The impact of COVID19 on Career and Education

Situation Report:

There are still many people facing the brunt of the slow down in economy and life in general when it comes to the job market or for that matter even higher education.

One would think that the impact of the pandemic would lessen after a period of almost 10 months, but the situation is still quite bleak for some.

Career and Jobs:

Some companies have reported laying off almost 30-40% of their workforce with many small businesses shutting down altogether. This has had an adverse impact on many people’s livelihoods and has caused the rise in unemployment to unprecedented levels without the influence of a recession.

Higher Education:

Due to the increased number of people without active employment, there was a spike in interest for higher education and other related skills and learnings until a period of a few months into the pandemic. However, now even the interest in this has fallen as the mode of teaching is very heavily reliant on online media.

A lot of candidates are not happy with this change as they still have to pay the full price for the course but are having to do it from their homes rather than experiencing the campus as would typically happen if there was no pandemic.

GMAT & GRE:

The number of students who want to appear for the competitive exams has also decreased as there are a lot of universities that are waving off the exams as part of the application process in order to secure more applications in order to renew interest in applying to universities. As has been evidenced by the number of GMAT coaching centers and GRE coaching centers that have been forced to shut down or reduce their rates or forced to convert to the online medium of teaching with drastically reduced volumes, it is quite evident that it is a dull market right now.

The Future:

The immediate future does not seem to be deviating from the current trajectory. However, in a matter of a few months, probably coinciding with the releases of the COVID19 Vaccine in most foreign countries, there will be a huge demand for these academic services.

It is around this time again that the rest of the workforce also will be able to find suitable employment. Keeping an eye on the education market can provide some good precursors to how the rest of the economy and world of business will take shape.

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