortunate due to the fact that they had a government job and the others adapted themselves for a new workstyle, Work-From-Home. Unfortunately, not everybody is lucky enough to find a job or even more, maintaining a stable one.
As a result, the global crisis of recession where the public and private sector lost jobs and many businesses had to close down their operations. A ray of hope came in the form of career transition leaps where people switched their careers from being ex-jobbers to self-employed online service providers in the form of freelancers, online services based businesses etc..
But the dark age of recession hasn’t ended for us. In fact, it is still existent all over the world, especially in India. Massive layoffs that we all have witnessed by top MNC’s has raised several questions regarding recession, it’s impact and the mitigation measures to be implemented and coincidentally, that’s going to be the topic for our today’s session. So grab a notepad and a pen because like we say: “Today’s class is in session!!”
What is recession anyways?
SPOILER ALERT: If anybody is expecting a lot of technical jargon within this session, then you should go find yourselves an economic class at some swanky business school!!
Recession, in layman’s terms, is a period where a sudden halt of economic activity takes place. This means that during this period, every sector faces crisis at the economical level, causing huge amounts of loss in terms of monetary benefits, workforce management, resources which moreover causes a phase where a state of stagnation of the organisation’s workflow is witnessed where neither progress or downfall is witnessed.
Recession has been known to be the lead aspect of the infamous global economic phenomena: “The Great Depression” in the USA where a large amount of loss suffered by the stock exchange in New York lead to loss of livelihoods and economic downfall. To give you a brief insight into what really goes on within this economic stagnation, we can present you with a few examples that you’ll find 100% relatable.
During the recession period, the lack of jobs isn’t just one problem. In fact, the aspirants for it, within which a majority of them are overqualified and still face rejection or settling for getting underpaid are some horrors that we get to witness during this period. In fact, as much as it may surprise you, India is one such nation that gets to face recession more often. To know more in depth, let us take you to the next chapter.
Some facts and figures
The phenomena of recession dates back to 1857 in the USA which lasted for more than a year. Then came another in the year 1873 which lasted for approximately 60 years. Then we get to witness recessions due to the atrocities of World War 2 for almost a year, then another in 2009 and the final one during the COVID-19 outbreak.
So we can bear witness that economic stagnation has been evident across the world throughout history. But enough for the outside world, let’s talk about India. The level of desperation for finding any job or business opportunity in India is at just another level.
Considering jobs, the biggest sector that happens to be consistent is the unemployment sector and within this businesses like coaching classes, xerox machine shops, book shops are prominent and here the payment isn’t great enough. And all of this because as per the latest figures, a majority of Indians are running towards scoring themselves a government job regardless of the qualifications and pay scale required and provided. You won’t believe that there’s such a lack of proper jobs in our country that for some positions where the minimum is just 5th grade pass out and a cycle in possession is required, at least 30,000 to 50,000 applicants were actually Ph.D. holders. Unfortunate, but true.
And considering businesses, during the COVID-19 outbreak which resulted in the great lockdown, many businesses that couldn’t adapt to the scenario by entering the online landscape went off and some of them had to change their line of business too. It was a scene unlike anything else ever witnessed.
As per the latest statistical reports, there are a number of reasons that contribute to recession and unemployment, namely:
Lack of proper skills, specifically, in-demand skills.
The majority of our youth targets to become jobbers where having the attitude of luxury rather than risk-taking is promoted.
Lack of awareness of incentives that the government provides to potential entrepreneurs which includes counselling advice to funding.
The youth of India being educationally sound but applying for just any government job and dedicating their precious 7 years of their life.
Does it affect jobbers only, or are businesses also on the radar?
With the statistical facts and figures mentioned in the previous section, we’re simply surprised that how can you even ask this question?! But anyways, no judgments here, so we’ll still consider that question because either way it is still one of the most critical questions. Here’s your answer:
From jobbers to businesses, everyone’s on the radar of recession. As an entrepreneur, you need to implement up-to-date practices like digitization, integration of upcoming trends and emphasis on user experience as they are the new essentials. Focus on expression and impression is also necessary. Besides these, consideration of a staff holding some portfolio as experience is absolutely necessary. Adaptation with the current technological solutions is equally necessary.
Okay, now I’m concerned. Any solutions?
There’s no doubt that recession takes its toll on everyone and everything. From workforce to workflow to workplace, everything is affected either way. And considering the past history and chain of events, there remains no doubt that this phenomena remains inevitable.
But are there any mitigations that we can take into account for whenever this horror shows up at our door? Fortunately, yes, there are. Here are a few:
Learning in-demand skills and constantly keeping yourself updated.
Studying and researching about the incentives that the governments and NGOs provide to support the startup culture and making it fool-proof against any misfortune.
Generating secondary income sources as Plan-B.
Digitization of every business and work process possible.
Special events at various places and levels.
Awareness initiatives and social outreach through out-of-the-box techniques and events.
Here’s one more extra, just for you, straight from the city of lakes, situated in the heart of incredible India, with a young and dynamic personality, Huzaifa Zafar, leading the way towards prosperity, it's none other than Wisdom Visuals.
At Wisdom Visuals, our methods, potential and solutions know no limits. We go off the books, the conventions to give you the perfect solutions that will help you not just survive, but thrive, even in the harsh weather of recession.
All you have to do is just give us a call, visit our website, meet us in-person and we’re pretty sure that we can deliver you just the solution(s) you desire.