3 Industries That Won’t Bounce Back Immediately From COVID-19
The COVID-19 pandemic has negatively affected numerous industries and has resulted in furloughs and layoffs.
If your career has been impacted by coronavirus, you should take advantage of any and all opportunities to upskill because there are no guarantees you'll be able to return to the same industry when the crisis abates.
Many industries will look different following COVID-19 and the road to recovery will take longer for some, particularly those working in these three industries:
COVID-19 has pretty much brought travel to a standstill (at least traveling for leisure). Without people traveling, there's very little need for lodging and hospitality, and hospitality businesses can't afford to maintain the level of staffing they usually would.
Even when the COVID-19 outbreak calms, the hospitality industry faces a steep uphill battle and it could be a long time before the industry can return to the level of staffing it was at before the outbreak.
The biggest challenge facing hospitality, and all industries, is there is no set timetable for the COVID-19 crisis to end.
Some experts say that while social distancing restrictions can eventually be eased, there could still be limitations and periods of intermittent social distancing. These factors will have a major impact on consumer confidence. Even as some restrictions are lifted, it's unlikely that people will feel confident enough to take a vacation or embark on any significant travel.
It's even worse for the smaller hospitality businesses who rely on seasons of travel and tourism to survive. It's possible that COVID-19 could impact multiple travel seasons and make it impossible for some of these businesses to survive.
Hospitality will always be an important business and it will eventually rebound, but there's no clear path back at the moment.
The food service industry is facing many of the same obstacles that the hospitality industry is, in some cases even more severe. Many small independent restaurants have already laid off their entire staffs, and some have closed their doors permanently, acknowledging that there's no way for them to recover from this crisis.
Not every food business is suffering, as there's still demand for fast-food, pizza, and any restaurant that offers takeout. However, no one knows what the immediate future holds for the traditional restaurant experience.
When restaurants do re-open, social distancing rules may limit the amount of people that are allowed to be in a restaurant at one time. As a result of the decreased demand and the financial hardships incurred during the coronavirus crisis, restaurants will likely employ less staff. There will be fewer food service jobs available.
COVID-19's impact on the real estate industry is still very much evolving. The market was strong for a long period of time, so it will take multiple months to measure the ultimate impact of coronavirus.
However, there are many troubling signs. The combination of social distancing guidelines and consumer confidence has decreased demand and many real estate agencies are laying off or furloughing employees.
Consumer confidence plays a key role in the real estate market, and people on the fence about buying or selling will likely hold back. In addition, with coronavirus forcing many businesses to adapt a remote model, it's possible that many could eventually switch over to the remote model permanently, which could greatly impact the commercial real estate market.
Just as it did with hospitality and food service industries, COVID-19 will reduce staffing needs in the real estate industry.
What To Do If You Work In An Impacted Industry
If you were laid off from one of these industries, or any other industry ravaged by coronavirus, it's important to understand that it won't be impossible to get back into them, but there will be fewer available jobs, and fewer jobs means more competition.
This means that you need to put yourself in position to be the most attractive candidate, or consider a career change.
Work It Daily can help you with both!
Take part in Work It Daily's FREE masterclass training "Laid Off & Looking" and learn about six steps you need to take to bounce back from a layoff or furlough. If you like what you see and are interested in more personal coaching, you can join our online career growth community.
Work It Daily's online career coaching platform is the most affordable in the industry and gives you 24/7 access to career coaches that will review your cover letter, resume, and LinkedIn profile, while helping you formulate a game plan for your career path and job search.
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