Since March, people across many different industries have been closely monitoring how COVID-19 will affect the job market. Now that we have seen the impact first-hand, we are again left wondering what type of impact a second wave could have on jobs.
As a recruitment agency, we have been keeping a close eye on how COVID-19 continues to affect the job market. For months we’ve heard rumblings of a second wave of the virus, and it appears Ontario has officially entered the second wave of COVID-19. Reported infections are up, especially in Toronto, Peel Region, and Ottawa. Some predict it could be worse than the first wave, while others are not as concerned. Based on some scientific models, it’s believed the second wave could peak in October.
So, how will a second wave impact the job market? As it stands right now, it could depend on how the next few weeks play out. If the numbers continue to rise, we could see the province go back into Stage 2.
Here are some of the potential outcomes:
- Status quo: Many companies have figured out how to operate amid the pandemic. The companies that established a pandemic plan and have sustained business may not have to make changes at all.
- Return to remote: We could see companies start to once again scale back office staff. Employees could be required to work from home once again. This could again create more opportunities within the IT and technology field.
- Pause in hiring: Many organizations will take a wait-and-see approach. They may temporarily pause hiring to see how things play out.
- Increased demand for frontline workers: A second wave will undoubtedly create a large demand for frontline workers, especially in health care. Expect there to be a lot of opportunities. Ontario has already announced plans to hire 3700 workers at hospitals and long-term care homes.
- Layoffs: This is always a possibility. If companies are forced to scale back operations once again, we could see another round of temporary layoffs or reduced hours for employees.
It’s challenging to predict how a second wave will impact the job market. Whether you are looking for a job, a company considering hiring new staff, or want to know if you have job security, it’s important to stay on top of the news and consider your options as things develop over time.
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IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto. Click here to view current job openings and to register with us.