A changing economy demands new skills -With Shrikant Singh, Amazon; Great Recession survivor

Shrikant Singh, IIT Kharagpur (2009), ISB (2014), Amazon; like many students today, had a degree in hand from a prestigious college, a placement offer, and had spent his years at IIT, working on research internships and refining his skills in industrial chemistry. But when the economy took a dip and his offer was rescinded, he graduated jobless. His situation much like you all seemed devastating at the time. Yes, it seemed devastating, but not as havoc wrecking because Shirkant did what you all must do now. 

When all you get is lemons….

When you have graduated from IIT, you expect to land a cushy job with a good package. But the Great recession had other plans! Shrikant after losing his placement offer spent months going back and forth before landing a contractual position in Bangaluru. During his stay there, it was a steep learning curve that made him realize a few things:

• Existing skill sets often fall short during a major change in the economy
• A shift in the economy means a shift in the roles that are offered to new talent in the market
• ‘Victim mentality’ will not help and only cause damage to the already fragile psyche of  young graduates
• New skills can go a long way in the changing structure of the economy

The six months at his contractual position moulded him as a person, and he learned lessons that would stay with him for life. He couldn’t land a permanent position as the company was eventually sold, things were not looking up at all. At this point, he took a leap of faith and chose to acquire a new skill and take up a job in analytics and big data. He gained experience, worked hard, and finally took up a job with Amazon.

…..you make lemonade!

The current scenario is also a difficult one. Many industries have taken a fall and the uncertainty that surrounds the future of these industries only makes it worse. Today, we face a bigger problem than just rescinding offers. The sealing of international borders, lack of activity has led to an economic slump that threatens to stretch as long as the pandemic does. But here is something that you can chew on, that can help you in making this transition easier:

• Acquire new skills for facing the changing trends of economy, gain from peers as this new reality is affecting everyone and not just us
• While some industries are feeling the burn more than others, some like ed-tech, e-commerce, healthcare are rising
• Existing skill sets, though can prove to be not enough are not rendered completely useless, roles pertaining to them still exist, just in different ways
• Hone digital skills as the world is shifting to a virtual platform, being tech-savvy is not as difficult for this generation as it was previously
• Acknowledge the change in the employer-candidate equation, as the youth have to mould themselves to fit the new roles that will come up
• Finally, your first salary out of college is not the last one out of your life

He ends by saying that it cannot be sugarcoated that there is a scarcity of jobs. Young people today will have to adapt to the changing times, pick up new skills during the changing economy like distance learning, supply chain, logistics, and the digital world. Only then will they be in the race to make their place in the world.

Some other articles from our blog that can be of help are:

• Affected by economic slowdown? Use these steps for tackling unemployment trauma
• AICTE allows management institutes to convert existing MBA to PGDM or vice-versa
• Attention young grads, the formula for finding the right job has been decoded!
• Become a super learner with these 5 easy tips
• 7 free online Marketing courses that no one should miss!
• 10 vital commandments for summer internship during Corona crisis