How the pandemic will impact the future of work?
Trends that will stick
For years, experts have been predicting changes to the nature of work due to automation, artificial intelligence, and other trends. Many of us are experiencing these changes first-hand.
The Covid-19 pandemic and lock-downs during the pandemic forced many changes to how we do work today. What changes are here to stay?
How can you protect your future income stream from job disruptions?
Pre-pandemic, artificial intelligence and automation were predicted to impact the future job market. As we emerge from the pandemic, many experts believe pre-pandemic trends will continue. Job market disruption will impact 90% of U.S. counties according to one McKinsey study. But there’s plenty you can do to protect your future income stream. Read six recommendations here.
1. Remote work and flexible schedules will continue
Traditionally companies brought people to work in centralized business districts or industrial parks. The pandemic severely impacted companies’ ability to bring people into work, and thus a great experiment with remote work and flexible schedules happened almost overnight. Management saw productivity was not adversely impacted with remote work and favored the greater pool of talent hiring remote workers offered. For more insight, check out McKinsey’s resources.
And workers enjoyed elimination of commutes and the enhanced flexibility of remote work. A study by Flexjobs in 2021 found 65% of those forced to work remotely during the pandemic want to work remotely full-time post-pandemic. Further, 58% say they would absolutely look for a new job if they weren’t allowed to continue working remotely in their current position. [i]
2. We will be traveling less for business.
The rise of virtual online meetings showed senior management that collaboration with vendors and partners could be done effectively at a fraction of the cost and with minimal disruption. Executives will think twice before going back to pre-pandemic travel budget. As a result, McKinsey estimates a 20% decline in business travel. [ii] It will have lasting impact for transportation, airlines and lodging, but also commercial aerospace, food service, and others.
3. Workers will want more company programs to combat work stressors.
Having gone through a stressful pandemic, workers will desire less stress and discomfort at work. They will seek out those companies that provide more wellness programs tailored to their individual needs and interests. Counseling, yoga and meditation, physical activities like sports or access to health clubs will be among the demands employees make. Read more from JLL here.
Regardless of how work changes post-pandemic, workers should consider using insurance to protect their income stream. We won’t sugarcoat it: some jobs are going away and companies may restructure workforces to better align with how work gets done. Insurance can help protect you in the event of involuntary layoff or being forced to take a job that pays less than your current position.
Wondering what kinds of coverage are a good fit for you now?
Check out the benefits of Wage Protector® for yourself. Its just-right mix of disability, involuntary unemployment and salary gap protection could be just the coverage you need.
If you are a business interested in offering Wage Protector to your employees, members, customers, etc. please contact Chas Choffin at Chas.Choffin@WageProtector.com or go to wageprotector.com to learn more.
Wage Protector® and SALARYGAP® are registered trademarks. The use of trademarks without the express prior written consent by SALARYGAP Partners LLC is strictly prohibited.
[i] Pelta, Rachel. “FlexJobs Survey Finds Employees Want Remote Work Post-Pandemic.” April 19, 2021. Accessed 6-3-21. https://www.flexjobs.com/blog/post/flexjobs-survey-finds-employees-want-remote-work-post-pandemic/
[ii] Bouwer, Jaap; Saxon, Steve; and Wittkamp, Nina. “Back to the future? Airline sector poised for change post-COVID-19.” April 2, 2021. Accessed 6-3-21. https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/back-to-the-future-airline-sector-poised-for-change-post-covid-19#:~:text=Business%20travel%20will%20take%20longer,will%20take%20fewer%20corporate%20trips.
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