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But so far it seems that there is still a lot more to be done in terms of the economy getting back to its feet before getting back to the pace it was before this worldwide pandemic.
The problem is, it has to do this in double-quick time to balance the damages caused, and one of the chief causes has been sudden unemployment and scepticism regarding future work prospects.
Unemployment rates are at the highest and many people are frantically searching for jobs as many companies have started downsizing and reducing the workforce due to increased costs and decreasing revenues.
One such aspect of employment is internships and are often neglected when it comes to identifying them a contributing workforce to the economy. Many young students who were gearing up for their summer internships, the soon-to-be college graduates as well as professional prospects have been drastically affected.
According to internal research and an official statement on CNBC Edwin Koc (director of research, public policy and legislative affairs for the National Association of Colleges and Employers) only 2% of employers have been revoking their full time offers made to candidates but about 16% of employers have reported revoking internship offers.
Summarizing his answer gives us some crucial points which are essential for students and people looking out for internships should keep in mind are that internships at this time won't be the same as before.
Most of the employers are adding at least one change to their internship programs and close to half of them are turning their internships to a virtual one. Along with that students must also take note of the fact that most of these employers are planning to take fewer interns due to obvious cost-related reasons.
Speaking about virtual internships many companies, as well as the giants, have been moving towards the mode of remote, online internships. Companies like PwC have planned to hire 2020 college interns and change their mode of work to an online form. It has been one of the many policy changes that the company has made to its internship program.
However, PwC is not the only company to convert their internships to an online mode. Fellow investment banking companies such as Morgan Stanley and JPMorgan have also announced that their internships will also be held virtually, and many other companies across multiple industries have followed suit.
Many other companies are adapting to the “new normal” as safety measures and SOPs are being imposed on organizations by the government which requires huge initial investments and prolonged costs that cannot be implemented for the whole workforce employed by the said organization(s).
However, this is the good side of how companies have coped. A relative few have the comfort of knowing that they have a job waiting for them and are assured that their employment opportunities aren’t going down the drain.
Many companies including major FMCG companies and automobile companies have cancelled internship offers for their candidates entirely. It came as a hurtful email or a phone call and the candidates are left stranded and have are frantically searching for other opportunities at these times which affects them mentally.
Although the current situation is to be blamed, Companies with a better hand at their market share shouldn’t be doing this ideally and should try their best to minimize the effect on their candidates and also make provisions for them to work rather than abandoning them.
There is a whole other set of candidates who are in a very weird dilemma. They have gotten their internships delayed rather than cancelled. And this in itself is a major letdown as many students can't even pursue any other internship during that period and have to wait for things to settle down. It kind of seems that their dreams and career aspects have been delayed or even on hold as there is no guarantee on what the future has for them or for anyone for that matter.
Keeping all of this in mind and the unemployment rates going up a majority of the elite workforce have dedicated themselves towards upskilling as once the pandemic is in control they will have an edge over those who haven’t upskilled or upgraded themselves to skills that are relevant in their respective fields.
E-Learning has been a ray of hope in this time for students and candidates looking to keep themselves engaged as well as learning and improving their skills in various domains within the industry and business sectors. Students are flocking to such mediums to become better than what they are and add useful credentials to their CV to be considered desirable candidates in the work sector once things somewhat settle down.
It's hard to keep yourself relevant at these times but you can still ace this period by learning and improving existing and new skills and also gaining experience of industry practices and real-world technicalities related to the domain. Want to know how?
Verzeo Edtech specializes in various tech-related and mentor-led internships but isn’t restricted to it. It provides for internships even in management domains. Our internships not only cover the theoretical part but also gives you exposure to how the actual work is done out there on the field with industry experts guiding you throughout the internship journey.
Not only that they specialize in assigning relevant projects within the specific domains which help the student to better prepare themselves for jobs and interviews as well.
In case you feel lacking in your skills and want to improve and succeed or want to rejig your career prospects, Verzeo is here to lend you a helping hand. To know more about us you can visit our website www.verzeo.com or by contacting our support team at support@verzeo.com.
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Stay safe, stay confident, stay focused, success is just around the corner. It’s a matter of time, effort, and patience. Learn Here, Lead Anywhere.