How COVID-19 Initially Affected The Job Industry
COVID-19 has, and for many of us is, still having a profound impact on both our personal and professional lives. From working from home, managing home-schooling as a parent - right through to adjusting to a new, social normal. As a HR, Operations or Business leader this new normal has also created the unavoidable need to deal with very complex, emotional and sometimes distressing decision making.
The strict guidelines that were put in place back in March 2020 to slow and stop the spread of the virus commonly known as COVID-19 meant a hard-stop to many parts of the UK economy. Industries such as Leisure, Hospitality, Travel and Retail were particularly hard-hit. At this point the UK Government offered a lifeline in the form of their Job Retention Scheme – also known as Furlough. A lifeline to businesses, but also the employees of the organisations facing widespread disruption and uncertainty.
The Government’s lifeline meant between March 2020 and May 2020, UK unemployment remained relatively flat at 3.9%. However to use the Government’s own turn of phrase that we were and are at war with an invisible enemy – Furlough was always an open matter of sending employers out with boxes of plasters to patch the gaping wounds of a hugely displaced UK labour market. With an estimated 9.4 million jobs from redundancy to date, the field medics in the form of HMRC have in some ways saved countless jobs, but only and unfortunately delayed the loss of many others.
Where Are We Now?
Since May 2020, an estimated 650,000 roles were lost across the UK as parts of the economy began to reopen under much tighter restrictions. Consumer confidence also dipped, driving a fall in consumer spending - impacting other areas of the UK economy.
Now the Government’s Job Retention Scheme has come to an end, many analysts are predicting a huge spike in unemployment during the final quarter of 2020. The Office for Budget Responsibility, in its optimistic scenario, shows unemployment rate peaks at 9.7% this year, and returns to pre-crisis levels in 2022. In its least optimistic scenario, it peaks at 13.2%, in 2021 - with four million people out of work. It is still at 6.3% by the end of this scenario in 2024. This being with the new Job Support Scheme (JSS) announced, with its limitations akin to squeezing the used bandages clean in lukewarm water and sending the field medics back out.
So 6 months on, we as a UK collective of businesses face the anticipation of the Job Retention Scheme coming to an end, with UK unemployment rates potentially set to double and hit the highs of the 2008 financial crisis by early 2021. And you, as a HR, Operations or Business leader will have likely felt this anticipation and the burden of ‘what’s next’ for some time now.
How We Can Help You
This drop in employment isn't seen in all sectors - with some of industries hardly or not at all being impacted by the pandemic. What we aim to do is empower new and sustainable careers to those affected by displacement – for example, redundancy. As a social impact business on a mission to connect this talent to opportunity, we’re offering subsidised training courses with career placement opportunities. Both direct to consumers as well as engaging businesses driving or who possess the potential to drive future UK labour market displacement.
We want to help people redefine their skillset to realise their future potential - supporting them to not focus on where they've been, but where they're going in their careers. Our simple, primary focus being how we can help your people through this time that could be described better as armistice than peace. We want to Reskill > Redefine > Redeploy your people.
We reskill by onboarding and incubating talent into our career pathway ecosystem by first training them with relevant, employer-led qualifications or certifications; supported by industry experts through 1-2-1 tutor support.
All training is backed by 3 years of dedicated career support following enrolment. All students will be assisted with support such as forming a winning CV and how to impress in future interviews. Our career support also continues even if students relocate or are ready for a new opportunity within those 3 years.
We pride ourselves on getting our students placed into a new career. We work with some big names, who guarantee our talent interview opportunities. Our list of corporate partners are waiting and eager to support your people.
How Can You Support Outplacement In The Weeks Ahead?
Businesses can fund our courses with heavily added subsidies or advertise to their employees what we can offer. The only thing that is inevitable in business today is change, so we’ll work with you to support socially sustainable displacement, adding real value to your employee experience.
By coming together, working together to drive positive outcomes, UK workforce displacement could be minimised – enriching the jobs economy and building better foundations for a fitter and more prosperous future for all.
If you want to find out more about our Outplacement Programme, contact: Marcela Nowak – firstname.lastname@example.org