All countries in the world are bracing for the worst recession ever. Here are a few predictions about how Careers and Higher Education will shape up in the times to come:
- Widespread unemployment: Economists are predicting a 30% unemployment rate in US. Most Europe was already under a slowdown, and already at more than 20% unemployment rate, now it will go into a very deep recession and a very high unemployment rate. With demand dwindling from the developed world, most developing countries will also see a steep rise in unemployment.
- Travel and Tourism: Wanderlust may very well be a thing of the past, given that most airlines will go under and foreign travel will be both prohibitive and much more restrictive. The travel and tourism industry will be hardest hit much after we open up.
- Better sense: Hopefully the gratitude the world is showing at the moment to medical, police and essential services staff will continue and these professions will continue to be in high demand. At least for sure until we have a vaccine and it is administered to the entire planet. At best we are looking at minimum 3 years.
- Education abroad will decline: Many countries will become very restrictive with student visas and work permits. Plus given the recession, lots will no longer be able to afford costly foreign education anyways.
- Better Career decisions: According to “National Employability Report – Engineers 2016” (NERE), by Aspiring Minds, an employment assessment organization found out that in India: nearly 80% of the graduating engineers are unemployable. Earlier an Engineer could find job at a Call Centre, and at least initially make as much money as an Engineer in a Tech company. But now with the Call Centre job gone and his inability to do a Technical job, he will most likely be unemployed. Hopefully the grim employment scenario will end the mad rat race in countries like India.
It is pertinent for everyone, absolutely everyone – school kids, college students, working professionals to take a hard look at where they are with their Career and have a Career Plan which lists where they want to be along with a time bound skill development plan. Investing time, effort and money in one’s Career is the wisest use of the lockdown. Because, now more than ever – If you fail to Plan, you are planning to Fail.