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Job market after COVID-19

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JOB MARKET AFTER COVID
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– Job market at start of Pandemic

Situation starts all on a sudden in March 2020. People started dying and infection rate was high with virus. Initially root cause was unknown which was discovered later. Job market was seriously affected during that period. Most critical period was March – July 2020. At that time, there was fall of 33% of jobs, may be more. People around the globe stayed at home and started online communication which was much higher than earlier. After the first wave of pandemic, market started to recover. While starting the pandemic, some may thought this is a temporary disruption. However few months later it was found that matter was serious. World weather varies with geographical location of different countries. While start of pandemic, Italy was most affected country.

After vaccination, reversed a trend of rising wages across the world, hitting women workers and the low-paid hardest.

– Affected countries

Unemployment rate of Australia started with 4% at the start of pandemic and now that is 7%. However, unemployment rate decreasing recently. At the start of 2020, unemployment rate of Canada was 5% which hits 15 % during first quarter of pandemic and now this is 9%. France was 9% while start of pandemic. Germany was 5% at start of pandemic. Italy was 10%, Japan was 3.5%, UK was 5.5%, United states was 14% while start of disaster. We call this as great depression.

– Affected group, young and woman

Food and house rent become common affected area. People were suffering for a regular monthly salary. Within a short period of time, job crisis become social crisis. Unemployment benefit was limited. Some of the country provided extraordinary support but most of the country of the world could not, especially poor countries. Young people and women are among those at greatest risk of joblessness and poverty. Development and projects was limited and has less requirement of employment. tourism and restaurants were closed.

Job retention programmes

The Coronavirus Job Retention Scheme (CJRS) is a temporary initiative that allows employers to access financial support to pay part of their employees’ wages. In New Zealand 66.27% of workers effectively benefited from job retention schemes while 66.27% or 1436000 people could have in total. In Austria 36.84% of workers effectively benefited from job retention schemes while 36.84% or 1415000 people could have in total. In France 32.61% of workers effectively benefited from job retention schemes while 32.61% or 13140000 people could have in total. In United Kingdom 31.47% of workers effectively benefited from job retention schemes while 31.47% or 8696000 people could have in total. In Netherlands 27.97% of workers effectively benefited from job retention schemes while 27.97% or 2100000 people could have in total. In Australia 24.69% of workers effectively benefited from job retention schemes while 24.69% or 2900000 people could have in total. In Ireland 18.83% of workers effectively benefited from job retention schemes while 18.83% or 380000 people could have in total. In Germany 18.74% of workers effectively benefited from job retention schemes while 18.74% or 11720000 people could have in total. In United States 0.14%% of workers effectively benefited from job retention schemes while 0.14% or 210000 people could have in total.

Job market changed

During pandemic stores and shops were closed. Demand was not less than earlier. People were staying in home and use of TV and internet were increased. Consumer use apps for ordering goods. Home delivery increases. Online service provider become a popular platform.

– High end of unemployment

Focusing UK, employment rate could rise to 7.75%, as told by economic expert. The rate may rise until April and can continue further if Government does not extend job support scheme. The roll-out of vaccines to protect against Covid is also happening quickly. If this continues, it may help to keep unemployment down. Workers in the hospitality industry, retail and entertainment have been badly hit.

Post Covid Job demand

World is waiting for post COVID jobs. People are watching what coming next? Lockdown and restriction will be lifted, vaccination is going on. Some of the Government are supporting to their citizens. Some of the Financials are predicting global recession and financial crisis. By this time we are observing digital transformation. Business and shops are tied up with apps and digital mechanism. Proper digital processes and new ways of working will need to be integrated effectively. Apps market will be booming and technology will take a lead. Artificial intelligence and machine learning will be demanding. Data science, programming, online presence, online marketing, social media will be more popular. Health sector will be have further demand. E-commerce will be visible significantly. Last of all, cyber security will be a good place for job seekers. World is waiting for a talent pipeline. Find your place and stand up.

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