The coronavirus has shook the global economy to its core with countries seeing historical unemployment rates. This era is reminiscent of the recession that started in 2007 that left the unemployment rate to climb to 10.2%. So how can we take the impact of this recession on the job market and apply it to today’s circumstances?
In the past, the government has enacted fiscal stimulus packages to try and revitalize the economy, but things are different this time as people are encouraged to stay home.
While the 2008 recession led to massive job loss across many sectors, it is restaurants, tourism and SMEs that are taking the biggest hit.
Now, as facilities are forced to close their doors globally, millions of people are being forced to work from home and large gatherings have been postponed or canceled. Schools and companies alike have moved to adopt technological resources, such as Zoom, to continue operating remotely. This outbreak is likely to lead companies to reevaluate their remote working options and make it more accessible in the case of another disruptive event.
While the state of the world seems grim, the recent investments into artificial intelligence and remote working tools will play a big part in accelerating business growth. Although it is evident that not all companies will survive this turmoil, the ones that do will be stronger than ever and will be seeking more candidates to help them prepare for the future.