As governments around the world seek to save lives by slowing the spread of the coronavirus, they have had to take drastic measures, with big implications for economic activity. In this way, many careers have been affected. This appears to have helped stem the public health crisis, but it is taking its toll on the economy.

The coronavirus outbreak has had an unexpected impact on many industries around the world. Some saw sales increase, others experienced a big drop. Many non-essential businesses were forced to close. But what does this mean for graduates? Is the chosen industry still hiring? Will you work from home?

What problems are different sectors currently facing and what does the future of their careers look like? Jobs in agriculture, administration, finance and insurance, scientific or technical industries are those with the least risk of suffering short-term impacts from the coronavirus. Low vulnerability occupations include jobs that could be done at home, have limited physical contact with others, or are considered essential.

Applied studies

The U.S. response to the new coronavirus, through stay-at-home orders and social distancing, could be between 44 and 57 million jobs at risk of layoffs. In this way many careers have been affected. This also includes reduced licenses and revenue, according to a new report from McKinsey & Company. The report established which jobs will be most vulnerable to inactivity due to the pandemic.

Across all jobs, McKinsey found that low-income workers and those with low educational attainment are most at risk for the short-term effect of the pandemic. This includes small businesses as well. McKinsey began by categorizing the 804 occupations found in the United States Bureau of Labor Statistics by degree of vulnerability to inactivity. Occupational Information Network (O * NET) job and career characteristics were used. It found that 191 of the 804 occupations are highly vulnerable to short-term shocks.

Unfortunately, they are not essential workers or usually include close physical contact. This is similar to the results of the Pew Research Center survey of Americans. Here it was established that those with higher incomes and higher education were more likely to report working from home during the coronavirus. In the UK, in the four weeks following March 16, there were 1.4 million new applications for social assistance. This was established through the universal credit system, six times more than previous levels.

McKinsey's model, in association with Oxford Economics, suggests that in an intermediate scenario, unemployment could peak at 9 percent, up from 4 percent in February 2020. Part of this is likely due to licenses turn into job losses. While others will be affected due to the second-order effects that will be felt in the supply chain of the blocked sectors, in the UK and abroad.

Most affected careers by the Coronavirus

Retail industry

The careers of the retail industry have been hit hard by the coronavirus. Most of the non-essential stores were forced to close due to the introduction of the lockdown. The industry has had a huge impact on overall sales, despite the rise in online shopping. Stores are now slowly beginning to reopen in many countries around the world.

Overall growth has slowed in the retail industry, but it has still grown 4.1 percent this year. However, this is significantly lower than the growth in other years. There has been a big shift towards online shopping. Global online traffic for supermarkets has increased by an incredible 135 percent, and retail technology has increased by 129 percent. Most of the growth in the sector is in food and grocery stores, as fashion stores struggle. In contrast, sales of clothing stores, such as fashion stores, expected growth of 0.5 percent. But now they face a 26.7 percent drop.

Are they still hiring?

In short answer, yes. In the United States, Walmart announced that they will add 150,000 workers in the stores. Amazon has 100,000 positions to fill and CVS is hiring for 50,000 positions. Most of the larger companies also offer graduate programs. You can start working from home though, with a transition later.

What does the future look like?

Now that stores are beginning to reopen, the general hope is that retail will slowly begin to return to normal. However, this, of course, depends on the virus: if there is a second wave, the stores may be forced to close again. US retail sales have rebounded to a record 17.7 percent in May since states began reopening their economies and American consumers have been able to return to stores. Despite this, the retail industry was already facing problems before the coronavirus, so its future, for now, seems uncertain. Also, the fact that many stores have not been able to open will mean that there will be a large amount of additional inventory in the retail market that will be discounted when the stores fully reopen to make way for new inventory. This means a lot of lost sales.

The tourism industry

COVID-19 has paralyzed tourism. It has been one of the industries and they are the most affected careers, according to the World Tourism Organization. However, there is a ray of hope for the tourism industry, as many countries are set to reopen their borders soon. The global tourism industry was forecast to generate US $ 711.94 billion by early 2020, but is now forecast to generate only a fraction of that, at US $ 447.41 billion. Globally, online traffic for tourism has decreased by 73 percent.

Are they still hiring?

Although some companies are still hiring, according to Statistica, there will be a total loss of 101 million jobs in 2020. The Asia Pacific region is the hardest hit, followed by Europe. Tourism industry companies are sure to start hiring again after the coronavirus pandemic ends and borders begin to reopen.

What does the future look like?

Although the industry outlook may seem quite bleak today, the tourism industry is definitely not one to write about when looking for your future career. Once the lockdown is over and countries start to reopen, we should see an increase in tourism as people start traveling again. EU general information website, reopen.europa.eu, provides up-to-date information on coronavirus regulations for 27 EU countries, as Europe slowly begins to open its borders again. The United Nations Tourism Organization has predicted that by 2030 there will be 1.8 billion tourists worldwide each year.

The financial industry

As bank branches close and people lose their jobs or become unemployed, there has been immense pressure on online services, customer services, and a general shift in mobile banking. The coronavirus has meant that social distancing requirements have been put in place, and very few clients have been received. Able to be served in a physical bank branch. This has put enormous pressure on other channels, such as phone support, social media, and online. The demand for customer services has also increased as a record number of people have questions, concerns and requests because their finances have been affected by the virus. Fintech companies are well equipped to deal with this, however some have found their funding uncertain due to COVID19. Others are developing products that meet people's needs, and many offer their services to clients and businesses for free.

Are they still hiring?

Several large companies including PwC, Lloyds Banking Group, and BDO have been forced to make changes to their hiring plans because due to quarantine measures they have had to fully migrate to the online process. For example, PwC has canceled their summer internship and offered alternatives to these 400 successful students, which may include automatic admission to graduate programs in 2021. New recruits to the rm will be trained online and their program will be offered. summer work experience. online to the 5,500 students who originally applied. Lloyds and Santander canceled their summer internship programs and allowed selected candidates to advance to the next round of graduate programs in 2021. Goldman Sachs has pushed back the start dates of their internships.

What does the future look like?

The future of finance appears to be online for the foreseeable future. Covid-19 has forced the online banking transformation to dramatically accelerate, with entire departments working from home. In the long term, this could reduce the dependence of customers on the traditional bank branch, as there appears to be a greater focus on Fintech as consumer demand for online banking continues to increase.

Do you have a personal experience with the coronavirus that you would like to share? Or advice on how your city or community is handling the pandemic? Contact us and tell us your story.

Most affected Careers by the Coronavirus

Careers most affected by the Coronavirus

 

 

 

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