The United Nations estimates that the coronavirus pandemic caused the equivalent of more than a quarter of a billion to lose their jobs in 2020. The start of the year, which saw strong economic growth and low unemployment rates worldwide, drastically changed last March when the world was force to shutdown and rates spiked to 8.6 percent.
In response to the economic downturn that followed the initial COVID-19 outbreak, many governments unveiled extraordinary fiscal measures to help keep businesses afloat and individuals employed.
These efforts resulted in a steady decrease in the unemployment rate to 6.9 percent.
An impressive 127 announcements were made in Q4 of 2020 alone – with learning and upskilling products at the forefront of HR technology this quarter.
Technology announcements that addressed mobility or working in a virtual environment were also frequent, and closely related to that were the many citations revealing solutions for increased employee engagement.
In spite of the plethora of new products offered, integrations of multiple platforms are a continuing challenge and efficient use of the systems is far from optimized.
To test efficiency, HRO Today examined the shelf life of “silver medalists” of the talent pool in this new flash report.
The only change we collectively looked forward to in 2020 was that the year would eventually end. Now into the throws of 2021, the effects of unprecedented revenue and profit loss, furloughs and layoffs, and salary reductions still remain.
But amidst these concerns, company decision makers are expected to lead their team back to pre-pandemic profitability and performance levels.
Workforce planning always faces some amount of trepidation, but 2021 includes uncharted territory – so is it a surprise that confidence remains low?
2020 was a rollercoaster of a year, defined by a global pandemic that set the economy into a tailspin and plagued workers and employers alike. The year started that way, but then unemployment spiked before somewhat falling back, though still higher than pre-pandemic levels. As such, worker confidence reflected the many ups and downs we experienced during the most unusual year.
Even with 2021 now underway, the residual effects of 2020 will remain. But for how long? How secure are workers actually feeling in their jobs? And has trust in company leadership grown or declined?
These topics and more are covered in our Fourth Quarter Worker Confidence Index Report.
How You Can Get Ahead of the Curve
By Sanjiv Anand, President and Chief Executive Officer at bswift, a CVS Health Company
As 2021 approaches and operating virtually becomes increasingly prevalent, there are several trends that have been accelerated by the COVID-19 pandemic which we expect to continue to reshape the HR, benefits and consumer experience spaces over the next year. Here are a few we recommend employers and HR professionals consider when developing their benefits strategy to enhance the employee experience.
However, despite the swift recovery, the pandemic will have a lasting impact as it is expected that the global economy will still have not recovered to pre-COVID levels until 2022.
Will unemployment rates worldwide follow a similar pattern? Read the Global Labor Market Report for Q3 2020 to find out this and more.
The COVID-19 pandemic has significantly impacted every industry, but none more than healthcare. Healthcare HR practitioners have been forced to content with an unprecedented surge in demand for their expertise and services. But while healthcare workers in both clinical and non-clinical roles are needed more than ever, new concerns are emerging that are impacting the recruitment of top talent.
Will reduced applicant volumes remain? Is employee burnout specifically making healthcare recruitment near impossible?
View six major conclusions about the future of healthcare recruiting in our new flash report, “Healthcare Recruiting Faces Fewer Applicants Amidst Surging Demand.”
Following changes and uncertainty in recent months, HR leaders are shifting their employer brand conversations from talent acquisition to employee retention. Now, retention and candidate experience are more important than ever, and are playing big roles in how employees and candidates alike are viewing their future with your company as we rebuild amidst the global pandemic.
Discover how to steer your own organisation in the right direction by examining employer brand practices, the measurement of candidates experience practices, and the impact of COVID-19 on employer branding in this new report.
By downloading this report, you’ll find:
The first half of the year put most companies in survival mode in the face of the pandemic. Now, with the health crisis an ongoing presence, companies have begun to shift to organizational recovery as a new form of survival.
HR leaders are not only reworking business goals, they’re reinventing and introducing technology to cater to our foreseeable virtual reality – as is shown by the 77 major technology announcements announced during the third quarter.
But as the COVID-19 pandemic rages on, the development of HR technology shows no signs of slowing down. The HR New Technology Report for Q3 2020 has your insight.
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