The recent outbreak of the COVID-19 pandemic has affected a large number of the population with chaos and problems throughout the world. It is one of the worst pandemics the world has suffered to date. Companies and businesses have been affected largely due to the coronavirus resulting in huge losses and a drop in the economy. Many countries are on the verge of recession as soon as the pandemic gets over. There seems an employment crisis will occur after a large number of employees become jobless, and companies will have to take firm steps to deal with the aftermath of the COVID-19 crisis. It will take a lot of time for everything to become normal after such an impactful crisis.
The workforce of every company comprises of Boomers, Gen X, Millenials, and Gen Z, and all of them are affected severely by COVID-19 with a different set of problems. Let's take a look at each of the problems they can face.
Boomers are the ones who are born between 1943 and 1960. They have a vast knowledge of the company as they are well-experienced. Boomers are the driving force of the company, as most of the time, they are the people with prominent designations in the company. Their exceptional skills and vast knowledge make them a valuable asset for any company. They play a key role in tackling the problems faced by the company.
Boomers will play a major role in dealing with the ongoing crisis of the COVID-19, as they will be at the forefront of managing the tasks and inspiring Gen X workers to work efficiently. A company with excellent Boomers with strong leadership qualities can ease the loss margin during this pandemic. They are the traditional followers of working from the office, and the latest trend of working from home due to the pandemic will make it pretty difficult for the Boomers to cope with it. They are not so tech-savvy, so this transition will be tiresome for them, which will give them a feeling of ineffective management.
Gen X are the ones who are born between 1965 and 1980. They are very hardworking and dedicated to work, as they have established a career for themselves until now, and the only thing that they should take care of is their job. Gen X is the most responsible one in any company, as they have to play many roles at a time like being a good boss at office to being a good husband, and a father at home. Their decisions hardly fail due to their effective thinking and accurate planning. Another factor that may be the reason for their commitment towards work is their responsibilities which keep growing gradually. They are the ones who have loans, mortgages, and debenture to their name, which makes it necessary for them to keep working. COVID-19 has disrupted the world economy resulting in chaos, which will lead to unemployment, and the Gen X workforce will also have to bear the wave of job loss.
Millennials are the ones who are born between 1981 and 1996. They are often labelled as the youngest adults. They are the job hoppers who rarely stay with one employer for long. They are career-centric with aspirations and determination, along with a lot of enthusiasm. They are often looked upon by the Gen Z workers as a source of inspiration due to their immense hard work, as they are the instantly available source of help for the newly joined employees and interns.
Millennials have gone through a lot of problems, along with tremendous progress in the business. They have witnessed the prime phase of globalisation, which makes them essential assets of the company. Covid-19 will have a drastic impact on millennials as they are job hoppers, and the crisis caused due to the pandemic will only prevent them from switching their current job for a while. The current economic crisis will force the millennials to seek stability in jobs and plan for the future effectively.
Gen Z comprises of the ones who are born after 1997. They are the most energetic and mostly the college pass-outs. They are determined to pursue a career of their choice. The COVID-19 crisis will restructure their career prospects, as the economic dropdown will have a huge impact on various professions. Many Gen Z workers who had plans of higher studies will also have to rethink their choices. Some Gen Z workers who were planning to take a job or study abroad will have to restructure their plans as expenses and travelling will become more demanding post the crisis.
Gen Z workers often look upon millennials as their professional role models, but the crisis will change the scenario as most of the millennials will lose jobs due to the layoffs post-crisis. Gen Z workers are mostly the interns and freshers who have started the career recently, which makes them less valuable to the company due to the lack of experience. Hence, they are the most vulnerable to layoffs caused due to the economic crisis.
All the generations of the workforce must be ready to face the problems after the crisis. It will have a major impact on the majority of the countries resulting in a longer phase of recession. Workforces of different generations should navigate new ways for employments, and the leaders should try to tackle the crisis effectively.
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