The entire world is preparing themselves to face the oncoming recession due to the long lockdown days for COVID- 19 pandemic. The lockdown days made the community sit at home by cutting off all the offline communication with fellow beings including friends, families, relatives, employees, and authorities. Due to the lockdown, everyone has started communication through online mode and started working from home online. Technological developments have paid a new path of doing works from home for employees and attending classes online sitting at home for students. Job or education are the main things that cannot be avoided even if there is a fear of any pandemic.
Even though everyone is working from home, the companies are facing a huge monetary loss due to the decrease in the rate of consumption by the customers. Each industry is struggling with losses and distraction. Due to the same reason, they are cutting down staff, as they are not getting a huge profit to pay them proper salaries at the end of each month. Bracing for oncoming recession entrepreneurs are struggling a lot and they are cautious about their spending of existing projects, as new ones are deferred.
But this impact of the pandemic is just the opposite in the field of data science. They are not immune to the current economic downturn, this field has reportedly seen minimal volatility and fewer layoffs compared to peers. Some companies are hiring new staff during this lockdown period, which includes Walmart, PayPal, Gojek. This happens only because data scientists can only understand the change in customer behaviours. Most data scientists AIM spoke to were unanimous in their assessment that despite the criticality of their functions, their jobs may still be at risk, particularly those working in vulnerable sectors, such as travel, hospitality, and retail.
Companies across industries are witnessing cost cuttings and restructuring programs, and analytics can help rationalize the sum of the decisions. The demand for data scientists is also increasing during the lockdown so as to study the change in behavioural mechanisms of customers
