How has COVID-19 affected the labor force around the world? What are the economic effects, especially on US employment? Here's everything you need to know.
The novel COVID-19 coronavirus pandemic has taken the world by storm. Every industry in every corner of the world has felt the effects of this disease, and there's simply no doubting the fact that the economic effects of COVID-19 will be felt for months to come.
One of the most tremendous economic effects of the pandemic is the general skyrocketing of unemployment. Countries worldwide are experiencing record levels of unemployment.
In this article, let's take an in-depth look at some of the economic effects of COVID-19 on unemployment.
One of the hardest-hit industries by the COVID-19 virus is the hospitality and entertainment industries. In any economic crisis, these two industries are generally the first to go. This is because it's the first market that consumers stop spending in, decreasing demand.
The very nature of the hospitality and entertainment industries allows human-to-human contact and transmission of the virus. Thus, governments have had to shut down many businesses that operate in this industry. The business implications are scary.
Restaurants are closing down, cruise lines are going bankrupt, even some music bands are having to cease operations. All of the employees who work for those companies have reduced a reduction in hours, a furlough, or unemployment entirely.
And for those businesses that are going to keep working, many will do so in ways that reduce the number of human resources employed by the business in order to keep the human transmission of the virus to a minimum.
For instance, many restaurants are still operating, but only as drive-through and take out operations. Thus, this removes the requirement for in-person employees. The companies instead begin to rely on automated technology to receive orders.
Another effect of coronavirus on the economy is the increase in unemployment benefits. For instance, in the United States, folks are seeing an increase in their unemployment checks combined with economic stimulus packages to help those below certain income thresholds to pay their bills.
One positive effect of the COVID-19 pandemic is the increase of business reliance on technology. The natural consequence of this is an increase in IT jobs available worldwide. And because many IT jobs can be done remotely, there is no potential for human transmission.
If you were let go or furloughed from your job, then it may be time for you to consider switching industries. Try taking a few IT classes to add some credentials to your resume, then try to get a job in the industry.
If you're looking for an IT job, then you need to be using our online tool. This tool takes much of the heavy lifting in the IT job search out for you. You need to rely on online methods to find jobs in a time when the economic effects of a pandemic have turned in-person business impermissible.