Employment is changing. Leaders in both the public and the private sector are finding creative solutions to adapt to the effects of the job crisis for future success.
The global job crisis has been at a critical point for years now and has, unfortunately, worsened even more dramatically in the wake of the COVID-19 pandemic. Reports state that there has been up to 10 times fewer hours worked in the first months after COVID-19 in comparison to the first months after the 2008 financial crisis [Organisation for Economic Co-operation and Development].
In other words, however difficult you may have thought the work crisis was a decade ago, it is 10 times worse now. This means that leaders in both the private and public sectors have needed to become more creative in addressing the disparities caused and that employment as a whole should be reimagined completely.
Social support and the abundant lack thereof has become a central theme in business strategy forums and decisions. While this may be symptomatic of a larger change within global society and may mark a shift for the better, it is a problem that remains unsolved and rampant in many sectors.
We find the most vulnerable to the loss of work are also those that can afford it the least, in a disproportionate and concerning volume. Those at risk include SMEs, the self-employed, or workers in the gig economy. This includes and is not limited to the two largest sectors in the world: accommodation and food services plus wholesale and retail.
The informal sector and indeed the communities supported largely by the economics of cash flow in this sector are dangerously at risk for total collapse. Smart, cross-sector solutions are key to providing the necessary support that these sectors need while carving out a business environment that is disaster-proofed for future generations.
Safeguarding Jobs Through Recreation, Reskilling And Redeployment
We have seen a dramatic shift in work environments that has created the benefit of opportunity. More workers are able to access jobs previously not feasible due to transportation or logistical considerations, which in the same breath has offered businesses the relief of accessing a skilled workforce from a greater pool.
Digital literacy, soft skill training, and increased transparency and communication in terms of job requirements and imaginative redeployment will be essential to the adaptation of the evolving job market.
Express Employment Professionals is confident that by working together, the employment and workforce changes we are experiencing, and the job fulfilment solutions we create, can bring about effective solutions for the future. Speak to us today to find out more.