This pandemic is going to change and has changed the dynamics of businesses as people have started showing an inclination towards online shopping and working from home.
According to the experts, even after a cure against COVID-19 has been found and people resume their normal lives, the economy of the U.S. will be showing a massive change as people have developed new preferences.
In an online meeting, the Head of the Labors Market asked that in a year or two, this whole situation would be dealt with and forgotten but will it have a long-lasting impact on the economy as is being predicted from the current statistics?
As the virus devastated the healthcare system of the U.S. it has also demolished its economy while also highlighting the faults residing in it for years. People have gravitated towards online stores, at-home offices, and an increase in the use of technology.
According to many economists, work from home is just as effective as in offices, if not more. Work is effectively being done; deadlines are being met, all in the comfort of one’s home.
New businesses are promoting work from home. In the same way, even after the lockdown has been uplifted, the turnout in the shopping malls would not be the same as before.
Because of losses sustained by the businesses, they had to go for cut down which has increased the ratio of unemployment.
But this could also be because the people are not very keenly looking for job opportunities in this pandemic, says experts.
Some people are waiting for businesses to open back so they can get their jobs back. But there is a part of the population who has just decided to stay back for the fear of contracting the virus. They are more worried about the safety of their families and themselves.
On the contrary, work from the home option will allow companies to hire people from all over the world and lead to more job opportunities.
Although small and medium scale businesses have been hit hard by this pandemic, it has also provided many other opportunities. The expected second wave might damage the economy even more.