In addition to severe life threats or causalities, the labor market of America is also staggering getting collapsed due to the new pandemic Coronavirus or COVID-19. For highlighting this issue, the HR consultant Mr. Ben Bander Abudawood, has recently published an article.
The title of this article is “The Coronavirus and American Labor Market”.
In his article, he explains how lockdown and “stay at home” orders by the government are influencing the economy. He additionally calls attention to the impecunious condition of the labor market more specifically the smaller businesses and lowers economic class in the US. Ben also highlights the number of those people who are trying their level best to cope with this situation while maintaining their regular working environment or activities. Nobody can deny the fact that every country is confronting both the economic and life threats during this pandemic including superpowers like the USA. Ben considers this pandemic as the cutting edge world’s most exceeding awful monetary disaster. He says that this infectious disease has penetrated its roots and paralyzed the all working activities of companies. HR expert likewise calls attention to the numerous industries have dealt with their working structure and staff too during this outbreak. “E-commerce firms are doing well, and they’ve managed to improve their output significantly”, said Ben Bander Abudawood.
“States have issued stay-at-home orders to combat the coronavirus, while businesses have either had to shut down or at least close their doors for the meanwhile. This means that millions of people who otherwise live from paycheck to paycheck now have nothing to go back to”, said Ben.
Organizations that have covered activities despite everything have some fixed expenses to consider too. Expenses on lease, power, and so on will continue running, and with their exercises coming to a standstill, there’s practically no other viable option for them. To keep their activities in operation, they have needed to cut staff in noteworthy numbers. Ben says in his article that the US government has done little efforts by providing some loans. Under the Paycheck Protection Program, the legislature has given out credits to private ventures in an offer to keep their tasks moving on smoothly. The bill, which the President marked in March, infuses $2.2 trillion into the economy and has been conveyed to independent ventures the nation over. “To be reasonable, the administration has done its bit to loan some assistance”, says Ben. He says that the only reasons that every company found valuable are to cut salaries and lay off workers during this critical time for continuing their working activities. “Experts are yet to come to a conclusion on a course of action. While the President, as well as several other Governors, have been bent on reopening the economy, there’s only so much that can be done about the situation”, says Ben.
Moreover, the rate of unemployment in the US has been increased during this COVID-19, and as we have no vaccine yet for treating this virus so the number of jobless people will reach an unexpected figure in the near future too.