Unemployment During the Recent COVID-19 Pandemic: Exploring the Perspective of Fresh Graduates from a Developing Nation
DOI:
https://doi.org/10.2478/eb-2022-0007Keywords:
COVID-19, economic crisis, fresh graduate, personal stress, social factors, unemploymentAbstract
The recent COVID-19 pandemic has accelerated the radical changes in economics, labour market and business models globally. The job market is no exception. This study aims to find out what factors affect job opportunities for recent graduates during a pandemic. It is a quantitative study in which 200 recent graduates were randomly chosen. Factor analysis, both exploratory and confirmatory, was used. The study tests the hypothesis and confirms the contributing factors to the unemployment problem by conducting a path analysis using structural equation modelling (SEM). It is hard for recent graduates to get jobs because of economic and personal reasons during this pandemic. On the other hand, the study does not think that social issues play a significant role. The study will aid similar groups in comprehending the phenomena and devising strategies to overcome their causes. A future study could compare the underlying issues in various countries. This paper, among the very few studies, will assist the stakeholders in comprehending the job market in a developing country during the ongoing COVID-19 pandemic, particularly from the perspective of a recent graduate.References
Afewerky, H. K. (2020). Pathology and pathogenicity of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Experimental Biology and Medicine, 245(15), 1299–1307. https://doi.org/10.1177/1535370220942126
Ahorsu D. K., Lin C.-Y., Imani V., Saffari M., Griffiths M. D., & Pakpour A. H. (2020). The fear of COVID-19 scale: Development and initial validation. International Journal of Mental Health and Addiction, 20, 1537–1545. https://doi.org/10.1007/s11469-020-00270-8
Al-Omoush, K. S., Simón-Moya, V., & Sendra-García, J. (2020). The impact of social capital and collaborative knowledge creation on e-business proactiveness and organizational agility in responding to the COVID-19 crisis. Journal of Innovation & Knowledge, 5(4), 279–288. https://doi.org/10.1016/j.jik.2020.10.002
Barai, M. K. (2021). COVID 19 in South Asia and the way forward: An introduction. South Asian Survey, 28(1), 7–19. https://doi.org/10.1177/09715231211002303
Bodrud-Doza M., Shammi M., Bahlman L., Islam A. R. M. T., & Rahman M. M. (2020). Psychosocial and socio-economic crisis in Bangladesh due to COVID-19 pandemic: A perception-based assessment. Front. Public Health, 8, Article 341. https://doi.org/10.3389/fpubh.2020.00341
Chowdhury, M. B., & Chakraborty, M. (2021). The impact of COVID-19 on the migrant workers and remittances flow to Bangladesh. South Asian Survey, 28(1), 38–56. https://doi.org/10.1177/0971523121995365
Dartnell, L. (2021, April 4). The Covid-19 changes that could last long-term. BBC. Retrieved from https://www.bbc.com/future/article/20200629-which-lockdown-changes-are-here-to-stay
Eusuf, M. A., & Rahman, J. (2020). COVID-19 impact and the world economy in eight charts by RAPID. The Financial Express. Retrieved from https://thefinancialexpress.com.bd/economy/covid-19-impact-and-the-world-economy-ineight-charts-by-rapid-1591098739
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.), Pearson, New York.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.), Sage, Thousand Oaks, CA.
Horowitz, J. (2020, March 26). A ‘short, sharp’ global recession is starting to look inevitable. CNN. Retrieved from https://edition.cnn.com/2020/03/09/economy/global-recessioncoronavirus/index.html
Hossain, M. I. (2021). COVID-19 impacts on employment and livelihood of marginal people in Bangladesh: Lessons learned and way forward. South Asian Survey, 28(1), 57–71. https://doi.org/10.1177/0971523121995072
ILO. (2020a). COVID-19 leads to massive labour income losses worldwide. Retrieved 1 April 2021, from https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_755875/lang--en/index.htm
ILO. (2020b). COVID-19 leads to massive labour income losses worldwide. Retrieved 1 April 2021, from https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_755875/lang--en/index.htm
ILO. (2021). ILO monitor: COVID-19 and the world of work (7th ed.). ILO. Retrieved 1 April 2021, from https://www.ilo.org/global/topics/coronavirus/impacts-andresponses/WCMS_767028/lang--en/index.htm
Ilzetzki, E. (2020). COVID-19: The economic policy response. VoxEU. https://voxeu.org/article/covid-19-economic-policy-response
Irani, B. (2021, June 5). 67% of SMEs forced to shut businesses due to Covid-19. Dhaka Tribune. Retrieved from https://www.dhakatribune.com/business/commerce/2020/08/18/67-of-smesforced-to-shut-businesses-due-to-covid-19
Jones, L., Palumbo, D., & Brown, D. (2021). Coronavirus: How the pandemic has changed the world economy. BBC News. Retrieved from https://www.bbc.com/news/business-51706225
Keelery, S. (2020). COVID-19 impact on unemployment rate in India 2020. Retrieved from https://www.statista.com/statistics/1111487/coronavirus-impact-on-unemployment-rate/
Momen, M. A., Sultana, S., & Haque, A. A. (2019). Web-based marketing communication to develop brand image and brand equity of higher educational institutions: A structural equation modelling approach. Global Knowledge, Memory and Communication, 69(3), 151–169. https://doi.org/10.1108/GKMC-10-2018-0088
Momen, M. A., Shahriar, S. H. B., Hassan, M. K., & Sultana, S. (2020). Determinants of using social networking sites toward entrepreneurial success: Experience from a developing nation. Emerging Economy Studies, 6(2), 191–200. https://doi.org/10.1177/2394901520977425
Neazy, S. N. (2019). Rise of the educated unemployed. Dhaka Tribune. Retrieved from https://www.dhakatribune.com/opinion/op-ed/2019/06/28/rise-of-the-educated-unemployed
Schwartz, N. D. (2020, March 24). Coronavirus recession looms, its course ‘Unrecognizable’. The New York Times. Retrieved from https://www.nytimes.com/2020/03/21/business/economy/coronavirus-recession.html
Sewda, A., & Gupta, S. D. (2020). Genetics of severe acute respiratory syndrome Coronavirus-2 and diagnosis of Coronavirus disease-2019: An overview. Journal of Health Management, 22(2), 236–247. https://doi.org/10.1177/0972063420935548
Shahriar, S. H. B., Arafat, S., & Alam, M. S. (2019). Branding in informal sector: Qualitative analysis from a developing country perspective. SEDME (Small Enterprises Development, Management & Extension Journal), 46(3), 161–170. https://doi.org/10.1177/0970846419871125
The Daily Star. (2019). Bangladesh 2nd fastest growing economy in South Asia: WB. Retrieved from https://www.thedailystar.net/business/bangladesh-2nd-fastest-growing-economy-in-asia-1813156
The Daily Star. (2021, April 2). Daily Covid cases hit record high. Retrieved from https://www.thedailystar.net/frontpage/news/daily-covid-cases-hit-record-high-2070577
The Financial Express. (2021). Bangladesh among likely ‘the fastest growing’ economies in 2021. Retrieved from https://thefinancialexpress.com.bd/economy/bangladesh-among-likely-thefastest-growing-economies-in-2021-1613615574
The World Bank. (2020). The global economic outlook during the COVID-19 pandemic: A changed world. World Bank. Retrieved from https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-duringthe-covid-19-pandemic-a-changed-world
World Bank. (2011). World Development Report 2012: Gender Equality and Development. Gender differences in employment and why they matter. World Bank. Retrieved from https://openknowledge.worldbank.org/handle/10986/4391
The World Bank. (2022, July 28). Unemployment, total (% of total labor force) (modeled ILO estimate) – Bangladesh. Retrieved from https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?end=2021&locations=BD&start=1991&view=chart
Wang, C., Horby, P. W., Hayden, F. G., & Gao, G. F. (2020a). A novel coronavirus outbreak of global health concern. Lancet, 395(10223), 470–473. https://doi.org/10.1016/S0140-6736(20)30185-9
Wang, G., Zhang, Y., Zhao, J., Zhang, J., & Jiang, F. (2020b). Mitigate the effects of home confinement on children during the COVID-19 outbreak. Lancet, 395(10228), 945–947. https://doi.org/10.1016/s0140-6736(20)30547-x
Wang, K. Y., Wen-Hui, T., Chuang, T., & Lee, H. (2020c). Rethinking four social issues of the COVID-19 pandemic from social work perspectives. Asia Pacific Journal of Social Work and Development, 31(1–2), 45–51. https://doi.org/10.1080/02185385.2020.1819396
WHO. (2021, February 22). Impact of COVID-19 on people’s livelihoods, their health and our food systems. World Health Organization. Retrieved from https://www.who.int/news/item/13-10-2020-impact-of-covid-19-on-people’s-livelihoods-their-health-and-our-food-systems
Yadav, A., & Iqbal, B. A. (2021). Socio-economic scenario of South Asia: An overview of impacts of COVID-19. South Asian Survey, 28(1), 20–37. https://doi.org/10.1177/0971523121994441
Zanker, F. L., & Moyo, K. (2020). The Corona virus and migration governance in South Africa: Business As Usual? Africa Spectrum, 55(1), 100–112. https://doi.org/10.1177/0002039720925826
Zhang, J., & Yuen, M. (2022). Social connectedness and career and talent development self-efficacy: direct and mediating effects. British Journal of Guidance & Counselling, 50(3), 400–412. https://doi.org/10.1080/03069885.2022.2062590
Ahorsu D. K., Lin C.-Y., Imani V., Saffari M., Griffiths M. D., & Pakpour A. H. (2020). The fear of COVID-19 scale: Development and initial validation. International Journal of Mental Health and Addiction, 20, 1537–1545. https://doi.org/10.1007/s11469-020-00270-8
Al-Omoush, K. S., Simón-Moya, V., & Sendra-García, J. (2020). The impact of social capital and collaborative knowledge creation on e-business proactiveness and organizational agility in responding to the COVID-19 crisis. Journal of Innovation & Knowledge, 5(4), 279–288. https://doi.org/10.1016/j.jik.2020.10.002
Barai, M. K. (2021). COVID 19 in South Asia and the way forward: An introduction. South Asian Survey, 28(1), 7–19. https://doi.org/10.1177/09715231211002303
Bodrud-Doza M., Shammi M., Bahlman L., Islam A. R. M. T., & Rahman M. M. (2020). Psychosocial and socio-economic crisis in Bangladesh due to COVID-19 pandemic: A perception-based assessment. Front. Public Health, 8, Article 341. https://doi.org/10.3389/fpubh.2020.00341
Chowdhury, M. B., & Chakraborty, M. (2021). The impact of COVID-19 on the migrant workers and remittances flow to Bangladesh. South Asian Survey, 28(1), 38–56. https://doi.org/10.1177/0971523121995365
Dartnell, L. (2021, April 4). The Covid-19 changes that could last long-term. BBC. Retrieved from https://www.bbc.com/future/article/20200629-which-lockdown-changes-are-here-to-stay
Eusuf, M. A., & Rahman, J. (2020). COVID-19 impact and the world economy in eight charts by RAPID. The Financial Express. Retrieved from https://thefinancialexpress.com.bd/economy/covid-19-impact-and-the-world-economy-ineight-charts-by-rapid-1591098739
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.), Pearson, New York.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.), Sage, Thousand Oaks, CA.
Horowitz, J. (2020, March 26). A ‘short, sharp’ global recession is starting to look inevitable. CNN. Retrieved from https://edition.cnn.com/2020/03/09/economy/global-recessioncoronavirus/index.html
Hossain, M. I. (2021). COVID-19 impacts on employment and livelihood of marginal people in Bangladesh: Lessons learned and way forward. South Asian Survey, 28(1), 57–71. https://doi.org/10.1177/0971523121995072
ILO. (2020a). COVID-19 leads to massive labour income losses worldwide. Retrieved 1 April 2021, from https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_755875/lang--en/index.htm
ILO. (2020b). COVID-19 leads to massive labour income losses worldwide. Retrieved 1 April 2021, from https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_755875/lang--en/index.htm
ILO. (2021). ILO monitor: COVID-19 and the world of work (7th ed.). ILO. Retrieved 1 April 2021, from https://www.ilo.org/global/topics/coronavirus/impacts-andresponses/WCMS_767028/lang--en/index.htm
Ilzetzki, E. (2020). COVID-19: The economic policy response. VoxEU. https://voxeu.org/article/covid-19-economic-policy-response
Irani, B. (2021, June 5). 67% of SMEs forced to shut businesses due to Covid-19. Dhaka Tribune. Retrieved from https://www.dhakatribune.com/business/commerce/2020/08/18/67-of-smesforced-to-shut-businesses-due-to-covid-19
Jones, L., Palumbo, D., & Brown, D. (2021). Coronavirus: How the pandemic has changed the world economy. BBC News. Retrieved from https://www.bbc.com/news/business-51706225
Keelery, S. (2020). COVID-19 impact on unemployment rate in India 2020. Retrieved from https://www.statista.com/statistics/1111487/coronavirus-impact-on-unemployment-rate/
Momen, M. A., Sultana, S., & Haque, A. A. (2019). Web-based marketing communication to develop brand image and brand equity of higher educational institutions: A structural equation modelling approach. Global Knowledge, Memory and Communication, 69(3), 151–169. https://doi.org/10.1108/GKMC-10-2018-0088
Momen, M. A., Shahriar, S. H. B., Hassan, M. K., & Sultana, S. (2020). Determinants of using social networking sites toward entrepreneurial success: Experience from a developing nation. Emerging Economy Studies, 6(2), 191–200. https://doi.org/10.1177/2394901520977425
Neazy, S. N. (2019). Rise of the educated unemployed. Dhaka Tribune. Retrieved from https://www.dhakatribune.com/opinion/op-ed/2019/06/28/rise-of-the-educated-unemployed
Schwartz, N. D. (2020, March 24). Coronavirus recession looms, its course ‘Unrecognizable’. The New York Times. Retrieved from https://www.nytimes.com/2020/03/21/business/economy/coronavirus-recession.html
Sewda, A., & Gupta, S. D. (2020). Genetics of severe acute respiratory syndrome Coronavirus-2 and diagnosis of Coronavirus disease-2019: An overview. Journal of Health Management, 22(2), 236–247. https://doi.org/10.1177/0972063420935548
Shahriar, S. H. B., Arafat, S., & Alam, M. S. (2019). Branding in informal sector: Qualitative analysis from a developing country perspective. SEDME (Small Enterprises Development, Management & Extension Journal), 46(3), 161–170. https://doi.org/10.1177/0970846419871125
The Daily Star. (2019). Bangladesh 2nd fastest growing economy in South Asia: WB. Retrieved from https://www.thedailystar.net/business/bangladesh-2nd-fastest-growing-economy-in-asia-1813156
The Daily Star. (2021, April 2). Daily Covid cases hit record high. Retrieved from https://www.thedailystar.net/frontpage/news/daily-covid-cases-hit-record-high-2070577
The Financial Express. (2021). Bangladesh among likely ‘the fastest growing’ economies in 2021. Retrieved from https://thefinancialexpress.com.bd/economy/bangladesh-among-likely-thefastest-growing-economies-in-2021-1613615574
The World Bank. (2020). The global economic outlook during the COVID-19 pandemic: A changed world. World Bank. Retrieved from https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-duringthe-covid-19-pandemic-a-changed-world
World Bank. (2011). World Development Report 2012: Gender Equality and Development. Gender differences in employment and why they matter. World Bank. Retrieved from https://openknowledge.worldbank.org/handle/10986/4391
The World Bank. (2022, July 28). Unemployment, total (% of total labor force) (modeled ILO estimate) – Bangladesh. Retrieved from https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?end=2021&locations=BD&start=1991&view=chart
Wang, C., Horby, P. W., Hayden, F. G., & Gao, G. F. (2020a). A novel coronavirus outbreak of global health concern. Lancet, 395(10223), 470–473. https://doi.org/10.1016/S0140-6736(20)30185-9
Wang, G., Zhang, Y., Zhao, J., Zhang, J., & Jiang, F. (2020b). Mitigate the effects of home confinement on children during the COVID-19 outbreak. Lancet, 395(10228), 945–947. https://doi.org/10.1016/s0140-6736(20)30547-x
Wang, K. Y., Wen-Hui, T., Chuang, T., & Lee, H. (2020c). Rethinking four social issues of the COVID-19 pandemic from social work perspectives. Asia Pacific Journal of Social Work and Development, 31(1–2), 45–51. https://doi.org/10.1080/02185385.2020.1819396
WHO. (2021, February 22). Impact of COVID-19 on people’s livelihoods, their health and our food systems. World Health Organization. Retrieved from https://www.who.int/news/item/13-10-2020-impact-of-covid-19-on-people’s-livelihoods-their-health-and-our-food-systems
Yadav, A., & Iqbal, B. A. (2021). Socio-economic scenario of South Asia: An overview of impacts of COVID-19. South Asian Survey, 28(1), 20–37. https://doi.org/10.1177/0971523121994441
Zanker, F. L., & Moyo, K. (2020). The Corona virus and migration governance in South Africa: Business As Usual? Africa Spectrum, 55(1), 100–112. https://doi.org/10.1177/0002039720925826
Zhang, J., & Yuen, M. (2022). Social connectedness and career and talent development self-efficacy: direct and mediating effects. British Journal of Guidance & Counselling, 50(3), 400–412. https://doi.org/10.1080/03069885.2022.2062590
Downloads
Published
15.08.2022
Issue
Section
Articles
License
Copyright (c) 2022 Md. Abdul Momen et al., published by Sciendo
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 Unported License.
How to Cite
Momen, M. A., Shahriar, S. H. B., Naher, N., & Nowrin, N. (2022). Unemployment During the Recent COVID-19 Pandemic: Exploring the Perspective of Fresh Graduates from a Developing Nation. Economics and Business, 36, 105-119. https://doi.org/10.2478/eb-2022-0007
