Labor market changes after the coronavirus pandemic

A new type of coronavirus pandemic and associated restrictive measures will seriously affect the labor market. In some areas of economic activity, salaries and demand for employees can be expected to increase, but demand for many services will plummet.

The labor market will be affected by the rather long period of the regime of restrictive measures in the framework of the fight against the spread of dangerous infections.

“The ratio of supply and demand for many specialists will change, the level of remuneration, the organization of labor will change,” the specialist says.

Currently, the expert identifies two distinct poles. Pharmaceuticals, retail, online services, including entertainment and training, not only did not suffer from the regime of self-isolation, but increased activity. In these areas, there is an increase in demand for employees and growth in profits.

However, according to the expert, this phenomenon is temporary, since the pandemic will soon decline and the demand for goods and services in these areas will slow down. A serious increase in wages in these areas is not expected, the expert said.

Real wage growth can be observed in monopolistic companies involved in energy and communications. In these areas, little will change, the source said.

Salaries are also expected to increase in medicine, and not only in the public sector due to surcharges, but also in paid medical facilities, since after the crisis the demand for medical services will increase.

Growth can be expected in the IT sphere, since many companies in a pandemic, transferring staff to online modes, will draw conclusions about the advisability of remote work for many employees. Then they will also need to use the services of IT companies on a regular basis.

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