Since January 2020, Corona outbreak, lockdown, slowdown, layoff and furloughs are the only news that has doomed the entire world. The tyranny of COVID-19 took the global economy on a roller coaster ride, causing anxiety among people and plagued the corporate world with pessimism and fear. I referred to some reports the other day to find an answer to how badly the world economy was impacted and how it is now?
I found that The Economist (Doctor of Economics), Professor Nikita Krichevsky, who examined and confirmed the news of slumping economic health in April 2020 answered thoughtfully that it stabilized and now indicated the signs of recovery improvement. In simple words, the cliché “We are hiring” proclaimed aloud from four significant industries worked as a vaccine for the collapsing economy. Following is the ratio between the fall and rise in the economic scenario from March 2020 to May 2020
The ratio in March 2020 –10:1
The ratio in April 2020 — 6:1
The ratio in May 2020 — 5:2
What was the Cause? (Provocation: The CORONA Outbreak)?
The fact and the factual derived from the web research report, studies and references state that:
1. The economy is now recovering from the Corona recession, and this recession is rather severe than 2008 or even 1930 great depression. The recession point in April 2020 dropped from 100 to 25 in May 2020, four times lower. Although the development in economic rise is not much commendable, is evolving gradually.
2. The Corona recession attack disrupted the economy’s production system, employment system, sale, income, supply chain management and diseased financial mechanism, which resulted in a grave slowdown in the business.
3. Unlike other recession, this slowdown is not because of any economic or political crisis but because it’s a health crisis called COVID-19 that compelled the world to Lockdown workplaces and forced people to stay at home.
4. Due to COVID-19, approximately 49% of companies planned to lay-off their employees over the next three months, whereas more than one-third of firms (37%) reported a hiring freeze which is irreparable damage to the financial system. Federal Reserve estimate indicates that this crisis will cost 47 million jobs and it will take the unemployment rate beyond 32%.
What is the Response (Reaction: The Corona Combat)?
Economists and Business Experts worldwide are keenly observing the pattern and the effects of this recession under both macroscopic and microscopic facets. It is now notified that the hard-hit economy has developed a neutralizer called MGATE. These are four distinguished antibodies in the segments of Medicine, Groceries, Automation Teleworks and eLearning, which have boosted economic immunity and are helping it to revive and evolve gradually. These industries outlined the dark cloud of Corona recession with the silver line, which embarked hope, positivity which will possibly restore the severely disrupted supply chain management.
Any HOPE ??? (Harmonious Operation and Proactiveness will Lead to Evolution)
The Corona outbreak did pause the busy world of business, but for a while. The global economy is now experiencing the Evolution of the New Era in business. This recession brought a paradigm shift of industrial revolution where the carmakers are altering the assembly line to support the doctors. The imaging technology that detects cancer is being used in CCTV for surveillance and security to counter infection. It is noteworthy that the Spanish brand SEAT has converted an assembly line for the production of respiratory aids as a quick response to the crisis.
The records reveal that every recession experience an economic topsy turvy where some industries prevail and some fail. During the 2008 recession, the industries that prevailed were Information Technology, Food industry and Health Care and the ones that botched were Construction, Travel, and Tourism. Similarly, during this recent Corona recession, the four major sectors that emerged and will potentially lead to reviving the impetus in the economy are:
1. Medicine and Health Care
2. Daily Essentials, Groceries, Supermarkets and E-commerce
3. Automation and Teleworks
4. Education and E-learning
Despite glumness, some companies comprehended that shutdown would not overrule the crisis, but constant endeavor and added efforts can combat the catastrophe and lead to success. For them, the entity called organization is a unified system of the people, for the people and by the people. These unstoppable corporate giants are Amazon, Facebook, Walmart, Reliance, PepsiCo, and Paytm who empathize with their employees. They devised a sustainability plan to support their workforce during the crisis, where most companies without a contingency plan are laying off their employees. These businesses are hiring, helping their employees with financial aids, and are working towards the health safety and security of the employees. The government with the corporate machinery of many countries are working in sync to sustain this setback by complementing each other. During these odd hours organizations worldwide are providing financial assistance, paid leaves, bonuses and loans. Some benevolent leaders and CXO’s are willingly compromising their salaries for the coming months to support their employees.
The list of companies that are thriving amidst Corona and are hiring are as follows:
1. Health Care and Insurance
Health Care industries will exist until human life exists. Currently, this is the fastest and the highest growing industry in the world. Immediate medical assistance is necessary and high on demand due to COVID-19 and other medical emergencies related to older people, accidents or mishaps.
1. Life Sciences
4. Health Care Equipment Services
5. Health insurances
To fulfil the surge for health assistance and consultation, more and more professionals are required in this sector. These sectors are working 24×7 to combat the crisis and save lives. The Bureau of Labor Statistics reported more than 14.3 million people employed in the Health Care industry and stated a projection of 3.2 million jobs would be created in the upcoming years.
The companies that are actively hiring new employees during a pandemic are:
- Walgreens # Hiring 20,000 + Employees
Walgreens: Walgreens is a trusted brand in the drugstore chain. They are actively hiring 20,000 positions across its entire infrastructure from pharmacy technicians, to customer service associates and shift leads. In order to respond to the COVID -19 crisis, they declared the reduction in prices on a wide range of medications that treat common chronic conditions, such as diabetes, asthma, high blood pressure, high cholesterol, and mental health. They are hiring to support the purpose and serve the community better.
- CVS Health Hiring 50,000 + Employees
CVS Health is a pharmaceutical and innovation company. They are actively hiring 50,000 employees in all capacities such as full-time and part-time temporary workers, besides store associates, home delivery drivers, distribution center employees and member/customer service professionals. CVS Pharmacy decided not to claim charges for home delivery of prescription medication to patients for refills or new prescriptions. To provide exhaustive Health Care services, CVS has partnered with hospitality players like Hilton and Marriott for support and to quickly hire the workforce in response to the COVIV-19 crisis.
- 3M Company Hiring 10000 + Employees
3M Company is an American multinational conglomerate in the Manufacturing and Health Care sector. The company is actively hiring Production Operator, Electrical Systems Tech, Maintenance Technician, Machine Operator, Production Packer, Production Operator, Production Service Operator; Quality Control Inspector. 3M has increased the production velocity at its manufacturing units worldwide, including the U.S., Asia, Europe, and Latin America. 3M is aggressively networking and activating the supply chain with customers, distributors, government and medical officials to send the supplies to the locations where the demand is acute. Chairman and CEO Mike Roman issued update notifying 3M’s production increase of N95 respirators; measures applied to control price curve and counterfeiting.
- Siemens Healthineers Hiring 10000 + Employees
Siemens Healthineers belongs to Health Care Services & Hospitals. They are actively hiring Senior Product Managers, Senior Integrated Solutions Orchestrators, Software Development Engineers, Financial Analysts – Facilities, Software Engineers, Field Service Technicians, Account Technology Managers, Test Engineers, and Hardware Quality Engineers. They are hiring as they are well aware of the urgency and complexity of the Corona chaos. Hence, they are working hard to provide the best possible support to Health Care providers at each stage of COVID-19 patient care: diagnosis, prognosis, therapy, and follow-up.
- GE Health Care Hiring 40000+ Employees
GE Health Care: GE Health Care is a $17 Billion unit of General Electric Company (NYSE: GE). They are actively employing more than 46000 executives worldwide. To meet the surge in demand for medical equipment such as face masks and ventilators, the company is hiring additional employees at their manufacturing units across the globe. The company is planning bumper production of medical machines such as CT scans, ultrasound devices, mobile X-ray systems, patient monitors and ventilators.
2. Groceries, Supermarkets and Ecommerce
There are several reasons for the increased hiring in the Grocery segment of the Food industry, whether it is a supermarket or an e-commerce business. One reason for sure is the anxiety and uncertainty developed by the lockdown extensions, which resulted in the stockpiling of food and essential items. During these chaotic times, getting groceries perhaps is the only errand that people could make. The second reason is the restriction on Quick Service Restaurants (QSR’s). In today’s situation, people are cooking at home and are now purchasing groceries more than before. To manage this surge for food and general stuff, the stores need to have the new workforce execute and organize supply and daily operations to fulfill the demand. The grocery sale is recorded high both in stores, home deliveries and online purchases. This change in the lifestyle necessitated prompt response, and hence Grocery brands initiated hiring. Average industry growth 2015–2020: 1.2% as per https://www.ibisworld.com/united-states/market-research-reports/supermarkets-grocery-stores-industry/
Amazon and Flipkart and e-grocers such as BigBasket and Grofers are experiencing a spike in order to flow. E-tailing platforms and retailing stores have seen a considerable spike in Gross Merchandise Value (GMV). The rise in demand has led to staffing firms such as TeamLease encounter increased requests from e-commerce and grocery segment to provide human resources.
From 2014 to 2019, the Supermarkets and Grocery Stores industry has shown a rise. Supermarkets are looking for support from stocking shelves to execute supply chain logistics, manage public relations, and develop software. In the Gordon Hasket survey, 58% of the online grocery shoppers turned to Walmart, with Amazon and Whole Foods trailing with 14% of orders.
- Kroger # Hiring 20000+ Employees
The Kroger Co. is an American retail company that operates in multiple store formats that consist of grocery, multi-department stores, convenience stores and jewelry stores. Kroger is actively hiring 20,000 additional employees across retail stores, manufacturing plants and distribution centers to address the increased consumer demand for groceries and other supply products. During this unanticipated tough time, the customers’ and associates’ health and safety is their top priority for both instore and online merchandise. They have induced low contact shopping option for all ages at stores. They have launched Kroger coupon, Scan-bag-go, Kroger pay to facilitate quick and contactless delivery to encourage safe shopping. With the intent to advance operations and support the accelerated sales growth, Kroger Co. is investing in its workforce, associate and customer safety, and the supply chain to reinforce stability and ascertain growth.
- Walmart # Hiring 150000+ Employees
Walmart Inc is the US based multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It is the world’s largest retailer, and it is hiring more than 150,000 employees through May to meet a spike in demand amid the Corona virus pandemic. The company proclaimed that it would hire more workers at its stores, clubs and distribution centers to fulfil the inflated requirement for groceries and household essentials from the consumers due to Corona outbreak. They are hiring innovative technical expertise, marketing geniuses, merchandising experts and more. The positions are temporary but could transform into permanent roles. Walmart is also rewarding $150 and $300 bonuses to its part-time and full-time employees working tirelessly to keep the grocery chains stocked.
- PepsiCo #Hiring 6,000+ Employees
PepsiCo is the US based multinational Food and Beverage company operating in the manufacturing, marketing, and distribution of grain-based snack foods, beverages, and other products. The company is hiring 6,000 full-time employees over the coming months. The PepsiCo Foundation will invest up to $11 million to provide food, water and other critical support to communities around the world affected by COVID-19. To ensure smooth business operations, PepsiCo is appointing employees in various segments such as production, supply chain, technician and maintenance and more.
- Pizza Hut #Hiring 30,000+ Employees
Pizza Hut, an American restaurant chain admired for its Italian American cuisine, have more than 18,000 restaurants in more than 100 countries. They are actively hiring candidates across its network of outlets to fill up requirements for the in-store team members, supervisors, managers and delivery drivers/riders. They are experiencing an uptick in delivery orders, particularly from a group of people living together in families or hostels. All these deliveries and carryout orders are now contactless to ensure the safety of employees and customers. People trust the brand because it does not compromise on Safety and Hygiene at all. This Fast-Food and Quick-Service Restaurant is hiring employees in various capacities to support the swollen customer demand.
- Mastronardi Produce #Hiring 10000+ Employees
Mastronardi Produce Limited is a greenhouse vegetable company that produces and markets fruits and vegetables. The company offers tomatoes, peppers, cucumbers, and other fruits and vegetables. This food production company is operational in Kingsville, ON; Oneida, NY; Brush, CO; Livonia, MI; Jonestown. They are appointing employees in Sanitation Crew and Production Supervisors, Grading Supervisors, Supervisors of Crop Care, Operations Managers, Work Flow Controllers, Inventory Admins, Shipping & Receiving Clerks, Farms Graders, IT Project Managers, Box Machine Operators, etc.
3. Automation and Teleworks
COVID-19 not only staggered the economy but damaged the well-knitted fabric of social connectivity. Had it not been the interdependence between automation, internet and teleworks, the world would have come to a standstill. Our social and professional lives are now being re-scripted following new government policies. It’s the technology and social media that crammed the void and enabled continuity to interact and exchange information during this crisis.
With the steady rise in Artificial Intelligence (AI) and Robotics Technology, automation is at its peak. The first half of this year did experience a slowdown in Information and communication technology. However, the industry is determined to make a solid comeback, and the average industry growth will be in the range of 7-8% by the end of 2020.
To combat COVID-19, AI has clubbed with automation and a played a significant role in the broad spectrum of Health Care and related activities which includes:
1.Disease Surveillance using Programmed Drones
2.Virtual Health Assistants (Chatbots and Robots)
3.A Catalyst in Diagnosis and Early Detection
4.Facial Recognition and Fever Detection
Remarkably the role that AI is playing in disease surveillance is very critical concerning governance and human transmission standpoint of the COVID-19. Besides the Health Care industry, AI and Automation are streamlining the business sector by organizing a virtual setup to ensure work continuity. Bring Your Own Provision (BYOP) , Work From Home (WFH), Virtual Exhibitions or Conferences using Remote Mechanism has become the new normal.
The growth of the manufacturing segment is augmented by factors such as the increase in the use of enabling technologies (ITES), increased adoption of Industrial Robots, activated Supply Chain along with mass production to meet the demands of the populace. Government is also taking initiatives toward the adoption of industrial automation in various industries.
Hence Automation potentially can alter nearly every dimension of work and daily life. Indeed, in some areas Automation, Digital, and Artificial Intelligence (AI) technologies have already become an essential part of our professional and civic lives. Research by the McKinsey Global Institute recognized that the adoption of digital technologies would be the most significant factor in future economic growth. This segment will constitute 60 per cent of potential productivity growth by 2030. AI alone is expected to yield an additional 1.2 per cent in productivity growth per year from 2017 to 2030.
- Lionbridge Technologies # Hiring 200+ Skilled Technical Language Translators
Lionbridge Technologies is one of the world’s fastest-growing machine learning technology and data providers that comprise a realm of linguistics, AI, and data quality. The company provides the world’s leading tech companies with data in the form of images, videos, audio, and text for their AI applications. The company has announced positions for data labelling projects for self-driving cars, virtual assistants, search engines, and more.
The company believes that during a crisis, the unknown can be far more frightening than the known. That is why, during any catastrophe, transparent, consistent, clear communication is a powerful weapon against fear.
They are actively hiring Application Validation Engineers, Lead Linguists, Testers, Transcribers, Test Operators, Workfront Implementation Subject Matter Experts, Data Controllers, Games Test Associates, Software Development Engineers, Enterprise Sales Director & more.
- MongoDB#Hiring 160+ Skilled Technical and Management Employees
MongoDB is the new age database platform, developed to manifest IT with the power of software and data connectivity for the applications developed by the programmers. The company is Headquartered in New York, with offices across North America, Europe, and Asia-Pacific. MongoDB serves more than 17,000 customers in more than 100 countries. During pandemic MongoDB database platform has seen a record of over 90 million app downloads, and there have been more than 1 million MongoDB University registrations. In response to COVID-19 crisis the company launched a free MongoDB Atlas, Database-as-a-Service credits for those who are detecting, researching, and trying to stop the spread of COVID-19. MongoDB is actively hiring Directors for North Central Region, Software Engineers, Senior Program Managers, Enterprise Account Executives, Field Marketing Managers, Senior HRIS Engineers, Technical Recruiters, Global Deal Desk Managers, Growth Account Executives, Senior Release Managers and Diagnostics Engineers & more.
- Dynatrace#Hiring 200+ Skilled Technical and Management Employees
Dynatrace provides Software Intelligence, Application Performance Management, Artificial Intelligence, Cloud Infrastructure Monitoring, and Digital Experience Management product for all company sizes. Their global Dynatrace ONE representatives, technical support teams, and field services consultants are ready to assist anytime and they ensure the digital services that are provided to their customers continues to run optimally. They are actively hiring remote Sales Engineers, Customer Success Managers, Managers of Technical Alliances, Strategic Account Executives, Product Marketing Managers, Customer Solutions Engineers, Open Source Architects, Account Executives, Business Systems Release Managers. In response to the COVID-19 crisis, Dynatrace is providing quick assistance to the struggling IT teams that are experiencing a surge in demand on apps, infrastructure and rapid shift to WFH. The company has extended its support by ensuring uninterrupted functioning of applications and infrastructure using RUM(Real User Monitoring) which enables prompt response to system anomalies.
- Kraken# Hiring 50+ Blockchain Technologists and Management Employees
Kraken, a US-based cryptocurrency exchange company, founded in 2011 by Jesse Powell caters cryptocurrency transaction services to fiat trading. The hiring spree at Kraken demonstrates cryptocurrency’s sustainability and digital currency dynamism in the COVID-19 bedlam. Kraken distributed work responsibilities and organized working remotely since long before the COVID-19 pandemic forced others to seize. Having a capacity of 800 employees’ company is recruiting hundreds of more employees to support their work expansion. The rise in influx made the company desperately hire more people to work remotely. They flashed Google Survey to all of its 800 staff members, asking them if someone in their household wanted a job with Kraken.
- Teleworks Sector
COVID-19 necessitated and reinforced a guideline of new etiquettes that involves the practice of social distancing and self-quarantine, which in general means isolation. In such a scenario, the only way to maintain a semblance of normalcy is to connect remotely. And hence the most crucial requirement to establish contact is a high-speed and reliable platform to support broadband transmissions.
The aftermath of COVID-19 outbreak resulted in a sharp surge in Teleworks industry as social distancing limited working professionals from mobility. Hence, they derived new ways to keep themselves engaged, entertained and connected. In response to COVID-19 crisis, the telework segment released quantum of data facilities over networks to instill information transmission and unhampered communication. The report published by The New York Times specifies that websites such as Facebook, Netflix, and YouTube witnessed a growth of 27.0%, 16.0%, and 15.3% viewership growth respectively in the U.S. The direct proportion between the higher demand and higher supply resulted in more hiring in this interdependent sector. Zoom and Slack, the major telework companies have announced new positions as more businesses shift to remote work settings and are utilizing teleworks through video conferencing and remote connectivity.
- ZOOM# Hiring 500+ Skilled Employees
Zoom Video Communications, Inc. is an American communications technology company headquartered in San Jose, California. The company offers a platform that enables videotelephony and online chat services through a cloud-compliant peer-to-peer software platform. It is used for teleconferencing, telecommuting, distance education, and social relations. Zoom helped businesses and organizations connect the teams in a seamless environment. The simple yet robust cloud platform for video, voice, content sharing, and chat functions impeccably on cross platforms such as mobile devices, desktops, telephones, and room systems.
The Corona virus outbreak locked down the entire ecosystem and disrupted the timetable of the mechanized life for all ages. From well-oiled businesses to schools, everything got a forceful thrust. However, with the internet in perspective, most prominent and undeterred firms moved online, and most schools moved to ed-tech. As a savior, the eLearning companies came forth and equipped those who believed that an idle mind turns into a devil’s workshop. They offered an array of certifications and training courses to people who wanted to utilize the lockdown period productively. The study reveals that to stabilize the abruptly disrupted academic momentum, educational institutions moved towards technology and started engaging students in online learning.
These eLearning platform utilized electronic technologies to deliver educational curriculum and training away from the traditional classroom. Most of them offered a course, program, or degree delivered completely online.
Qkids is a pioneering online education platform that creates a network between English teachers from North America with over 800,000 Chinese students having age groups from 4 to 12 years. By implementing a narrative game-based learning platform, many English teachers from the U.S. and Canada guide students through a fun and dynamic curricular experience. Qkids’ patented user-friendly online classroom delivers unique learning experiences to families during the lockdown situation. They are actively hiring online English Teachers, Work from Home Online English Teachers from Hartford, CT; Raleigh, NC; Remote; and Boston, MA.
- InfoPro #Hirirng 100+ Tech Professionals
InfoPro Learning is a leader in Corporate Training and Human Capital Transformation. They help organizations create excellent employee and customer experiences through custom eLearning solutions. Since more than 25 years, InfoPro Learning has designed, developed and implemented engaging learning experiences that drive learners to connect and retain talent across the entire employee lifecycle. Infopro announced that it is going ‘all in’ this year to hire and to bring onboard the best learning and development related talent globally. Whether you are young and hungry, or a seasoned vet, they encourage to apply for a position at Infopro.
What is the Conclusive Situation (Outcome)?
Consideration of the fundamental principles in managing the impact of COVID-19 on any business specifies that the organizations should clear off the blurred vision, activate and respond positively. Make stringent roadmaps and adjust financial plan with backups by managing Cash which is the crux and by being a pro who never miss the opportunities presented by the adversity of a crisis. Hire and train the team with representation across business areas to drive a holistic approach to support your action plan. Keep your people and working environment safe. Protect the talent like the four industries mentioned above that are creating momentum, reinstate the economy and recapitulate the stagnant business.