We’ve all seen how Covid-19 has impacted businesses in the past few months. Millions of people have lost their jobs. Many more are furloughed. Still more are working from home, struggling to figure out a new normal.
But what will the impact of the pandemic be on the labor market in the medium- and long-term?
Anthony Horton, CEO of Corporate Relocation International, likes the term “shockdown” as a description of the recession caused by the pandemic. It was uniquely abrupt and deep, with even greater uncertainty than during a typical recession.
For business owners looking to plan their strategy for human resources over the next two years, he sees three key trends:
- Work Location Synthesis: While people will return to their offices, there will be an increased blending of working from home and working from the office on a rotating basis.
- De-globalization: Trade and movement within national borders will assume greater importance relative to international trade and immigration.
- Buyers’ Talent Market: The labor market will much more strongly favor employers than job seekers, and companies will seek talented young people within their organizations to assume leadership roles.
You can get more insights on the impact of the pandemic recession on human capital trends from Anthony Horton at HR.com, at https://bit.ly/3eUAG9l.