What Covid Trends are Here to Stay?

It has been nearly a year since millions across the country have been disrupted due to Covid-19. While some were fortunate enough to transition to a work from home schedule, many more found themselves with hours cut or laid-off and hunting for a job in a market that was unforgiving and uncertain. I’ve been reflecting on this past year and observing how despite all the negative, the American will is strong and adaptable. Job openings are back on the rise. While it may take a little longer to get back to our previous unemployment rates, there is a lot to be positive about. What does this new post-Covid job world look like?

Here are my thoughts:

The Remote Workforce will be the majority for at least the next year. Born out of necessity where previously it was a luxury, the flexibility to work from home has been the most drastic change to the industry in my opinion, and I don’t believe it is going anywhere. Many managers had been reluctant to allow workers to be remote for many years, perhaps due to cognitive bias of decision makers with strong prior beliefs tending to make decisions on the basis of their beliefs, even when presented with evidence that their beliefs are wrong. If you look back through our recent blogs, you’ll see articles that explain the benefits of remote employees. I understand why a manager would prefer a team that’s in person, but for many, workers view a manager’s reluctance for remote work as a trust issue which could be a deal breaker for candidates moving forward.

The meteoric rise of the “side hustle” is here to stay. By now you might have heard about the reddit group r/wallstreetbets. They are a subreddit group of retail investors (experienced and beginner) who have made day trading their new side hustle as opposed to Uber, Shipt, or other share-industry gig. This new wave of investors on Robinhood and other trading platforms do not play by the normal rules of investing and instead see this moment in time as a revolution against big money who have the scales heavily tilted in their favor. What does this mean for companies whose stock price can now see an extremely high level of volatility? We don’t know for sure, but this is definitely something to watch over the next year.

Governmental changes will impact recovery. It’s too early to tell how the new president’s policies will alter the hiring landscape and how long it will take to get back to a true state of normalcy. Stimulus packages have helped short-term, and the job market is picking up. These next few months will lay the foundation for what we should expect to see our post-Covid world to look like. I’m optimistic and excited. Innovation and new industries born from the pandemic will hopefully create a safer, healthier world that my son can grow up in and only see opportunity.