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How COVID Affected the World Economy and What that Means for Business Owners

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How COVID Affected the World Economy and What that Means for Business Owners

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The COVID virus was one of the most recent viruses to sweep through the world. It has had a significant impact on both individuals and businesses, but not in ways that are all negative. In this blog post, we will discuss how the COVID virus affected the global economy and what it means for business owners.

Unemployment

Many business owners have decided not to add any new employees until they see what impact COVID will have on their bottom line profit margins – this can be seen through “hiring intentions” and the “average monthly increase in employment”.

Employment growth is slowing but this can be seen as an opportunity for job seekers to find a great new position before others do. There are currently more open jobs than unemployed people looking to take advantage of that.

Stocks

Stock prices fell at first, with business executives unsure how the new tax plan would affect them, but those concerns vanished quickly as consumer confidence rose and company profits skyrocketed. The stock market and interest rates suffered as a result of the impact of stagflation. This impacted businesses negatively because it made investments less profitable by decreasing their net worth. It also caused inflation to rise, which increased costs for business owners who had no control over how much they could charge customers for products or services. Because people were spending more money on food and other necessities due to inflation, this led them to spend less money on luxury items such as expensive cars or homes, so sales went down at car dealerships and real estate companies alike.

Tourism Industry Crumbling

The tourism industry might be feeling some pain as it will now cost more to travel outside of one’s country due to COVID and other new tariffs that have been imposed on certain goods. This may impact those who enjoy traveling abroad, but with unemployment rates decreasing at such a rapid rate, the demand for labor will also increase. Many businesses that rely on tourism as a large source of customers and revenue might take a hit but it may be short-lived if they can adapt quickly enough.

The travel industry is feeling some pain from COVID already, especially with tariffs placed on goods like electronics and other items that are commonly exported and imported. Tourism is a vital part of many economies, but it will take time to see the true impact COVID has on international travel and tourism.

Online Shopping

Online shopping has impacted stores in a big way. Many consumers prefer the convenience of buying from home rather than going out into crowded retail centers to shop for items they need or want. Online retailers have been able to adapt quickly by increasing their marketing spend on Google Adwords so that they can be more visible when people search for products online. This might be a good time to consider an online marketing strategy if you own or operate a retail store.

The rise of e-commerce has allowed many consumers – especially Millennials and younger generations – to buy things from the comfort of their homes without ever leaving. Many brick-and-mortar retailers have been able to adapt quickly by increasing their digital marketing presence so that they can compete against online retailers.

Loans

Loans are getting harder to come by as banks begin to tighten their lending standards due to fears of rising defaults rates. They have not yet raised interest rates but many experts believe it is only a matter of time before they do! Businesses that need funding for various projects might look into alternative financing options or increase spending to boost revenue and profits so that they can generate enough cash flow to cover their debt obligations.

The difficulty of obtaining loans has increased as a result of COVID and other new tariffs placed on various goods from different countries. This is especially true for those who are deemed “high risk” borrowers by lenders, but it might be time to find alternative financing options if you need them.

World Trade

The world is slightly less connected as a result of COVID and other new tariffs that have been placed on goods from certain countries. This means it will be more difficult for those who rely on international sales to sell their products, but there are still plenty of opportunities out there. Business owners should keep an eye on how this plays out over time and consider new marketing strategies if they rely on international sales.

There are still plenty of opportunities out there for those who rely on international sales. If you haven’t considered it already, now might be the time to invest in some marketing strategies that will help you reach a larger audience.

Working Abroad

The ease of working abroad may decline as the world continues to become less connected. This could impact those who enjoy traveling and want to work while they are on holiday, but it might also make sense for some people if they can save money by living in another country. It will take time before we know how COVID affects the ability of individuals or business owners to work outside their home countries long-term.

It has become slightly more difficult (and costly) to travel overseas and work there due to tariffs placed on goods like electronics that many workers bring with them when they go freelancing or contract jobs globally. However, this is still an option open for businesses that want cheap labor; something which should be considered sooner rather than later if you are looking to expand your business overseas.

With all this information at hand now comes the time when you can use it to your advantage. Remember that while COVID was a major international event, many other factors are affecting the world economy which you should also consider when making decisions about your business or investments. Understanding how they interact and affect one another will help you make better-informed decisions for yourself in this fast-moving globalized society of ours.

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Metros with the Most COVID-Impacted Workforces

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The coronavirus pandemic has led to an unprecedented economic shutdown as thousands of “nonessential” businesses have closed their doors. The crisis disproportionately affects the 21.3% of American workers in retail, leisure, and hospitality who not only face lack of work, but also suffer from long-standing, below-average wages. According to the latest annual data from the Bureau of Labor Statistics, the average hourly wage for workers in the retail trade and leisure and hospitality sectors was just $19.70 and $16.55 in 2019, compared to $28 per hour across all workers.

Overall, the share of workers in retail, leisure, and hospitality increased steadily from 1970 to 2016 when it peaked at 21.8%. This trend was largely driven by an increasing share of employment in restaurants and bars, while employment in retail stagnated. Even though the last few years have seen a modest decline in the share of workers in these two sectors overall, more than one-fifth of all U.S. workers were employed in either retail trade or leisure and hospitality in 2019, totaling over 32 million workers.

The share of employment in these industries varies widely across cities and states based on local economic conditions and levels of tourism. Nevada and Hawaii lead the nation in the share of employment in retail, leisure, and hospitality at 35.5% and 30.1%, respectively. At the low end, Kansas and Minnesota both have about 19% of their workforce employed in these sectors.

To find the locations with the workforces most impacted by COVID-19, researchers at Volusion used data from the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the U.S. Census Bureau. The researchers ranked metro areas according to the share of workers employed in the retail trade and leisure and hospitality industries. Researchers also looked at the total number of retail trade workers, the total number of leisure and hospitality workers, the cost of living, and the percent of residents below the poverty level.

To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into cohorts based on population size. Small metros have 100,000 to 349,000 residents; midsize metros have 350,000 to 999,999 residents; and large metros have at least 1,000,000 residents.

Here are the large metropolitan areas with the greatest share of employment in retail, leisure, and hospitality, making their workforces the most impacted during the coronavirus pandemic:

For more information, a detailed methodology, and complete results, you can find the original report on Volusion’s website: https://www.volusion.com/blog/cities-with-the-most-impacted-workforces-during-coronavirus/

Archives, Commentary, Global Trade Daily

Secrets to Talent Retention & Recruitment

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The big question in the minds of business managers –  in warehousing, manufacturing, transportation, and beyond is not only how to retain a solid workforce, but how to attract a variety of skillsets and ages within the worker population. It’s not a surprise to imagine that old-school approaches are becoming a thing of the past. As Gen Z workers continue to increase representation in the workforce, employers are faced with the reality of adopting more innovation, technology, and mindsets to successfully cater to both older and newer generations of workers. If the current strategy is limiting recruiting capabilities, companies are setting themselves up for failure and limiting their full potential in operations and employee expertise.

What some companies might not realize is the amount of visibility provided with modern technology and the capabilities enabled through automation. As the workforce changes, so does the method of recruiting and the level of technology needed for successful staffing. Completed.com is a great example of how automation and technology take recruiting one step further through real-time, reliable feedback on employees seeking work in any industry.

“We saw a need to create a platform where one can review anyone in business. One of the reasons employers haven’t had a successful platform like this before, is because it’s inherently at risk of being used improperly. The technologies we’re starting to talk about are one potential and significant source of solution for that,” said CEO Michael Zammuto.

“Completed.com at its core includes machine learning-driven technology which looks at and develops an internal credibility score for every reviewer and every review. This is one of the more important things that companies – like Yelp, have been working on, but it’s a difficult challenge. It starts with things like technology where the talent is validated, making it more credible. In addition to that, there’s a lot of pattern matching and sediment analysis that’s done to develop an internal credibility score. This is important because constructive, professionally-focused reviews.”

So, how much is technology really changing the pace for employee recruitment? According to Zammuto, quite a bit. He adds that the human element is still very much needed, just for a different role. It’s not about eliminating the human element in recruiting, but reallocating it.

“Everybody in every industry has the same issue: finding and attracting the right talent. We got to see it from the other side – the client’s issue about how they were represented online,” he adds. “We realized that hiring people has become complicated because of technology, but the important part of this topic is that one can automate 99 percent of something that’s content-driven and has a subjective element to it, but you do need people to review things that algorithms determine problems with.”

This insight confirms that technology is becoming more involved within the logistics world, creating even more of a dynamic between connectivity, visibility, and efficiency. The secret here is: employer and company information are just as valuable to recruiting the right kind of talent as is the available employee information. Just as company’s want to learn about the candidates sent their way, employees are looking for an environment that offers more than just a paycheck.

If a strong candidate is subjected to a miserable climate, outdated practices, and lack of recognition, they’re more likely to visit with competitors that meet their expectations. In the modern workforce, competing companies are willing to offer tempting salaries with promising career incentives to win over another great employee. Recognition is just as much of a factor as the dollar amount on the paycheck.

“Part of this process is ensuring great employees receive recognition they seek while others are held accountable. This gives you a chance to hold people accountable and celebrate the employees and managers that do great work, and you can take it at face value,” Zammuto adds.

Taking it even further, regular internal reviews are highly encouraged to successfully maintain talent retention. Not only do these regular checks reiterate accountability for management and the employees, skills development is evaluated and encouraged, ultimately eliminating the mundane aspect of a job.

Workers are encouraged with feedback and become motivated to polish their skillset while voicing concerns and addressing redundancies. This is a critical element that goes beyond recruiting and retention as it impacts all aspects of company operations. At the end of the day, your employees are the backbone of the company.

“Most of the traditional methods have either disappeared or been weakened in some way. The remaining method that’s useful is direct referrals to jobs. This is the only remaining valid strategy for getting good candidates to your company but it’s very slow and doesn’t always scale very well. Companies are having trouble finding people because of the mechanisms for doing so have weakened a lot. With people being more mobile than before, but the information about that mobility shielding the good from the bad performers, how is anyone supposed to hire the right candidates?” Zammuto concludes.

Technology is the common denominator in solving this problem. As companies learn about automation integration for maximizing workflows, this same method should absolutely be considered for selecting the best and preferred types of employees. This approach challenges the old-fashioned methods and takes a granular look at the talent pool, saving time, money, resources, and energy invested. The bigger picture shows that recruiting methods are changing and directly impacting retention.

Any company can fill a position, but retaining that position is where the challenge is. What benefit is it to hire a candidate if they don’t contribute and end up leaving? There is no benefit. A company that fills three roles but only retains one isn’t fulfilling its bottom line. Something is missing and technology is the answer to solving this issue. Preserve company resources and time by investing in technology that can identify the best candidates that are looking for long-term careers. The investment upfront will pay off in the long haul.

Archives, Commentary, Global Trade Daily

Assessing Job Security For Those Over 50

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Generations ago it was unusual to bounce around from employer to employer, as the working world was very different and people had a strong sense of loyalty. In 2019, all of that has been turned on its head, and sticking with the same organization for several decades is practically unheard of. Even if someone doesn’t want to leave their place of employment, the desire to bring in younger and cheaper help is something that employers have to evaluate regularly.

Unfortunately, this new dynamic means that people in the latter parts of their career journey end up getting the short end of the stick. A study conducted by ProPublica and the Urban Institute found shocking results that support this claim: of the people they evaluated over the age of 50, a whopping 56% of them were laid off before retirement.

Major Changes

Being forced to find new employment is never fun or easy no matter what age you are, but for individuals who are nearing 65, it can be particularly challenging – especially if they rely on a certain level of income to make ends meet. Far too often, those who were laid off after 50 had a difficult time obtaining employment that gave them the same level of financial security. In fact, only 10% of those in the study were able to make just as much at their new job as they did at their previous one.

What’s more, getting a college degree today is practically a prerequisite for most decently paying jobs, and as people in their 20’s graduate with a completely fresh and updated set of skills, they become major competition for older folks. While you’d think that nothing beats 30 years of experience, employers also have to look at their bottom line and determine which candidates offer the most overall value.

Stopping The Bleeding

Unless you can predict the future, you never really know when you might be in the position of finding a new job later in life. Aside from careful financial planning to ensure you have backup funds in the event your new job doesn’t pay as well, it’s important to take other actions to set yourself up for success. Above all else, networking will be one of your most important tools to rely on when looking for other opportunities.

There are a lot of online platforms that allow you to connect with others, but none of them offer quite as much potential as Completed.com. Here, you can not only detail your work experience but can gain valuable feedback from others that you know. Think of it as an enhanced resume, where your personal relationships are highlighted and potential new employers can see just how amazing you are. If you’re over 50, there’s no reason to not sign up for your free profile today.





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3 Ways To Head Off Employee Turnover – And Produce A Better Workforce

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Sometimes a good salary isn’t enough.

Companies that want to attract and keep the best talent are finding that – perhaps more than ever – they need to understand just what it is today’s employees want out of work and then find ways to provide that.

While a great salary and good benefits are important, employees also desire such things as flexible schedules, a way to let their talents shine, and work that gives them a purpose, according to the 2018 Global Talent Trends study by Mercer.

And, with the unemployment rate so low, it’s easier for employees to find work elsewhere if they become discontented. That makes it even more important to keep them happy, since replacing employees can prove expensive.

“The majority of human behavior is emotionally driven, but unfortunately a higher percentage is driven by negative emotions,” says Alex Zlatin, CEO of Maxim Software Systems, a dental-practice-management software company, and author ofResponsible Dental Ownership (www.alexzlatin.com).

“A high turnover of employees suggests a high level of stress, which indicates there are human resources problems that need to be addressed. In some cases, an employee may just be a bad fit. But in other cases, it could be that management in some way isn’t meeting the needs of the employees.”

Anytime an employee leaves, the business will need to find a replacement and then train that replacement. There is reduced productivity during that hiring and training timeframe, and there also could be morale problems if other employees have to take up the slack.

Zlatin says just a few of the ways companies can give employees what they want – and benefit the business at the same time – include:

-Help them understand their purpose. It’s important for employees to be able to grasp the connection between their daily tasks and the goals, vision and purpose of the company, Zlatin says. “This connection is the key to building the employees’ awareness that they are a part of something bigger than themselves, which gives them purpose,” Zlatin says. “This is especially true for the millennial generation. Purpose is essential to their happiness and retention. One of the most important things to millennials in a work setting is to be able to make that connection, allowing them to adopt the company’s goals as their own.”

-Empower them to grow and learn. A good manager should inspire employees to think outside the box. “You want to push them outside their comfort zones so they can find better ways to achieve their goals,” Zlatin says. Employees who don’t feel they are being challenged, who aren’t growing in their abilities, are more likely to become bored and seek employment elsewhere.

-Provide coaching and mentoring. “Coaching and mentoring means guiding people through failures and mistakes,” Zlatin says. “This is the best way to learn and gain experience.” But if you try to mentor people by telling them exactly what they need to do and making sure they do it, he says, you’re not a leader or a mentor. Instead, you are a supervisor who is ensuring that processes are being followed. “There’s no creativity there,” Zlatin says. “Telling people how to solve a problem limits their professional growth and prevents them from realizing their potential.”

“To keep employees happy and engaged, it’s important for businesses to have a clarity of purpose and an ability to communicate expectations,” Zlatin says.

“Without these, employees end up not knowing what they should be doing, how they should be doing it, what goals they need to achieve, and how they fit into the organization. They become frustrated and start looking for another workplace that will give them what they need.”

About Alex Zlatin

Alex Zlatin, the author of the book Responsible Dental Ownership(www.alexzlatin.com), had more than 10 years of management experience before he accepted the position of CEO of a company that makes a dental practice management software (Maxident).  His company helps struggling dental professionals take control of their practices and reach the next level of success with responsible leadership strategies.  He earned a B.Sc. in Technology Management at HIT in Israel and earned his MBA at Edinburgh Business School. 

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Amazon’s Austin Tech Hub Projects 800 Jobs Following Expansion

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Adding to the 22,000+ job portfolio in the state of Texas, Amazon announced its Austin Tech Hub will create an additional 800 jobs in the region following the projected hub expansion scheduled for 2020.

“In the last four years, we have created more than a 1,000 jobs in Austin,” said Terry Leeper, General Manager of Amazon’s Austin Tech Hub. “With a strong pool of technical talent in Austin and a dynamic quality of life, we are excited to continue to expand and create more opportunity in this vibrant city.”

“The state of Texas has cultivated a strong and vibrant business environment, leading to more jobs and greater innovation,” said Governor Abbott. “With today’s announcement and continued investment in the technology sector, Texas will continue to chart a path toward greater economic prosperity.”

The new 145,000 square foot office in The Domain will provide tech-focused job opportunities including software and hardware engineering, research science, and cloud computing. Amazon was recognized as #1 on LinkedIn Top Companies in 2018 and boasts a unique and competitive benefits package including healthcare beginning on day one of employment and a dedicated paid apprenticeship program for military veterans.

“I’m pleased that Amazon is doubling down on Austin by expanding the Tech Hub,” said Senator Watson. “Austin is a special place that fosters creativity and innovation, and I appreciate that Amazon has chosen to become an even greater contributor to our dynamic community and economy.”

To read more about the Austin Hub expansion and employee benefits, please visit The Amazon Blog.

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Report Reveals California as Tech Employment Hub

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In 2018, the state of California increased its tech-related jobs by 51,567 according to the CompTIA Cyberstates 2019™ report, ultimately contributing to the state economy.

“Clearly the broad-based impact of the tech industry touches virtually every community, industry and market across California, especially when you consider the millions of knowledge workers who rely on technology to do their jobs,” said Todd Thibodeaux, president and CEO, CompTIA.

These numbers confirm that the state is increasingly becoming a tech-employment hub in the nation, with a reported increase of an estimated 360,000 jobs over the last two decades.

“When it comes to tech jobs, California is at the top in all categories from tech workforce total, tech jobs added and innovation score. More than 1.78 million Californians have a tech-related job, contributing more than $481.7 billion to the state’s economy and median annual wages of more than $96,000,” said Kelly Hitt, director of state government affairs for CompTIA in California.

“The findings attest to a tech labor market that will remain tight as employers balance short-term needs with an eye towards the future,” said Tim Herbert, senior vice president for research and market intelligence at CompTIA. “As digital-human models begin to unfold, employers and employees alike will face new challenges – and opportunities, in shaping the workforce of tomorrow.“

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DHL Implements Hiring and Retention Strategy to Drive Supply Chain Sector

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DHL Supply Chain’s newly implemented strategy to improve hiring and retention of warehouse workers for the company’s network has yielded substantial results including approximately 445 daily applications and nearly 32,000 fewer hours spent on administrative hiring tasks for this year.

“Our customers rely on us to provide talent that consistently meets their needs; and to accomplish that, we apply the same level of operational excellence to talent acquisition and retention as we do in developing supply chain solutions for our customers,” said Tim Sprosty, Senior Vice President of Human Resources at DHL Supply Chain. “Using a combination of innovative thinking and disciplined execution to attract and retain the people our business depends on is resulting in significant benefits.”

The goal of the new initiatives focuses on the here-to-stay talent gap in the supply chain market and was motivated by the October 2018 announcement from The Bureau of Labor Statistics that the unemployment rate had reached a near-50-year low.

Some of the initiatives outlined in the recent release from the company include a seven-regional recruiting center investment as well as an hourly recruiting and automated onboarding system that provides a seamless process from application onward.

-Investing in seven regional recruiting centers across the country, each using the same systems, processes and tools, with dedicated recruiting resources for high-quality hiring.

-An integrated hourly recruiting and onboarding system automates every step of the recruiting process, from online applications to onboarding.

“The talent gap is one of the most significant issues facing our industry, and we want to be at the forefront of the solution,” said Sprosty. “We believe the supply chain industry offers a wealth of opportunity to the right applicants, and our goal is to drive that message, and ensure it is easy for qualified applicants to enter the industry and rewarding for them to stay.”

Source: DHL