In the past few months, from sharing memes on CoViD-19, to the time it instilled fear in my heart when I saw empty roads and public places, I think a lot has changed and a lot is going to change soon. Let’s be a part of this global case study encompassing economics, science and politics.
Here we will take a look at how CoViD-19 will affect the 2020, ‘21 and ‘22 batches of MBA. But before that let’s identify the sectors that have been worst hit by the pandemic – Automotive, Transportation, FMCG, IT, and Banking. The IT sector is mainly dependent on exports and clients like the US, which themselves are impacted badly. Employees in IT will need to develop skills accordingly and improve collaboration while working from home or else they’ll be hit the most.
BFSI is indirectly involved in everything, as falling demands and reduced cash supply will force people to default or reschedule loans. And we have monetary and fiscal policies at hand, but they are also interdependent on a large number of unknown-unknowns including global supply chains, oil prices, and socio-political environment that may take concrete shape after the pandemic is over. We also have some sectors which will bloom like pharmaceuticals, edu-tech startups, and e-commerce firms (provided they ensure high levels of hygiene).
With international organizations and leading consulting firms being marginally positive on the growth of India (because it is a consumption-based economy) than the rest of the world we can see better turnaround in later years.
Now let’s have a look at how the situation will affect the MBA graduates.
The 2020 Batch
I believe this batch will face the strongest headwinds. There are already a number of sectors which have announced compulsory unpaid leaves and many are trying to cut down on costs. Given the scenario, I believe that there are chances of current offers being deferred to next year – second rounds of salary negotiations may even take place. This will also involve a major shift in roles and responsibilities as they will get blurred, and due to the economic slowdown, people might have to handle multiple dimensions.
I think this is a once-in-a-lifetime opportunity for the batch to add diversity to their skill sets, which will also help them in the long run, as this is expected to be the worst recession after 1930’s.
The 2021 Batch
Let’s shift the focus on current 2nd year students. I think the demand for Business Development Executives, Operations Managers and Marketing Professionals will increase and by the time they will start working, things would be much better. But because the sentiments are lower they will have to take the cut in terms of salary expectations and roles. In addition to that, some prominent firms have stopped hiring from the current year, so they may have to compromise on the choice of brand as well.
If the lockdown extends, there can be online classes and exams, a teaser of which we have already seen.
The 2022 Batch
I think by the time 2022 batch comes on-board, most of the effects of this pandemic would have been mitigated, and both the country, as well as the world economy, would be coming back in shape. In that scenario, some normalcy regarding placements can be witnessed. We might also expect better hiring prospects.
I believe all these effects can be serious and far-reaching if the pandemic is not handled properly and, as the economy does not work in silos, repercussions could be huge.
This might have given you some idea about the after-effects of this pandemic. Till it recedes, stay safe and stay healthy.