The end of the job as we know it?

We saw the first confirmed cases of Covid-19 in the United States at the end of January and the blockages were generalized at the end of March. There was a general hope at that time that if we all behave correctly and defeat the virus in submission, that life would return to semifreation at the end of summer. Clearly, that did not happen, and there is a growing belief that will not happen until a vaccine is approved and widely administered.

What we expected would be a brutal blow, but a short blow to the economy is becoming. In a much longer economic event that will have significant and permanent impacts on American workers. We Explore where the American work is today six months in the Covid-19 pandemic and where everything could be headed.

Where we are today

Many great employers who were in weak positions before the Covid-19 pandemia has declared bankruptcy or is nearto do it.While the retail and hospitality industries have been more affected, other industries have suffered as well.A short list of some of the best-known companies includes:

Fitnessamc theeresascena Retail Group (Has Ann Taylor, Loft and Lane Bryant) Cirque Du Soleilgnchertzjc Penneylord \u0026 Amp;Taylormohegan Gaming \u0026 AMP;EntertainmentNeiman Marcuspier 1Remington (America’s Oldet Gunmaker) Sears / Kmartsur La Tabetailored Brands (Property Properties Men’s Men, Jos. A. Bank, YK \u0026 AMP; G \u0026 K \u0026 Amp; Grander to Atlantico Vierges AtlantyWorme A lot Petrilul

Even if you areCompanies survive, they will probably be smaller entities with fewer locations. They are not just the great names. \”One third of the bars and classrooms have been permanently closed throughout the country, from about a quarter at the end of June, according to the analysis firmof data from small businesses. So have a fifth partE Restaurants and 12% of retailers. \”All this means one thing: the disappearance of many works.

The history of workers who have managed to keep works either is not pink.\” The number of Americans who have suffered salary cuts or reduction. In work hours it is not definitive. But federal data, combined with economic research, puts the figure by around 11 million. In July, more than 7 million Americans reported that they were working on a part-time because they had trimmed their hours, much more than the 2.8 million who said it in February, the government said. And from March to June, companies reduced the payment of 6.8 million additional workers. \”

It is true that employment has begun revive as Spring Blocks have finished. More than 7 million jobs were added to the economy in May and June after 20.8 million jobs were lost in toBril. But the number of new aggregated works was reduced sharply to 1.8 million in July. \”The data in recent weeks have shown that the economy stagnates in July, since the number of COVID-19 cases increased throughout the country. ADP’s private payroll data showed that only 167,000 private sector jobs were Created last month, far from expectations. \” Clearly, it’s going to spend a lot of time before you recover most of the lost work, and many jobs that many never return.

Changes in the work paradigm

It is becoming clear with each passing day, any hope of a complete economic recovery. It depends on the generalized administration of an effective VACCO-19 vaccine, which will take at least 2021. But a vaccine will be enough to return 10 million jobs? The pandemic has forced many employers to reevaluate how work is done and reevaluate the needof employees Employers have always searched for technology to increase operational efficiency, but there are signs that the pandemic is accelerating the use of technology at the expense of the worker.

It does not need to be a compensation professional to see these trends. . Anyone who has recently called the cable company for technical assistance knows that now they put it through an automated automated routine of 10 minutes before it allows him to speak with a human. More locally, my bank branch has been closed for months with a sign on the front door that has a phone number to call if you need access to your safe. Meanwhile, many of the restaurants in my neighborhood have stopped taking cash to carry, thus eliminating the need for ATMs. Some sushi restaurants are using robots to roll sushi. It is not clear if these trends will be reversed whenA vaccine is located.

While the retail economy has been particularly affected, the white-collar workforce is also experiencing fundamental changes. Most of my friends and family members who have office jobs have been working remotely for months, many of them are happy to be free of infernal and life-resistant travel. While the new remote reality has done some activities such as a more difficult aboard employee, employers have realized that the sending of people home does not necessarily result in a catastrophic fall on productivity. Based on these experiences, how many office workers will rush to return 40 hours / week in a cubicle when the pandemic ends? How anxious, employers must pay for large stripes from the center office space in the future? In addition, as the need for office space from the city center decreases,It also makes the need for restaurants, bars and related support companies, leading to even more permanent employment loss.

Long-term thoughts on the future

While some jobs should always be carried out by humans, many other jobs will continue to be automated. In the long term, you simply may simply have not enough jobs to review, since the population of the nation is forced to depend on less and fewer people who can find jobs. There is already evidence of this in the rate of participation in the labor force (the percentage of the population that works or is actively seeking.) The rate of participation of the workforce has decreased from a high 67% in 2001 to a minimum of 60.8% In May, it is only recovering at 61.4% in July after being more than 63% for most of 2019. A smaller percentage of people who work also means a porcentajand younger people who pay in oak ssegurity, which is now expected to dry at only 14 years. If the rate of participation of the workforce continues to fall significantly, it is likely that there are more paradigm changes in the way it is carried out Work and wealth is redistributed.

What can you see these paradigm changes? Well, if Andrew Yang had managed to secure the presidency, I expected to assign all American adults a dividend of freedom of $ 1,000 per month.Other possibility radical would be the official adoption of a four-day work week with a payment of mandatory extra hours for 32 hours. Of course, employers would endeavor in such a change, but it would be the fastest way to increase employment. The majority of employers They prefer to pay extra hours that incur the additional costs of hiring new employees, of which the higher cost is to provide continuous health insurance.Universal HeaLTHCARE would eliminate that employer’s burden, what could make the four-day work week more tasty, but that’s a topic for another blog.Sell of this happens in our lives? His conjecture is as good as mine.

Short-term thoughts for the compensation professional

Covid-19 has altered the duties of many work and created some new ones. Employees in clothing companies such as Brooks Brothers and New Balance are producing surgical masks and robes, while Tesla, Ford and General Motors have requipted their factories to produce auto parts fans after investing their automotive plants due to the demand for Consumers in chopping. Many other jobs have reviewed work procedures to guarantee health and safety. Meanwhile, new jobs such as \”temperature\” and \”Contact Tracer\” are becoming more ubiquitous every day. RecentA temperature sieve recently added to our Companalyst database, and will add Contact Tracer in September. Experienced compensation professionals know that having current and current work descriptions is a prerequisite for effective recruits and compensation management. If the pandemia changed the way the work is done in your organization, it would now be a good time to review and review the descriptions of the posts of your organization. The work architect may be useful if the descriptions of the Posts of your organization need a lot of work. It is the current economic challenges, it is more important that the organizations carefully manage their human capital decisions, and the strategic use of human resources technology can help compensation professionals to perform His role as tutors of his organizations of human and financial assets.