Future not so bright for new graduates in post-Covid era

Dr Thanit Sorat, ECONThai’s deputy chairman, said the manufacturing, export and tourism sectors will continue to contract until the end of the year, while several businesses will have to downsize their workforce due to a drop in demand.
“This will result in some 634,000 new graduates having trouble finding a job, and up to 30 per cent may not be able to pursue a career in their chosen fields,” he said.
Thanit added that the “new normal” in consumer behaviour brought about by the lockdown will also affect the job market. “More consumers will prefer to shop online and opt for cashless transactions, which could lead to businesses requiring a smaller workforce and focusing more on expanding the technological aspects of their services,” he added.
“People whose jobs had been suspended during the height of the outbreak and are now starting to return to work may also find their contracts being adjusted,” Thanit added. “For instance, the automotive manufacturing industry, which has suffered a 26.3 per cent drop in demand, is choosing to automate its assembly lines. Several companies have terminated their contracts with subcontractors as well as cut wages and overtime payment of production level workers.
“Salaried people returning to work may not be able to resume their work habits, because employers will employ stricter tools to evaluate the efficiency of each staff member to keep their costs low,” Thanit added. “In the post-Covid era, making oneself indispensable to the organisation will become even more important to secure one’s job.”