What We Know About the Pandemic and The Job Market
Updated: Jan 31
Looking back on the beginning of 2020 feels like staring into an alternate reality where the pandemic didn’t burden us. Like many natural disasters, the pandemic caused a ripple effect across the economy that started with a bang and continued to compound slowly. As we enter the third year of dealing with coronavirus, we’ve learned a few lessons along the way. What are some of the most significant impacts of the pandemic on the job market?
The beginning of the pandemic brought us a new category of employment. We coined the term “essential workers” to mean anyone who still needed to be present to provide goods and services. This included grocery stores and public transportation, etc. But we also quickly learned that these are the roles employers often felt were expendable. As the pandemic wore on and health and safety became significant concerns, the essential workers began to demand changes. While the industry hasn’t caught up, we are thinking about these roles differently, which may lead to big changes within the service industry.
Supply Chain Disruptions
For the average consumer, supply chain issues feel like an excuse for businesses to provide fewer products or services. However, the supply chain disruption is far-reaching. The pandemic affected the international shipping of essential materials used in trucks and products. It also created a shortage of workers in manufacturing, including building the trucks needed to move goods around the country. Without trucks to ship products, other industries cannot meet manufacturing demands. It’s a vicious cycle without a current solution.
Remote or Hybrid Workplaces
On a positive note, the pandemic did usher in a new work-from-home era. Some companies embraced this idea long before COVID-19 made it essential. But even the organizations that once fought the remote work trend see employees just as productive if not more and embrace a future with work-from-home opportunities. Others provide a hybrid approach that allows employees to come into the office when necessary. One of the reasons this is so critical is that employees who thrive in remote jobs aren’t willing to return to an office. So, if their current employer isn’t accommodating, they will seek out a company that is.
The Great Resignation
Many of these factors have led to what economists are calling The Great Resignation. As people look for better work environments and compensation, the service industry, tech, and healthcare are all hemorrhaging talent right now. Some are striking out on their own embracing independent contracting and the gig economy. It does mean there are opportunities for organizations. Looking for talent in outside-of-the-box ways means some of these workers have the potential to step into new roles.
Are you ready to pivot as the employment market shifts? Sigred Solutions is your recruitment partner. We connect great employers with amazing talent and stay to support your success. Call us to learn more today.