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Post Covid-19 world and Malaysian Job market
Impacts of Covid-19
Regardless of which predictions prove accurate, there is no doubt that COVID-19 has had a significant impact on the workforce. Millions of people have been laid off or had their hours reduced as businesses struggle to stay afloat. And with schools closed and social gatherings discouraged, many families are now working to make ends meet.
So what can be done to help those affected by COVID-19? There are several options available. For instance, temporary financial assistance is being offered in many areas worldwide. Those with COVID-19 symptoms are also eligible for disability benefits in some countries and can apply for early retirement or a severance package if they meet specific criteria.
But a more permanent solution may lie in finding new ways to produce products and provide services that rely on labour rather than capital. After all, when business owners have no choice but to lay off staff or cut back hours, automation becomes inevitable - which means fewer jobs overall. One prominent economist has suggested that workers should be encouraged to make their products from home, using essential tools and resources purchased from local stores instead of outsourcing every task to factories overseas.
Self-production may seem daunting, but it is not impossible. Many people are already taking steps in this direction. For example, there has been a resurgence in do-it-yourself projects and home cooking. And with the increasing availability of online courses and tutorials, more people are learning new skills that create value in their local communities.
The Future Job Market
So what does the future hold for the Malaysian job market? It is difficult to say for sure, but it seems likely that we will see a shift towards more self-reliance and entrepreneurship. The key will be to find ways to adapt and thrive in this new environment.
The Covid19 pandemic has radically changed the world as we know it. Jobs have been lost, businesses have closed, and life as we knew it has come to a standstill.
It is difficult to say with certainty what the job market will look like after the pandemic. However, some things are clear. Firstly, many jobs that were once considered safe are no longer secure. Jobs in the retail and service industries, for example, are at high risk of being lost due to Covid19-inflicted closures. Secondly, jobs done remotely in the past or online may now be done in person due to concerns about others. Finally, many new jobs are likely to be created in response to the pandemic. Healthcare jobs, for example, are likely to see an increase in demand as the world grapples with Covid19.
Tips to Prepare for future
In short, the job market is likely to look very different after Covid19. Those who can adapt and embrace change will be more successful than those who cling to the past. So what can you do to prepare for the future? Here are a few tips:
Stay informed about upcoming changes in the job market. Keep an eye on industry trends and watch for new opportunities.
Be flexible and willing to try new things. The world of work is changing rapidly, and those who can adapt will be more likely to find jobs in new industries and fields.
Develop skills useful in various situations, such as essential financial management, customer service, and time management. These abilities will allow you to be more flexible and adaptable when the job market changes.
Be willing to invest in yourself. Whether through community colleges or online courses, it is essential not to let your education fall by the wayside, even if you're already working full-time for a company or organization. Self-improvement and education will help you stay ahead of changing industry trends and remain marketable no matter what the future holds for the job market.
Future is about Information, Data, and Machines
The standard global, political and social rhetoric suggests that the post-covid19 world is transitioning into the information age: a new reality of accelerated globalization and rapid technological development.
Many predict it to be an era where machines can think and learn as humans do, where physical labour has been substituted by the output of robots (devices), an outcome of which is fewer people employed. At least, this is what many of us are led to believe.
If you haven't realized already, this isn't entirely true. A lot goes on behind the scenes in the decision-making of influential organizations, decisions that could significantly affect your life (the jobs you'll get or lose). Currently, most jobs are done or controlled by humans, but the future isn't set in stone, and there is a chance that we will begin performing more tasks by machines. How many jobs are at risk of being replaced? Will organizations have to re-evaluate their strategies because of this?
According to many economists, "We argue that the number of people put out of work by technology will increase dramatically over the next twenty years" The first wave was known as the 'Industrial Revolution,' which took place during 1750-1850 textile manufacturing saw an economic boom. Since then, other waves have occurred, with each one causing more significant displacement between workers and machines than the other.
However, humans have found new forms of employment each time, but it has always been for less pay, creating a wage gap between the rich and poor. Although some people are concerned about the future of technological unemployment, there is still hope in a solution to this problem (such as implementing different (and hopefully better) economic models).
The only thing that is done right now is to prepare for what's next, especially considering how unpredictable the future has been.
"The new reality of accelerated globalization and rapid technological development."
Many predict it to be an era where machines can think and learn as humans do, where physical labour has been substituted by the output of robots (devices), an outcome of which is fewer people employed.