The number of Americans that filed for unemployment during the week of March 16th is nearly five times the record set in 1982. Unemployment as a result of Coronavirus is a massive concern. Whether you are facing unemployment yourself or if you are going to need to lay off or furlough your employees, stuff isn’t easy. But this isn’t a reason to give up on your business and hopes. A global shutdown can be survivable.
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The Facts of COVID-19 Unemployment
According to the Associated Press, there were 3.3 million Americans who filed for unemployment in a single week due to the Coronavirus epidemic. This number is huge. Unemployment numbers haven’t even hit these highs in the decade’s past two recessions. Job loss could hit 13% by May if this continues. The 3.3 is in a single week as well, which is hard to even comprehend. In states like Nevada and Louisiana, the unemployment rate was 15x the week previous.
This also doesn’t count gig-workers and freelancers, nor the self-employed. That means that these workers are unable to seek unemployment benefits. They’re facing less work as well but without the benefits. As layoffs continue and more people apply for benefits, there are a lot of problems. And it isn’t like this will switch back to normal tomorrow. We are looking at a new reality.
So what next?
What to Do if You’re Facing Unemployment
If you’ve found yourself unemployed, then our best advice to you is to look for protections. Filing for unemployment is a good step, and now is a good time to set your own business up for success. If you are a gig worker, that also could be tough. This might make things easier to jump back into the market, though.
If you need a job, there are several opportunities opening in high-intensity industries now. This includes hospital opportunities. Some food service gigs are also in need of assistance. But the thing you may need to do is… wait. Things are in a very odd place right now, you might need to wait. Hopefully, stuff is about to change.
What to Do if You’re an Employer
Things are tough on all sides right now. That includes for small business owners. If you’re an employer, here are some of the tips to make sure you have a staff when businesses return to normal.
Treat your current employees well
If you are lucky enough to still be operating right now, make sure your employees are being treated right. This could involve flexible schedules during these crazy times, or remote work. Attracting and retaining talent during the Coronavirus era to beat unemployment.
Look to marginalized groups for new employment
If you are going to need to hire a new staff, you’ll likely be looking at a far different job market. If that’s the case, look for talent that doesn’t have your background. Marginalized groups have tough times when it comes to hiring, and that will be twice as true in the coming storm. Eliminate societal biases in order to combat unemployment due to COVID.
Go to your neighbors for help
Other small businesses are facing problems at the same time you are. Work together to succeed as small business owners, despite these trying times. A lot of businesses will fail during the current situation, just do what you can to make sure you aren’t one of them. Ask for help from friends and other businesses. Kickstart everything as you need it.
What Will Unemployment Look Like After Coronavirus?
The world isn’t ending, but it feels like it. Unemployment numbers are at a high, but hopefully, that will change back to normal after COVID-19 runs its course. Prepare for a brave new world now so that you can get ahead of the curve.
Also – Flatten the curve!
At ProStrategix, we know you have concerns. We’re designed to help give you the business support you need so you can focus on doing what you love. If you would like to learn about how we might be able to help you, please contact us.