Yu Minhong, founder of English-language training giant New Oriental Education and Technology Group, delivers a speech to freshmen at Dalian Maritime University in Liaoning province. (PHOTO PROVIDED TO CHINA DAILY)

New Oriental Education and Technology Group Inc announced it will offer over 3,000 jobs globally to contribute to employment stability, as Chinese private companies are looking to play a bigger role in combating the economic impact of the COVID-19 pandemic.

As the disease has hampered the golden season of recruitment, New Oriental, as the country's leading private education firm, said it has started recruiting talent in technology, teaching and training not only from China but across the world.

In the face of the economic uncertainties, China is expected to do all it can to resume normal work while containing the epidemic to ensure economic and employment stability

Yu Minhong, Founder, New Oriental Education and Technology Group 

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In China alone, a total of 8.74 million fresh graduates will be looking for jobs this year, a number which has surged a record high 40 percent year-on-year. But they might face a tough time due to the economic uncertainties caused by the pandemic globally.

To tackle the outbreak-related restrictions on movement, the Beijing-based company switched all of its recruitment procedures online. Employees can submit resumes, conduct interviews, sign contracts and take part in orientations online.

"In the face of the economic uncertainties, China is expected to do all it can to resume normal work while containing the epidemic to ensure economic and employment stability," said New Oriental founder Yu Minhong.

Industry insiders pointed out the move from the private firm will be of great importance to employment stability and offer an economic impetus to the country.

Chinese private businesses are an indispensable force driving the country's development. They are currently responsible for over 60 percent of fixed-asset investment, more than 70 percent of innovation and over 80 percent of urban employment.

Yu said the company has undergone "a pressure test" during the epidemic to keep business stable with enough cash flow while maintaining its users by switching them from offline to online.

"We managed to keep the company in a sound order. For over 80,000 company staff, we didn't reduce salaries for any of them. Instead, we have increased their salaries and bonuses," he said. "It is an experience we learned from SARS that education companies should maintain enough cash flow to face any unexpected future challenges."

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Following the postponement of school semesters, millions of students have to study at home. This led to the shutdown of a string of educational companies whose businesses mainly depended on offline course offerings.

While a rising number of students switched to online education, Yu noted it is the company's years of experience in the research and development of technology that saved itself. The firm managed to resume education transition of its 1 million students from offline to online within days.

"In the long run, the outbreak will speed up the integration of online and offline education services. Those who are able to offer solid, stable services will gain an advantage," said Zhang Lijun, an education veteran and partner at Sinovation Ventures, a venture capital company founded by investor Kai-Fu Lee.