July 4th marks the halfway point of the year for businesses. This is when companies start to focus on pivoting for the second half of the year by creating a game plan for hiring, sales, and growth. In 2020, from the perspective of business and employment, Independence Day does not mark the end of the economic tribulations of COVID-19, but things are certainly beginning to look up.
According to the ADP National Employment Report published on July 1st, jobs in the private sector have increased by about 2.4 million during June compared to the previous month. Hiring picked up in June for small businesses, including a significant number of jobs added in the industries that had suffered the most over the last few months.
Recruiters are Optimistic about Job Outlook
According to a recruitment insights survey conducted by Bullhorn, recruiting professionals are increasingly optimistic about the economy in the foreseeable future. As many as 56 percent of the people surveyed expect that the economy will be back on its feet by the year-end, and just two percent believe that the economic downturn will continue beyond 2021.
Nearly one-third of the staffing and recruiting professionals who participated in the survey said that their businesses are either doing the same or better than last year. IT and healthcare sectors are the most likely to register a strong performance, and job losses may be insignificant in these sectors going forward.
Remote Jobs are a Growing Trend
Two in three recruiters believe that remote and work-from-home jobs are likely to be more common in the post-pandemic phase. Employers are ramping up their digital operations and remote communication infrastructure in order to facilitate more workers to operate virtually, while maintaining productivity.
Many companies also expect to save on their costs of operations by increasing their use of technology and adopting flexible communication modes to run their business. Video conferencing technology is seeing a near-universal adoption among almost all types of businesses.
Companies Step Up Efforts to Accelerate Business Recovery
According to the CEO Economic Outlook Survey published by Business Roundtable, companies are focusing on creating safe and healthy workplaces as more workers return to their jobs. The survey recorded the responses of CEOs, which indicate that they are committed to taking all possible steps to ensure continued business recovery.
Some of the key actions of CEOs to help their employees adapt to the new work environment post-Covid include:
- More than 95 percent of CEOs have expanded flexible arrangements for working within their organizations.
- 100 percent of CEOs have either already adopted or intend to adopt physical distancing norms at their work facilities.
- More than two-thirds of CEOs have invested in greater wellness support and health services for their workers.
The survey asked the CEOs when they expect their business to recover to the pre-pandemic levels. Most of the respondents said that in their estimation the business conditions are likely to recover in 2021 – certainly with the low tax rates and low interest rates as well. However, about one in four CEOs still believes that their company may take longer than 2021 to fully recover to pre-Covid levels.
Businesses expect the government to support continued economic recovery, including additional steps to protect jobs and promote a robust and globally competitive economic future.