In his words, “this is no longer only a global health crisis, it is also a major labor market and economic crisis that is having a huge impact on people”.
Technology Biggie Google’s CEO, Sundar Pichai in a recent email communication sent to employees, has talked about a significant slowdown in the company’s hiring pace for the rest of 2020.
When established companies are resorting to downsizing workforce as a cost-cutting measure to get them past this storm, small businesses that face bigger risks are more likely to follow suit.
Bernard Baumohl, Chief Global Economist of the Economic Outlook Group estimates that the pandemic may slow average monthly job growth from about 185,000 to about 115,000 in the next few months.
Businesses are leaning more heavily on advanced technology to immunize themselves from unexpected shocks in the future.
This may prove to be beneficial for tech companies that provide such advanced solutions.