Finance

How Employees And Their Financial Have Been Impacted By Pandemic

The pandemic has impacted all sectors of life in the last two years or so, hasn’t it? From taking away or adversely impacting people’s livelihood to pay cuts and whatnot, the coronavirus has wreaked havoc in 2020 and 2021 across the globe.

How Employees And Their Financial Have Been Impacted By Pandemic

It’s even been difficult for companies and their employees to deal with it in more ways than one. And the pay cuts and job losses have made it nearly impossible for people to pay existing loan EMIs and credit card bills for several months, thus harming their credit score too. That’s why it becomes important to also know how to read cibil report and check free cibil score to understand the status and impact of your financial actions on your credit score.

So let’s look at how the pandemic has changed and shaped the employment trend and scenario, besides impacting people’s credit scores.

Hiring activities scenario during a pandemic

Although the trend has been different in varying sectors, hiring activities in 2021 were largely sales and tech-driven in many industries, with the aim to increase the workforce in areas that performed well and were in demand in the past and this year. After factoring in the retention ratio, many companies not only focus on the existing workforce but also ensure adequate additions to have enough competent workforce for the near future.

And because many companies saw their employees financially suffer due to the pandemic, they should promote the habit to check free cibil score so that employees know the factors impacting it and how to improve it.

FY22-23 is expected to be a promising year for banking and financial services employees. That’s why it becomes important to also be ready with a good credit score and how to read cibil report because some industries are seeing the trend of employers checking job applicants’ credit history during the background check process.

And to work towards financial inclusion, which has been an existent problem in our country, companies will intend to penetrate into rural markets and generate more jobs and financial awareness in tier-2 and tier-3 cities, which is expected to add more jobs.

Area trending in focus in the current economic scenario

Some of the key focus areas in 2022 would be Analytics/Big Data, Cyber security and content, and developing newer and niche technologies for front-end and back-end products.

Sales and service will continue to drive hiring activities in tier 2&3 cities. In metro cities, technology can play a larger role to retain existing customers. And without any doubt, with the rising importance of credit scores across the banking sector, job seekers should ensure they check free cibil score and even add that to their CV. This can act as a positive point in your CV because it reflects that you are financially disciplined in credit card and/or loan EMI payments.

Job profiles such as App Developer, Cyber Security Analyst, Machine Learning and Data Specialist/scientist, Blockchain Developer, Business Analyst would definitely be in high demand during many sectors’ hiring process in 2022.

Also, smart key skills for job seekers in 2022 would be not only be networking, communication, time management, leadership and negotiation skills but also knowing how to check free cibil score. Besides these, it’s important to know how to read cibil report so that you are well versed with the status of your credit score and can take steps to improve it upon checking harmful activities in a credit report. A good credit score in India can have a positive impact on companies who check the credit history of job applicants.

In 2022, Management by Objective (MBO) will play a key role when dealing with large teams and customer bases. Since a single person such as a manager cannot individually oversee each team member, inter-personal interaction would be below, and only those who have strong networking and communication skills can work efficiently.

With expanding horizon of roles which any designated person is required to perform, time management skills would prove to be the key to multi-tasking and yet doing each task with equal efficiency. One definitely needs to show accountability and own their actions.

In any organization, there would always be competing or conflicting agendas and objectives.

Suppose you may have a direct reporting to somebody, but there is a dotted line alignment with multiple stakeholders, so the person needs to manage them all as per the need of the hour by displaying strong communication, networking and negotiation skills.

No matter at what level of organization you work at, leadership skills are pivotal for both individual and the organization’s growth and success. A true leader provides the right direction to the team’s ideas and pays equal attention to the subordinates ‘suggestions and thoughts. Also, all companies should ideally make efforts to increase credit awareness amongst employees and emphasize the importance of how to read cibil report. This will help employees become credit ready for loans or credit cards whenever required in life.

4 technical skills that will be in demand in 2022

Some of the key technical skills that in near future would be in demand in 2022 would be NodeJS and ReactJS, Data mining and modelling, Blockchain Expertise, Machine Learning, Artificial Intelligence and cybersecurity Expertise.

Ensure your CV matches and is in sync with the stated job description. Do not get restricted to just the role that you are being offered. As most organizations today are inclusive and allow the person to start from anywhere, hard-working and flexible candidates can definitely work their way up towards their goal. Also, make sure you stay updated regarding industry-specific knowledge, remain focused and confident, and are able to efficiently work in diverse environments.

Tips for new job seekers or switchers creating a resume in 2022

Showcasing achievements and steady career growth should go hand in hand. Avoid mentioning the mundane things which aren’t meaningful. Mention projects you loved working upon the most. Many companies now require a diverse workforce that has representations from all strata of socio-economic society. Focus is mostly on hiring growth-hungry professionals with a stable professional background and who are willing to push their limits in a challenging environment.

Diverse and inclusive workforce involving high calibre professionals with diversified or different digital skill sets, who are self-driven, responsible, accountable & willing to innovate and experiment fearlessly yet carefully.

Impact of the technology/gig economy/ multi-generational workforce on hiring in 2022

Talent Acquisition has been a common pain point for hiring teams across almost all organizations. Whether it advertising, putting up the right job boards, identifying the right skills set from multiple applications or rolling out the final offer, the entire process can become swifter and less cumbersome by implementing an application tracking system that is easy integration capabilities with any HCM (Human capital management). Even adding another tool or free facility to make employees and even job seekers know how to read cibil report can be a good step by many HR departments of companies. This will increase financial awareness about credit score and credit health too.

Also, by using a good ATS (Apprenticeship training scheme), one can not only bring down the time to hire but also get visibility on hiring funnel, source mix and job loss. Companies should also lay emphasis on the importance to check free cibil scores so that their new employees are credit ready to take any loan when required in life, like home loans, personal loans or car loans.

Moreover, tools like ‘parsing ‘ save the recruiter a lot of time in non-value-add areas such as data entry and the need for trackers. Throw AI also in the mix; recruiters get more time to evaluate the smaller but eligible talent pool. Candidates, too, get a uniform experience, be it brand feel or recruiter connect, and are happy going through a friendly process.

Leave a Comment