Significant changes taking place markets due to COVID-19 pandemic

  • 1 month ago

Since the start of the pandemic, more than three million people have lost their jobs. While most of them were not looking to get back to work until there was some clarity regarding the Coronavirus, the unemployment rate did not move. Furthermore, while companies were looking   to let go of a lot of their employees, the Government began working on one of their most popular schemes informing companies that they would pay 80% of their salaries, which meant the  company only had to pay the difference. Finally, the unemployment statistics were calculated every three months, across the country, while the pandemic made gathering this information difficult, so the unemployment rate stayed constant.

After nearly six months of staying unchanged, the unemployment rate in the UK increased from 3.9% to 4.1%. While many were estimating the increase to be significant, at around 6%, others stated that it would move to the double digits by the end of the year, however, it ended not being that significant. According to the Government, one of the reasons for the economy not being in    as bad a condition as predicted was their idea of opening up the economy.

Although the markets and stores were open, it didn’t mean that all was well. The virus had still not passed off completely, and people were still at risk. The Government put various measures in   place for people to stay safe, including wearing masks, social distancing, sanitising properly, not entering crowded rooms and making sure that the people they interacted with were also keeping safe. People who had the virus had to stay away from the rest and work on social isolation.

Additionally, another trend that was getting popular was remote working in the UK with most companies running down that route. Most companies quickly jumped onto this bandwagon, with some startups having done this before the pandemic itself. While all businesses could not take this step, industries like construction, hospitality, medicine and mechanical fields could not move online, but they could handle certain aspects of their work online. To reduce the amount of interaction between various people, most of these industries as well took their registration processes online, allowing people to register online and reduce the amount of time that they would spend at the establishment.

 

 

While most companies were not ready for these changes, they were open to working with them. They wanted to make sure that they could keep up with the requirements, and these changes were pushed for, which left many companies forced to go through background checks for their clients. They needed to make sure they could trust the people that they were working with, and some jobs even needed to make sure they did not have a criminal background in the past. While the DBS check was the most accurate in finding this out, other tests could provide this  information, without the HR department or the employer leaving his office. With all companies moving to the internet, background checks could also be handled through the official website, without too much trouble, allowing people to go through the DBS certificate.

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