The COVID-19 pandemic triggered the biggest and swiftest decline in the international market in modern history, impacting trade, foreign investment and international travel. While this suggests a dramatic drop from recent gains, it does not necessarily indicate the end of the international market and its potential for future growth.
Indeed, the current economic climate will create new challenges for international trade and growth. As company leaders guide their organizations through some of these challenges, they will have to make decisions about the future of globalization and trade.
Globalization Partners and CFO Research surveyed CFOs in organizations with international expansion plans and more than $100 million in revenues. Here are their findings:
Businesses are proceeding with expansion plans. Most CFOs are undaunted and continue to move forward with their plans for international expansion.
COVID-19 is hastening change within organizations. For example, the ability to work remotely has become a more acceptable business practice. Therefore, many companies have since moved to a permanent work-from-home model.
Employee health and safety remain a top concern for CFOs as they focus on plans for global expansion.
Organizations are adhering to traditional methods for international expansion. But CFOs say that dedicating resources to global operations is vital for planning international development, even though it can take time.
Most businesses are pursuing opportunities for expansion despite the challenges posed by the pandemic. Therefore, companies will still need qualified employees to drive recovery through innovation and change.
Preparing for the Post-COVID Job Market
In a post-COVID world, a Master of Business Administration can give you the edge you need to boost your career. The confidence employers have in the abilities of MBA graduates is an indication of how integral they are to a post-pandemic economic recovery. Consider this data on recruiter intent: The Graduate Management Admission Council found that 89% of employers plan to hire MBA grads in 2021, which aligns closely with the pre-pandemic level for 2020 of 92%.
The MBA is a versatile degree as it provides foundational business knowledge that applies to a variety of industries. U.S. News & World Report featured five jobs for MBA grads to consider in the post-pandemic era: marketing manager, medical and health services manager, management consultant, financial manager and business operations manager. The article notes that “though the overall quantity and quality of jobs for MBA grads tends to depend on the general state of the economy, someone who receives the degree during a bad economy may still find a great job, according to MBA recruiters, corporate executives and hiring managers.”
A growing trend is the increased demand for digital-savvy MBA graduates. With companies undergoing digital transformation, it’s no surprise that recruiters are seeking to fill leadership roles with people who can manage the significant changes that such transformation brings to all areas of an organization.
The business world is constantly evolving. Even before the COVID-19 pandemic, MBA graduates were preparing for an unpredictable global market, and most companies place a premium on that kind of talent. So, if you are thinking of continuing your studies, look at industries that are growing despite the economic upheaval and consider pursuing jobs within those sectors. Don’t be shy about highlighting your marketable skills. Your knowledge could help companies solve post-pandemic challenges and is worth highlighting in resumes and calling out in job interviews.
Learn more about Florida Gulf Coast University’s online MBA program.