Looking Ahead: The (Post-Covid) Job Market in 2020

2020 has been quite a year. 

And while you may not need a top 10 list of all the reasons why, the elephant in the room is Covid-19, and all of its myriad effects on life as we know it. 

There hasn’t been a single aspect of “life as usual” that can go on ahead and proceed as it always has done. To say that the job market has come out of this whole thing unscathed would be naive at best, but most accurately: categorically untrue.

With an uncertain future, and a 2020 that leaves a pretty substantial portion of the population immediately looking for new job opportunities, recruiters are left with a lot of applicants to sift through. 

So what is the actual state of the job market, as we stare down the final quarters of 2020? What are some of the biggest opportunities, and some of the biggest areas of growth?

Limiting Factors: The Current State of Affairs

There’s no getting around it. Worldwide unemployment is at the highest that it has been in years, with young workers and women being hit the hardest during the crunch. 

Source: http://www.oecd.org

With a widespread collapse of economic activity, many workers are unable to go back to work, creating a cycle that makes economic movement impossible. The effect this has had on the job market means that nearly 50% of the workforce has seen a drastic and sudden change. And this trend shows no signs of slowing before 2021. But where do we go from here?

Areas of Growth

The rapid downturn of employment worldwide has created a lot of panic across the job market. However, there are some job sectors that are growing, even in spite of the current global crisis.

The sectors seeing the most growth are in Construction, Renewable Energy, and in the Digital Economy. Granted, these sectors were seeing growth even before the pandemic hit, but with the changing landscape of the job market, investors are becoming more judicious about what industries they are willing to fund. 

What does that mean for job hunters who don’t work in one of these industries? Thankfully, it doesn’t spell a life doomed to terminal unemployment. But it could be useful to widen their job search net, at least temporarily, and brush up on some skills. The future still holds opportunity, but with an uncertain job market, having a new skill couldn’t hurt.    You may even unlock a new passion. 

The Future of the Workspace

It may not be surprising to hear that remote work (sometimes called “teleworking”) is on everyone’s minds right now. What is surprising is the fact that the workspace culture as we know it, has been altered, and probably for good. 

With companies exploring the effectiveness of varying models of remote work, one thing that is clear is that we are likely to continue to see this trending upward, even far beyond the pandemic. The reasoning behind this? While setting up a home office has presented some challenges as the workforce settles into its new normal, for the most part workers are reporting more productivity, more savings, and a better work-life balance, as reported in the initial shift toward home-work. The effects of this new style of working post-pandemic are yet to be seen, but it’s increasingly clear that this model will become a part of our work life in the future. 

Looking Ahead, and How to Prepare for the Future of Work

As we begin to recuperate on all fronts, all of these changes will mark some pretty big opportunities in the world of business. 

The best thing for applicants, businesses and recruiters alike to do is to get ready for an incredible shift in the job market as we know it. Whatever comes down the line, make sure to be prepared. Mockmate can help. Try our intelligent AI-powered job interview simulator and get ready to change your life.