Changing Labor Supply and Demand After COVID-19

Supply and demand is the universal economic force that shapes the relationship between sellers and buyers of a product or service. This all-pervading principle or influence spans the global ecosystem of labor, business, and commerce. It impacts the housing industry, particularly in how the best mortgage rates become available to the eager home buyers looking for good deals. It is also this economic law that dictates the prices of goods and commodities such as food, clothing, electronics, and even the cost of individual stocks in the stock market.

It may be recalled that the so-called Law of Supply says that when there is a low supply of a particular good, product, or service—the price goes high. When the supply of goods, products, or services is high—the price tends to go low. The Law of Supply interacts with the Law of Demand, which states that when a product or service has a low demand, its price tends to lower; and its price goes high when the demand is also high. In general, a small amount stimulates more buyers to purchase while a high price tends to make buyers delay or not make a purchase at all.

When it comes to a person’s career, this economic principle is also mighty. That is especially true now that the entire world is affected by the pandemic.

How will the job market and career options change in the next few years?

The news headlines and even social media feeds report that massive layoffs had already affected several industries. The retail, travel, and hospitality sectors have been particularly hit hard.

For example, Airbnb hosts have reported that they expect a sharp decline in income by as much as 44% from June to August 2020. Emirates, one of the largest airlines in the world, has also announced a string of job cuts. Only last June, at least 1,000 airline employees, including pilots and flight crew, were let go. Retail giant J.C. Penney also announced that it had filed for bankruptcy and will close at least 192 stores this year.

As businesses try to innovate in a fast-changing economy, new job trends are also rising.  The need for doctors, nurses, laboratory technicians, and allied health professionals will continue as public health remains the top priority of every country around the planet.

But those looking for new job opportunities or want a career shift in a post-COVID 19 job market, these jobs may be the one for you:

Certified Public Accountant

The lockdowns forced many businesses to close shop temporarily, while a number have had to do it permanently. Either way, companies’ demand for accountants has ramped up.  Many firms need to review their financial management systems as a first step to stay afloat. Adjustments in their cash inflows and outflows, options for tax reduction or rebates, and the accounting of funds for salaries, benefits, and even separation pay are now priority tasks.

Training Supervisor

woman trainerMany corporations, mid-sized companies, and even start-ups require additional training supervisors since re-tooling is now the name of the game. A significant number of the workforce has to take a work-from-home arrangement. That involves re-orienting employee workflows, communication protocols, sales and marketing strategies, and practically all aspects of a business operation. Trainers will be crucial to the introduction of new technology, work processes, and corporate culture among old and new members of the workforce.

Supply Chain Specialist

The pandemic and quarantine exposed the vulnerability of businesses and even governments to a sudden halt of transportation and logistical operations. The flow of supply of vital products such as food, water, and medicine was hampered due to travel restrictions. These restrictions stopped the movement of goods by land, sea, and air. In the months and years to come, many companies will require competent supply chain specialists who can analyze, plan, and implement proper inventory controls. They should be able to oversee supplier relationship management, track the transportation of raw materials and finished products, and other business operations related to supplying and logistics.

Marketing Specialist

Marketing specialists, especially those who focus on cyberspace and online platforms, will be highly in-demand. As people remain inside their homes to avoid possible infection, they will continue to seek products and services need albeit online. ; While many malls and stores have already opened, a large percentage of customers will grow more accustomed to online shopping and other business transactions. A marketing expert will help companies pivot and re-aim their business strategies to tap the online market.

These are not the only career options or anticipated in-demand jobs for a post-COVID future. Other lines of work or professional disciplines such as data science and analysis, including virology, are expected to see a steady rise in demand.

For sure, the pandemic will end one day, and the world will slowly adjust to the so-called new normal. People, too, will evolve and find their place in the economy by knowing which jobs will be in-demand so that they can provide the right supply of professional expertise and labor skills.

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