Whose job security may be improved by the Coronavirus?

Industries which may see light at the end of the tunnel sooner than others

This continues on from the series I’ve been writing about how different sectors and jobs could be affected by the CoronaVirus. See here for Part 1 that kicked off this commentary. This series of articles lends a crystal ball into what is perhaps ahead in the medium term and, to help you consider how your own job and career could be affected as a result of the after-effects of COVID19. What follows are brief personal perspectives against industries who will survive and likely come out the other end okay from the crisis. I’d really welcome your own take and thoughts on the impact — especially if you work in one of the sectors mentioned.

Those that should be fine

Banking, Investment firms & Debt collectors

Investors have been hit hard. Really hard in recent weeks. Time will tell on how long it will take to recover to the levels that the indexes were at only a few short weeks ago but they will recover — eventually. The low interest rates are already seeing a huge amount of ‘re-mortgage’ applications swamp those in that sector — none of which will be particularly ideal to the lenders long term. Loan officers will see an immediate rise in cases of debt provision but it will be telling to see how much security and scrutiny is placed around the individuals requesting the support so we don’t see the banks themselves put under 2008 like pressure again. Similarly, this is a great time for banks to provide great service and support to small businesses that need their support now more than ever before.

Debt collectors will of course see their cases rise in the months and years to come — the sad reality of failing businesses and bankruptcies that will surely occur. While short term jobs losses may affect the banking industries, my bet is, as is often the case, they’ll come out just fine when all is done and dusted. The wise cash-on-hand investors will be seeking out the bottom of course, and will enjoy the ride back up to the top of the wave.

Child Care

Working from home and home schooling is going to refresh the modern parent’s admiration, respect and value associated to those that provide child care. They’re going to figure out how tough it is (especially if both parents work) and they’re going to place more interest in finding the best care possible for their children once they get to return to the office. I suspect more quality offerings and child care segmentation may appear providing opportunities for those wanting to expand their current business model. As with many in this line of work today, including my own brother & sister in law — these times are incredibly trying as their business is much like a restaurant’s — their revenues are cut completely. Self isolation however does bring some long term silver linings — I suspect the birth rate may soar 9 months from now. That’s a whole lot of extra customers heading your way.

Elderly Care

There are large swathes of articles about how people are living longer and are therefore needing more care facilities and services to support their lifestyles. If you’re in this space, there’s likely to be continued work in the long term but the short term effect of losing many patients who lose their own battle with Coronavirus will have a higher emotional toil on the workplace than usual. Those businesses that practice the best quarantine practices and keep their clients safer than others will be championed. Like with child-care, this sector will see additional segmentation in the years ahead. I suspect this means plenty of additional jobs coming through this space but it may also mean the costs of providing elderly care may go up to provide new incumbents greater levels of service.

The Gig Economy Workforce

The Coronavirus is fuel to the already blossoming gig economy. What is it? Those individuals that work for themselves on their own terms, for various contractors (like Uber Eats or Amazon Flex or Upwork contractors) at times when they choose.

Many have been forced in this direction as a result of the vast swathes of layoffs occuring in service and leisure industries in recent weeks but if it proves profitable and flexible to their own needs, they may not come back to the ‘employer/ employee’ set up that they have become most used to. There are plenty of ways that everyone can take part. Learn more here.

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This is the second part of a three part series touching on how different industries/ jobs may be impacted by the longer term effects of the CoronaVirus. If you didn’t read Part 1 yesterday, you can go here to access that. Tomorrow, we’ll touch on those where it is simply too soon to determine how significantly they’ll be impacted.

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