Where Should Overseas Returnees Go in the Face of the Pandemic?

The COVID-19 pandemic has spread from its outbreak, to being gradually contained in China, and then to spreading globally. It seems that the day when normal life resumes is nowhere in sight.

Affected by the pandemic and major power conflicts, the global economy has entered a downward cycle, and employment both at home and abroad has been greatly affected. How should returnees seek employment this year?

Let's first take a look at the employment situation overseas this year.

Deloitte in the United States has announced large-scale layoffs, cutting 5% of its employees. Deloitte has more than 106,000 employees in over 100 cities in the United States, which means that more than 5,300 people will be affected by this round of layoffs. Previously, Deloitte had already carried out layoffs in Canada, with a layoff ratio of 3% - 4%! Bloomberg reported that 2,500 people in the Deloitte Consulting department alone will be laid off.

Ernst & Young has also taken measures to freeze recruitment in response to the pandemic. In the United States, it has even cancelled the Virtual Summer Internship Program from July 6 to August 7 and the International Intern Leadership Conference.

Investment banks are not faring any better either. The internationally renowned investment bank Deutsche Bank has announced a global layoff of 18,000 people!

HSBC Holdings has announced a large-scale restructuring before 2022 and plans to lay off 35,000 people in the next three years!

Société Générale has announced that it will cut 1,600 positions in its investment banking department!

MUFG (Mitsubishi UFJ Financial Group) has announced that it will lay off 10,000 people by fiscal year 2023!

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An increasing number of layoffs means that an increasing number of people will join the job-seeking army, and the employment situation will become increasingly tense. With a small number of recruitment positions and a large number of layoffs, the balance of employment is bound to be disrupted.

Similarly, the employment situation in China this year is also not optimistic.

The Recruitment Big Data Research Institute of Liepin released the "2020 Spring Recruitment Job-seeking Report for Fresh Graduates" in April this year. It shows that the number of fresh graduates from colleges and universities this year will reach 8.75 million. More than 70% of fresh graduates have not yet signed employment contracts. The scale of enterprises' recruitment demand for fresh graduates has decreased by 22% year-on-year.

The sudden outbreak of the pandemic has disrupted the job-seeking rhythm of fresh graduates. This also means that returnees not only have to compete with other returnees but also with domestic fresh graduates. The competitive pressure is imaginable.

In addition to the tense employment situation caused by the pandemic this year, returnees also face some other employment problems.

According to the report, more than 90% of returnees said they encountered problems during the job-seeking process.

Data shows that "lack of relevant work experience" and "lack of understanding of the domestic employment situation and enterprise needs" are the main problems that returnees encounter when seeking jobs in China. This is because returnees have insufficient access to domestic recruitment information abroad and are unable to attend job fairs due to geographical reasons.

In addition, there are differences in education between China and foreign countries, and the focus of recruitment in various industries is also different, resulting in a mismatch between returnees and enterprise needs.

Secondly, there are also a series of unavoidable job-seeking problems such as "a large number of domestic and overseas job seekers, high competitive pressure", "employment time difference" (the graduation time is not synchronized with that of domestic colleges and universities). These problems make it even more difficult for returnees to find jobs.

Some people are wavering between taking postgraduate entrance exams and seeking employment; some are struggling between returning to China for employment and staying abroad for employment.

Everyone is working hard to find a job or apply to schools, striving to find the starting point for the next stage of their lives. Each has their own adventure. How should returnees overcome this hurdle this year?

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