In early March 2020, America was experiencing some of the lowest unemployment rates the country had seen in decades, coupled with a thriving stock market. While economists had predicted an economic decline for 2020 for a year or more, no one expected a pandemic would be the cause. In just a matter of weeks, the stock market crashed, and millions of Americans filed for unemployment or sought bad credit business loans to keep their livelihoods afloat.
Despite this, some businesses are thriving, while others are learning to adapt. In fact, many companies have turned their attention to adapting that economists believe the way people live, work, and spend their money may have changed forever. By the time we all get back to work, some specific sectors can expect to thrive more than others.
1. Janitorial
When it comes to organizational hierarchies, the janitorial staff is often overlooked and even mistreated. They tend to get meager pay and no benefits. Companies also typically try to cut as many hours as possible. Businesses are often far more concerned with looking clean than actually being cleaned.
This has changed and may continue to improve after COVID-19 as more consumers look for companies that take their health and safety more seriously. The threat of a second wave of the pandemic striking Asia may also serve to keep people hyperfocused on hygiene. Companies will need to turn to high-quality janitorial contracts to fill that gap.
2. Staffing Services
More than 10 million Americans have now applied for unemployment benefits in the wake of the economic crash. When the pandemic dies down, and it is safe to return to work, most of these people will be back in the market for employment and may need some assistance finding placements. Staffing services, including temp work services, can help.
Before the economy recovers, employers may choose to partner with several staffing services to ensure they get the best of the best. With few jobs to go around, employers once again have the bargaining power in the job market and can set higher qualifications when it comes to hiring the right person for the job.
3. Transportation
The primary reason behind the global spread of the virus is traveling. This also accounts for the second wave of the virus that struck Hong Kong. Many people fled infected areas during the outbreak. Ironically, many of those returning are bringing the virus back into areas that previously slowed the curve and began to recover.
Even so, travel will pick up again. People will eventually feel safe to take cruises and fly around the world. Oil prices are still incredibly low, so this may help to spur the industry along. With more people moving around looking for work and reclaiming their social lives, the transportation industry will once again see growth.
4. Construction
The Washington Post described the ongoing pandemic as a “destroyer of brick-and-mortar businesses.” It also details how most businesses have since redesigned workflows and processes to accommodate the big shift. As we all know, this is as much an economic problem as it is a public health issue.
Additionally, the construction business can expect a boom as many people working remotely may make it a permanent arrangement and will need additional office space. Existing businesses may also need to make changes to office spaces to accommodate better overall hygiene practices.
5. Technology
For years, social scientists have taunted technology as a social killer. While technology has certainly contributed to some socially dysfunctional behaviors, there is some irony in the fact that it is what keeps the world connected for business and leisure. Technology will continue to play an indispensable role as more companies adjust to e-commerce and remote work setups.
As mentioned above, once companies begin to understand how much more cost-effective it can be to allow people to work from home, many will keep it that way. This will help technology play an even more important role in the recovery of not just American lives, but the American economy, too.
How Can We Help?
To help businesses recover, the government issued stimulus initiatives to assist business owners, but reports claim a good credit history is necessary. Luckily, there are still business loans for bad credit available from lenders eager to help. Start-up business loans are also available for entrepreneurs who find a way to create solutions to the problems caused by the recent pandemic. Contact First Capital Business Finance for more information.
What Industries Will Thrive When We All Go Back to Work? | First Capital Business Finance
