This week's selection includes news on falling unemployment in the US, the K-shaped recovery and Gen Z using technology to kick-start their careers.
#1. Five jobs that will not return even after COVID-19 is over
Despite the signs of recovery, the economies of the post-COVID era are unlikely to look the same as the economies prior to the pandemic. The transformation of our labour markets, the use of technology, the change in our behavior as consumers, and our shifting expectations of how, where and when we want to work, will have a lasting impact. Faced with the accelerated automation, push towards e-commerce, remote work, and online learning, many industries will be forced to adjust to survive, writes CNN’s Gad Levanon. This will lead to job losses in areas such as sales, office and administrative support, higher education, air travel and hotels as well as in the construction industry.
#2. Parents got more time off. Then the backlash started
At the start of the coronavirus pandemic, many companies such as Facebook, Google, and Microsoft began to offer extra weeks of paid time off for employees who had to care for their children. But since then, such policies have created a rift between workers who have parental responsibilities and their childless co-workers, explains the New York Times. The latter have seen these additional perks as unfair. Feeling left out from these benefits, while expected to pick up extra work, they have expressed their frustrations on internal forums forcing the management to reconsider their approach. As a result, this might lead to more benefits being offered even to workers who do not have children to take care of.
#3. 91% of Gen-Z say the ability to work with cutting-edge technology would influence their job choice
Generation Z is the most tech-savvy generation. Born between 1996 and 2010, they were raised with the internet and social media, and this has positively impacted their ability to navigate the world of technology. Unsurprisingly then, 80% of Gen-Z aspire to work with cutting-edge technology. When it comes to choosing employment, 91% say the technology would influence their job choice, writes Cathy Hackl of Forbes. Amid the pandemic, technology has been a great help for young people to kick-start their careers. But while many have the tech skills needed, they are aware they often lack the necessary soft skills and experience. As demonstrated by our own study, this presents endless opportunities for companies willing to invest in their older workers’ upskilling while giving a chance to the younger ones.
#4. Worries grow over a K-shaped economic recovery that favors some industries over others
As the economies pick up the recovery speed from the COVID-19 pandemic, there are growing fears that the bounce-back could look like the letter “K”. That means that some segments of the economy would recover quickly, but others would continue to struggle. According to CNBC, those expected to suffer most and on the declining side include service-based companies, especially those operating in the hospitality industry such as restaurants. On the other hand, the K-shaped recovery would benefit big-box retail and financial institutions.
#5. US unemployment rate falls below 10% as firms rehire staff
The US unemployment rate fell sharply in August, the BBC reports. According to the official data, companies created some 1.4 million new jobs last month, pushing the unemployment rate below 10%. While unemployment is still higher than before the pandemic, it now stands at 8.4%, much lower than economists predicted only a few months ago. That said, according to Neil Williams, senior economic adviser at Federated Hermes, “even if jobs continue to be clawed back at this pace, it would take another nine months for the 12 million workers displaced since February to return.”