Originally posted on LinkedIn, PearlMutual created a free series to help businesses and individuals navigate the impacts of #COVID-19.
In the first installment, we are answering the question – what are the immediate implications for employees?
As we all know, the ongoing pandemic is causing downtrend in major economies and developing ones like ours. We know that organizations are facing unprecedented and significant challenges to which they need to respond rapidly. It is imperative to understand what is going on, so that one can adequately prepare for the days ahead.
Today the focus is on the immediate term implications for employees. As the economy shuts down, we expect to see small businesses lay off staff to reduce expenses as their revenue gets reduced to practically zero. We also believe that the pandemic will seriously change the way we work going forward as the current situation has led to more ingenious ways of doing business. Indeed, as businesses move most of their operations online, we do not believe that they will be able to dismantle these structures afterwards completely. This situation has revealed that leaner and more virtual structures can function efficiently and are a more cost-effective way to operate.
Which employees stand the risk of losing their jobs the most? Those in industries that are not currently considered essential and are forced to shut down completely. Laid-off employees may not be in a bad position if they have the needed skills to change industries or roles. To know what skills they need, employees ought to predict how their industry will change short-term and most importantly, long-term. Our first nugget of advice for this period is for employees to improve their skills and widen their horizon through relevant online courses that prepare them for the emerging workspace.
Kindly feel free to send us your questions and the areas that you would love us to touch.
Together we overcome.