So many workers live paycheck to paycheck, and this has led to the proliferation of payday loans. Unfortunately, these high-interest loans are a terrible burden on workers.
A new startup called Immediate wants workers to be able to get access to their wages before payday if they have an immediate need such as an emergency bill. The difference is that Immediate will charge a small flat fee instead of a high-interest loan, providing an important service to workers.
This article gets into which jobs have been lost due to the Coronavirus by sector, and not surprisingly the Leisure and Hospitality sector leads the way. It’s hard to imagine these types of jobs coming back soon as many people will be afraid to travel and congregate until a vaccine is available.
The other challenge will be slower economic activity in general. Jobs tied to consumer spending will have trouble rebounding if the overall economy is still in recession.
How soon will workplaces return to normal? In many cases, will there be a new normal?
Not surprisingly, the answers will vary sector-to-sector and business-to-business.
Cisco Systems CEO Chuck Robbins said the following: “I think you’ll see many employees that will continue to work from home, you’ll have many that will get back to the office and then you’ll have some that’ll do a little bit of both.”
Companies that navigate this successfully will have a huge advantage over companies who don’t adapt, and this can lead to greater productivity and also reduce overhead costs such as expensive office space in the future.
Federal Reserve Chairman Jerome Powell threw some cold water on the notion of a quick snap-back for the economy and job markets in the wake of the Coronavirus. He argued that policymakers may have to use additional weapons to pull the country out of a crisis that has cost at least 20 million jobs and caused “a level of pain that is hard to capture in words.”
This doesn’t bode well for many sectors like travel and dining and will make it very difficult for jobs to come back quickly.
Many have been predicting that we will see changes in work from home policies across many industries as a result of the Coronavirus. But this is still a surprise. By announcing that all employees will have the option of working from home, Twitter is setting the bar for other companies thinking about how to handle this issue.
Of course this raises a host of issues as well. Is it an either/or choice for employees? Or can they select a hybrid approach? Can they primarily work from home but then come in from time to time? Also, how will this affect the future of Twitter’s San Francisco HQ and other offices? Can this be a critical first step in easing the crowding in some of our largest cities?
It will be fascinating to see how this plays out.
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