Permanent job losses are a growing pandemic trend. Dashing hopes of a rapid economic rebound. With the latest signal that the economic damage from the coronavirus will be long-lasting. Millions have lost their jobs but for many of them the news is getting even worse. Their jobs have disappeared forever.
“More companies that thought they could survive are giving up. The most painful time to lose your job may well be coming up”. [Nicholas Bloom, Economics professor at Stanford University]
Coronavirus’s economic danger is exponentially greater than its health risks to the public
If the virus does directly affect your life, it is most likely to be through stopping you going to work. Forcing your employer to make you redundant, or bankrupting your business.
Having said that, I believe this was a mere catalyst and increased automation had already upset the traditional employment apple cart. Even before the pandemic hit, the workplace was rapidly changing. And it’s madness that in today’s digital world most of us still have our income eggs in one basket. Coupled with the fact that jobs for life with a secure retirement have long been a fallacy.
But here’s the good news
You can help yourself to avoid what’s happening in the economy and there really is a path to self-reliance out there for you. With the right skills, education and business, you can learn how to leverage the technology behind much of those rapid changes in the workplace. And ultimately transition from traditional to digital business. When you add to the mix the fact that most of us are living pay cheque to pay cheque and aren’t financially educated, it makes for a pretty scary economic future.
In a recent survey of global CEOs, the majority stated that the COVID-19 pandemic will result in a shift towards remote collaboration (78%), automation (76%) and fewer people working from offices (61%). More than 60% also said that their business model will be more digital in the future. A change accelerated by the pandemic.
According to Betsey Stevenson, a member of the Council of Economic Advisers during Obama’s Administration, this recession is really confusing. “What we had was really a suppression where we told everybody to stay home and that wasn’t really job loss… The real question is, when you end the suppression how many jobs are left?”
It has been demonstrated time and again that the long-term unemployed are increasingly less likely to return to the job market
Their skills may become outdated, they may lose motivation or employers may discriminate against them. Even after returning to work, they could see effects such as lower pay which can permanently damage future income opportunities throughout their working lives.
All I’m saying is, maybe it’s time to think about not relying on your employer or to leave your future income in somebody else’s hands. Because for many people, going back to reality may not be a reality. It wasn’t for me. I was made redundant in the summer of 2020, but luckily for us, my husband has managed to stay working for now.
Don’t get me wrong – the purpose of this post is not to scaremonger
Merely to say that you may need to find self-reliance and security beyond your salary. It’s my mission to communicate to as many people as possible that utilising technology should be about helping humans to work better, smarter and faster. So put yourself in a position to augment rather than be replaced by technology and embrace it.
The recession will force many people to reinvent themselves and communities and groups will survive. Which is just as well. When there are online global communities who provide marketing systems and education platforms. Which prepare you for every aspect of online entrepreneurship. But it’s only for those of us interested in looking to obtain financial freedom. But perhaps more importantly, gain more time freedom in exchange for their time, effort and dedication to this unique online education. After all, one of the greatest investments you’ll ever make is in yourself.
If I can help just one person… To realise they need to be better prepared in the knowledge of the opportunities out there to pivot from traditional employment to a digital business… My work is done.
Turn the job security myth into a lifestyle reality and build yourself a job
Opt for a recession-proof online income and create your own security. Don’t rely on an employer to offer it.
Millions of people around the world crave and dream of the freedom to be able to do what they love. And the ultimate dream of being able to earn a living doing what they love. Are you that person?