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Home » Made Redundant or Laid off During COVID? Why Now Could be the Perfect Time to do an MBA Online

Made Redundant or Laid off During COVID? Why Now Could be the Perfect Time to do an MBA Online

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MBA Online

The COVID-19 pandemic has had a major and lasting impact on just about every aspect of life, and perhaps none more so than on work, business, and the economy. While the mass vaccination efforts going on all over the world during most of 2021 have helped a lot of communities begin to return to something closer to what life was like before the outbreak, it is likely that some businesses will never recover, and some industries have changed forever. There are also industries that probably will eventually get back to normal, but which for now are likely to be seeing a lot less activity than in typical years for a long time to come – such as tourism-related industries and events planning.

As a result of everything that happened to try to cope with the global crisis, unfortunately, a lot of businesses became unable to function or had to scale things back, with many people losing their jobs. A lot of people in jobs that require having face-to-face contact with customers or clients simply weren’t able to work at all, and with other businesses focusing only on the services that could be provided remotely, fewer staff were often required.

Naturally, this has left a lot of people without a secure job or even a career to return to. If you are someone who is currently out of work due to COVID layoffs or redundancy, and wondering what the best course of action is, then actually, you could consider this period as a great time to either retrain, or get some advanced professional qualifications that can set you up for higher employability in lucrative, senior roles or allow you to switch industries, or even equip you to start a successful business of your own. For people who were previously in management positions, the ideal option to achieve this is by using this time to study for an MBA online, for instance, with Aston University, which offers well-regarded online MBA programs. 

Here we look at why:

This May be the Best Opportunity to Throw Yourself into Full-Time Study

While you can certainly do an MBA online as a part-time venture while you are working, it is probably unlikely that once you get back into full-time work, you will ever have a period like this again where you have the time to focus full-time on getting your MBA, without having to actively decide to leave your job or take a sabbatical. Redundancy was always a good time to consider doing things like this in the past.

But with COVID layoffs the situation is more or less the same – you are between jobs in a time where the job market is far from ideal, and so if you have a way to support yourself while taking time out to study for your MBA, then this could be a better way to take advantage of the gap in employment in the long run than taking a job you don’t really want or that is below the level you are aiming for, or putting all your time into unsuccessful job hunting.

The job market should recover somewhat in the time it takes you to get your MBA, but even if that isn’t the case, you will have achieved greater employability and be eligible for more senior roles when you hold the MBA, so will be competing in a different market.

Another advantage to doing an online MBA now is that you will be studying full-time from home, so if by any chance things don’t return to normal as expected – for instance, if there is another strain of COVID that the vaccinations don’t protect against and lockdowns are needed again – you will be able to continue without any upheaval. 

Rekindle Your Optimism About Your Career

For a lot of people, the uncertainty of the past two years has made them lose enthusiasm for their career or business ideas. Where a lot of people’s plans were put on hold or cancelled, career progress was difficult or impossible to make, and the future of a lot of roles and even whole industries came into question, it is understandable that many workers began to wonder if they ought to change paths altogether or give up on their previous aspirations and goals. 

By working towards a highly sought-after qualification like an MBA that can open up job or business opportunities in a wide range of sectors, you can regain your enthusiasm and motivation about furthering your career and making money. By studying business-related topics, you’ll be gaining skills that will make you a valuable asset in all kinds of jobs, making it possible to switch industries if you want to without having to start at the bottom – many aspects of management, leadership, and business administration are transferable between niches. You’ll also be developing yourself as a professional, giving you greater confidence and optimism about what could lie ahead for you, and helping you feel excited about the future of your career again.

Have A Better Understanding of the Confusing Business Climate We’re in

Another benefit to studying an MBA program now is that this is probably one of the most confusing times in business, and with the knowledge you’ll gain, you’ll have a better ability to analyse things that are happening with both economics, and the strategies companies are applying in this unpredictable time. This can not only help you spot the ways some industries are changing but also ways that businesses are diversifying or changing their strategies and apply that thinking in jobs you might later hold or even in your own business venture. Good analysis skills are essential for both senior levels and for running your own company and being able to understand the markets in periods of change and uncertainty like these will give you an edge.

As you can see, if you are eligible to start an MBA online and are currently between jobs due to COVID, it makes a lot of sense to make now the time you take the plunge and enrol!