Be Prepared—The Coronavirus May Cause Some Short-term Instability To The Job Market

Be Prepared—The Coronavirus May Cause Some Short-term Instability To The Job Market
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By Jack Kelly

If you are actively seeking a new job or concerned about tightly holding onto your current position, the overhang of negative news isn’t helpful.

Corporations tend to hire people when the senior executives feel confident about the current state of the economy and enthusiastic over the potential for future growth. Conversely, when they look around, scour the horizon and see things that look bleak, it’s easy for them to grow concerned.

The mass media has finally woken up to the fast-growing coronavirus. It’s already starting with the media whipping up an almost hysteria over the coronavirus. Fear begets viewers, which earns them advertising revenue. 

The outbreak has disrupted businesses in China and the surrounding region. Manufacturing has slowed to a fraction of what it was prior to the outbreak. Many companies have temporarily shut  down their operations to avoid more people contracting the extremely virulent virus. China is the second largest economy in the world. As the nation slows down, the ripple effects will be felt in the United States and around the world. This has, in part, caused the U.S. and international stock markets to experience substantial losses.  

In light of these developments, it’s reasonable to believe that corporate executives will tap the breaks.They’ll hold off pursuing new ventures, curtail hiring and could possibly enact layoffs.

This is not the news you want to hear. But you have to be mentally and emotionally prepared if this happens. I’m not worried. The U.S. and the rest of the world have always faced challenging events. We also always find a way to deal with the problems and overcome them. 

Short term, there may be some anxiety created by scary news emanating from China and other countries. Fearmongers will talk about the possibility of a growing pandemic. Stocks may continue to fall. 

America and the world have a lot of smart people. We’ll figure out vaccines, cures and ways to help the sick. China will regroup and start heating up again. The stock market will steady and things will normalize. 

Then, we will see a bigger demand for people, as hiring may have been put on the backburner. Companies will desperately need help to start growing again and hiring will dramatically increase.

 

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