Why Companies Are Using This Time As An Opportunity Yet the solution to retaining employees and keeping the companies alive could be much closer than we think. Over a few months' time, the economy has seen unemployment rates skyrocket, while the opposite holds true for job security.
Penney furloughed thousands of employees and filed for bankruptcy. According to Business Insider, American Airlines cut 19,000 employees, MGM Resorts 18,000 employees, Coca-Cola 4,000 employees in North America and J.C. On the other hand, businesses such as direct selling, gig economy, gaming, delivery services and others capitalized on the increase in online consumption.Īlthough smaller organizations have been hit the hardest, many top companies are not faring much better. The most impacted industries include restaurants, tourism and retail. Supply chains and business models experienced disruptions that have forced hundreds of thousands of workers into being laid off, transferred into unfamiliar positions or forced to take unpaid vacation time.Ī survey among 200 businesses discovered that 77% of organizations experienced a decline in sales during the pandemic, while for 29% of those losses were significant enough to either shut down the business or prepare to do so in the near future. The Devastating Impact Of Covid-19 On The Workforce
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