How COVID-19 is affecting employment trends

How COVID-19 is affecting employment trends

Workers are reporting fears about job security and high stress, according to recent Monster data. Here are three takeaways from the report.

As the COVID-19 pandemic has put companies out of business, employees out of work, and transitioned the workforce online, employment trends have rapidly shifted, as well, according to a new report from Monster. The novel coronavirus has made remote work the new normal, especially as global health concerns are mandating stay-at-home policies in many states. In particular, healthcare has been affected by the trend–”telehealth nurse” searches went up 71% from March 30 to April 5, for instance. And a new field of jobs has opened after the CARES Act, for loan interviews and loan officers increasing 59% in search listings.

More for CXOs

Here are the three major takeaways from the Monster data, reported from mid-March to early April:

1. Job security

According to data from job seekers and recruiters, most employers (58%) report fears about job security, and even more (67%) of employers report these concerns. Active job seekers represent 34% of the workforce, but express concern about success. And about half (46%) of workers expect their employment to alter in the wake of COVID-19, whether by switching to remote work, “increased health and safety protocols (either formally or personally enforced), and residual emotional impact,” the report states.

SEE: Coronavirus: Critical IT policies and tools every business needs (TechRepublic Premium)

2. Stress is impacting workers

Of nearly 7,000 US employees, 73% have reported mental stress symptoms such as nightmares, loss of focus, depression, anger, according to the report. Physical symptoms have also been reported for nearly a third (27%) of workers, such as weight fluctuations, back pain, and sleeplessness. Health is cited as the No. 1 source of stress for 56% of employees, and 80% of employees consider their stress to be detrimental to their job performance. This is carried out by research, which demonstrates how stress can be toxic to the workplace

SEE: Telecommuting Policy (TechRepublic Premium)

3. Workforce trends

Since the start of COVID-19, most companies (65.1%) are cutting job listings, according to a Monster poll of 68 employers. And employers are split over whether to expect layoffs-just over half (51.5%) of them say they don’t foresee layoffs in the future. The good news is that remote hiring is picking up, and more than two-thirds of employers (72.2%) think that this is a viable option.
In response to the recent challenges, Monster provides free job listings to frontline healthcare providers, in an effort to connect workers to potential employers, as well as a dedicated coronavirus landing page with tools for workers during this tumultuous time.

Also see

African-american man browsing work online using job search computer app

Source of Article