Positive Effects of the Covid-19 Pandemic on Business

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The beginning of 2020 saw a record breaking, strong American economy, until the onset of the Covid-19 pandemic. Without the knowledge of how deadly the virus could be, government mandates and quarantines were quickly put in place. Stores and shops that had been around for a century were forced to close their doors and many never reopened.  Entire industries were completely shut down, and others- like the food service industry- were forced to adhere to strict mandates. It seemed as if progress was halted in its tracks- but was it? 

Although the entire world had to endure loss of life, financial hardship, and many other types of life change, many people found ways to emerge through the ashes, stronger than before. 

In many areas people were forced to realize how much of their time was spent on things that were not as important as their dreams, friends and family. Work life balance and pursuing your passion has become more important to people than ever. 

 

Labor Shortage

The Bad: Adrian Wooldridge with Bloomberg stated that the US is “facing a great talent recession.” Now t

hat businesses are open employers are frantically struggling to hire the help they need. The stresses of working during the pandemic, health concerns, financial help from the government and a variety of other factors lead to an economy starving for workers. 

The Good: The labor shortage forced employers to offer higher incentives, in competition for good employees. Better pay, stronger benefits, remote positions, and more flexible schedules are being offered more and more. 

 

Career Burnout 

The Bad: Before the pandemic, work was a way of paying bills or funding your lifestyle. Many people stayed at dead end jobs for the ease of it. Others endured extreme work loads to make ends meet. Covid served as a catalyst for employee burnout. A 2021 survey from Indeed found that, of the 52% of employees that were experiencing burnout, two-thirds of them believed that the pandemic made it worse. 

The Good: Burnout motivated many in the workforce to make moves toward more fulfilling careers, or to strive for better compensation. The stress and exhaustion from extra rules, higher workloads, and mandates to follow, showed some people that being in a position they didn’t love wasn’t worth it.

 

Business Closures and Restrictions 

The Bad: In 2020, over 100,000 businesses were forced to close their doors, according to Google. On top of that, an article from JP Morgan says, of those that reopened, 83% were required to operate at a lower capacity. 

The Good: These restrictions have pushed businesses to get creative in order to continue to stay alive. Many companies figured out that they could offer remote positions and eliminate the light bill at the office. Restaurants began offering delivery of their goods to people’s doorsteps.

 

Quarantine

The Bad: People were required to quarantine to “flatten the curve” of Covid-19 infections. We saw a spike in child abuse, substance abuse, anxiety and depression. 

The Good: The knowledge of the rise in child abuse cases, and the increase in individuals struggling with mental illness brought about more aid and resources.

Many local governments made more of an effort to protect children, and to increase the penalty for offenders. Also, helplines like the Covid Mental Health Support Line were created to help those struggling with mental issues. 

More Good: Although what many expected to become the quarantine baby boom turned out to be a baby bust- according to pewresearch.com– many quarantined couples still got bored and decided to make more kids. This reason, among the others discussed previously, has caused work/life balance to become more important than ever. People are reprioritizing, and trimming the fat of unnecessary expenses in order to focus on what really matters to them. 

 

So that you can join the multitudes of Americans who are making the move toward more fulfilling and flexible career paths, let us help you streamline the day to day operations of your business. We offer bookkeeping, system implementation and consulting services that can be catered to your needs. Join those who have decided to emerge from the pandemic stronger than ever. Let us help you get back to your dream job, and back to focusing on the things that are most important to you. 

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