How is COVID-19 Going to Change the Job Market --- Is your job at Risk?

The following information came from an article in the AARP May 2020 Bulletin. ---

"Businesses of all sizes have laid off or furloughed workers --- 10 million as of early April . . ." (1) But there was positivity in today's news in that  2 million workers were rehired during May. But who were those that were rehired? Nearly half the jobs in the US --- 70 Million --- have been effected by COVID-19. 

What does this mean as we all try to go back to work?

"There are 33 million jobs at high risk of total job loss, lost hours or pay cuts, and another 37 million at medium risk," says Mark Zandi, chief economist at Moody's Analytics. There are entire industries right now shattered by being shuttered. (2)

It's obvious that business across America has experienced a dynamic shift in the way people punch the time clock. And as this article states, "If you didn't know how to teleconference, share digital documents, and keep a computer functional on your own, you had better be able to do so --- and the sooner the better. (3) This is when we actually have turned to our kids and grandkids to help us.

"More people are knowledge workers, meaning that they work with ideas and information rather than with machinery. The knowledge economy naturally supports jobs that can be done from home.(4)"

"Those who are getting paid the most, however, are now [the most] vulnerable because they are big targets for pay cuts or layoffs by companies desperate to save money to remain afloat. (5)"  Professionals will now have to look for contract work and do several free-lance projects to be able to make the same type of money. As Dan Schwabel, managing partner of Workplace Intelligence, says, "I see the demand for freelancing and side gigs increasing." For some this may actually be a good thing, particularly older workers who have more experience than their younger counterparts.

And another thing that is changing is the interview process.  Recently, I had a job interview for a visiting professor position, and it was on Zoom and there were 6 people interviewing me. I actually didn't do well because I was so taken aback by the process that I became uncharistically flustered.  But this is the new normal for everyone.

Lindsey Pollak, a multigenerational workplace expert and author, says, "Contract work will probably be  the dominant story as companieswork with leaner teams and rethink their budgets, meaning that they will hire more contract and fewer full-time workers for cost savings. (6) "

There's one good thing in all of this for older workers.  As long as you have the technical chops, older workers will be asked to mentor younger ones. Why?  Many older workers have had enough work disruptive experience like dot.com bust, 9/11 and 2008 Bubble Bust. All of these different scenarios have allowed them the experience to work through unforseen obstacles, and be able to mentor the younger workers.

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(1) AARPBulletin,  May 2020, page 28.

(2) Ibid.

(3) Ibid.

(4) Ibid.

(5) AARPBulletin,  May 2020, page 30.

(6) Ibid.