COVID-19 INSIGHTS: ISSUE 4
đWith focus on the economic impacts of lockdown on the Labour Market
Without a doubt, COVID-19 has had the greatest impact on the labour market and career prospects for young people đ§âđ
Lockdowns shut down many sectors and businesses within the economy. While a select few were allowed to continue operations, many could not normally do so due to the need to minimise social contact and restrict the spread of the virusđ·. As a result, many people lost their jobs or were made redundant. In fact, the increase in UK redundancy rates during the peak of COVID-19 was faster compared to the economic downturn between 2008 and 2009 (ONS, 2021) and effectively the worst economic failure since the Great Depression of 1929 đ€Ż
Unfortunately, the most negatively impacted age group were young peopleđ§âđ, who were forced to rely on furlough and temporary low-paid work.
However, there were also sectors positively impacted by COVID-19 such as technology đ»and healthcaređ©ââïžđšââïž, where individuals with high-level skills and qualifications had access to more opportunities, given the necessity for both throughout the pandemic. The demand for such individuals is expected to continue as these sectors continue to growđ.
Considering that young people have endured the worst within the labour market, it is essential young people are updated on the possible outcomes surrounding their future and act accordingly. Our report explores the impacts of COVID-19 on the labour market and career progression as well as its future expected impacts, particularly on young people, as restrictions ease and the economy recovers. Enjoy đ
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