In 2020, almost every company had to put its operations on hold due to the global pandemic, at least for a certain amount of time, until an alternative was figured out. Many of these companies restored to work from home models whereas others with labor work involved had to halt the functionalities. Many deliverables could not be turned around to the clients, in turn affecting the business. This led to a number of employees losing their jobs and being furloughed. Now, this was one side of the coin. There’s a flip side where industries were booming and hired more staff.
This side of the coin witnessed increase in demand of the products and services offered, ultimately resulting in a need for more employees to meet the demand. As it was a worldwide spread of an infectious disease, it comes as no surprise that the healthcare industry flourished. The demand for healthcare staff – nurses, doctors, and even interns rose pretty high during the pandemic. These frontline workers gave their best to the society by risking their lives for the safety of others.
But, healthcare is not the only industry that witnessed a spike in payments, its complementary sectors such as telemedicine and therapy, and cleaning supplies manufacturing also grew.
Apart from healthcare, the sectors that hired more people from the market and made jobs available for the economy were essential products and services workers. Grocery stores, supermarkets, and e-commerce were productive throughout the year, and kept the flow of essential products going.
As e-commerce rose, the logistics and supply chain sector bloomed too. More people were hired to ensure that the products were stored and transported efficiently to reach their destined venue. Amazon has been a major contributor.
Coming on the technical side of the industrial landscape, the IT sector experienced an elevated need for human resources to keep up with the technical needs of the industry, organizations, and people. As companies made the shift from physical offices to virtual ecosystems, the tech sector made advancements in its innovation and rolled out tools and solutions to make the WFH model simpler. Additional employees were hired to ensure the customer support was uninterrupted and fresh talent was given a chance to display their innovative thoughts and ideas.
Several fintech companies emerged with their lending and payments features, which also means that, workforce was put in place and that many people were given jobs and payments. A lot of these companies gained additional funding and even raised their capital as they crossed their standard mark of transactions.
As these businesses grew, the payments of their employees grew as well as the economy was relieved with some of its unemployment burden
It was also a year for online game developers, marketers, social media specialists, and content creators. Confinement to their homes, resulted in people turning to the entertainment platforms, looking for quality content for consumption. The entertainment and media industry saw the opportunity in the pandemic and grabbed it by creating more content than ever and paying these professionals their salaries and fees to come up with more quality and interactive content for the people to consume. TikTok is one of the greatest examples of a platform that experienced super growth in a number of countries.
The sectors and arenas where the business grew were also the industries that raised their payments. As the profits increased, employees were given payments here, as opposed to other industries where the workforces were laid off. So, the coronavirus outbreak did lead to extreme downfalls, but it also resulted in some of the sectors witnessing high-time growths and expansion of workforces.
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ABOUT THE AUTHOR
Aashish is currently a Content writer at Martech Cube. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.