Impact of COVID-19 on Hiring of MBAs

We are all aware about the fact that the COVID-19 pandemic has impacted adversely to the entire world. While the world is trying to minimize the negative effects of the pandemic on business and economy, we all know that it’s a fight, where the odds are not in our favour.
With businesses, all over the world, seeing reduction in their revenues and profits, it is natural to see job losses for existing employees and a slack period in the employee hiring market. Jobs in India, like other countries, are no exception to this trend. A recent article in ‘Economic Times’ highlighted the job losses situation in India which is as follows:
So, the question arises as to how all of this will have an impact on the hiring of MBAs?
The following points highlight what we can expect regarding the MBA jobs
There are some sectors which have seen the worst of this pandemic like Automobile, Hospitality, Travel & Tourism. While Banks and financial services which can be considered as a backbone for all the business out there, have also witnessed a negative impact. But there are some sectors which have seen positive impact of the virus-outbreak viz. Pharma, IT, EdTech and for that matter some FMCG products.
Obviously, the corporates won’t be getting ahead of themselves for the time being and the overall view about the hiring market is going to be negative but the job opportunities will definitely be showing steady flow in the sector which have seen the positives.
We can expect that, the difficulty in finding a job is sure to rise, however opportunities will be available for the right candidates. The industry always looks for people who can make a difference to their company even if it’s a pandemic situation.
Slowly, when the business revenues will start to look like pre-COVID levels, which we can expect, as of now to be around the beginning of 2021, we will start to see the hiring rate gradually getting back to normal.
The above discussion leads us to the next important question which is, what will be the corporates looking for in an MBA pass-out? MBA pass-outs are known to possess some of the managerial skill-sets which may turn out to be the most critical skills for getting you a job during this unprecedented period.
Problem Solvers: For all the businesses out there, the pandemic has created a unique business problem. The problems are there to be solved and the candidates who can solve these business issues and help get the business back on track, are ought to be preferred.

Self-learning and leadership qualities: The companies will be looking out for candidates who are ready to take responsibility of their own job. The candidate who are quick learners, self-motivated and require minimum hand-holding will be surely preferred.

Multi-disciplinary Knowledge: When the hiring rate is low, it is obvious that the corporates will require people who are good to multi-tasking and have knowledge about multiple aspects of business.

Decision Making ability: Industry will require candidates who can make decisions quickly and effectively. MBAs are supposed to be have a great decision-making ability which will be definitely in demand during the current situation.

Adaptability & Dynamism: Another quality for which the MBAs might get the upper hand, is the ability to adapt in a new environment and use their dynamic personalities to face the challenges. Corporates will surely be searching for such traits in a prospective employee.