What Will the Post-Pandemic Labour Market Look Like? Lectera’s Forecast

Due to the COVID-19 pandemic, the labour market experiences significant changes which boosts the interest in online career courses. Many lost their jobs, others had to start working remotely, master new skills and even entire professions.

The more rapid the change is, the more important it is to have a conscious approach to your career development. Those who take regular training, including online career courses, have an advantage. Even prior to the pandemic, Lectera specialists had been fully aware of how important it was for professionals to continuously improve their skills. So the platform has prepared a range of online career courses on the professions that will help you to remain a sought-after employee in the future.

Labour Market Trends Exacerbated by the Pandemic

Education and continuing professional development have turned into the main trends in today’s labour market. 100 or even 50 years ago, people could afford to choose a certain profession and stick to it for years on end. Now, changing jobs and careers every five years is a kind of norm and would hardly surprise someone.

The labour market structure is changing, and there are many reasons for this. The main ones are:

1. Scientific and technological progress.

Over time, robots will replace humans in many jobs. Scientists are still not certain about the speed at which this will happen, but they all agree that the introduction of robots into our workplace is inevitable. Indeed, experts at the World Economic Forum (WEF) suggested, back before the pandemic, that high-tech developments could deprive 75 million people of jobs by 2022. The pandemic has spurred the process. After all, in the world where human contacts are being increasingly limited to keep the virus from spreading, replacing humans with robots would be a great epidemiological solution: drones, for example, are already being used to deliver food.

The development of artificial intelligence brings us closer to the era of “technological singularity,” predicted by the science fiction writer Vernor Winje back in 1993. Technological singularity is the level of development of artificial intelligence, at which it begins to exceed the human brain in all aspects. At the time Vinge predicted the onset of technological singularity, the very existence of devices like smartphones seemed science fiction. Now, with such great computational power that we have at our disposal, the development of artificial intelligence is obvious.

2. Increasing mobility of the labour force.

Scientific and technological progress is the main cause of labour-market change which, however, has some important consequences. First, geographical mobility is increasing, meaning that it is easier for people to move from one place to another seeking new employment opportunities. Second, so-called skills mobility is also increasing making it much easier for employers to organize employee training. At the same time, with a great number of educational platforms, self-learning becomes more accessible. By taking an online career course from one of these platforms, you can master a new profession without leaving your current job. On the Lectera educational platform, online career courses are designed so that students could learn on-the-job by watching video tutorials when and where they find it convenient. The way the course information is selected and organised allows you to get only the essential knowledge and doesn’t take a lot of your time.

3. Increasing competition in the labour market.

Never before have employees faced this level of competition. First, virtually any worker, if not highly skilled, is threatened by competition from artificial intelligence. Second, increased mobility of the labour resource also contributes to the competition.

Learn more about the other causes of labour market changes and get guidance on how to save your job and boost your income from the Lectera online career course “Learn or leave the Market. Career and Business Development Manual“.

New Labour Market Trends Brought About by the Pandemic

The pandemic exacerbated many existing labour-market trends, but also added many new factors. The coronavirus is a ‘black swan’. This term was introduced by Nassim Taleb, a world-famous economist and trader, author of a monograph about “black swans.” This is how Taleb called the events impossible to predict, but having a significant impact on the economy and our lives.

The sharpest and most severe blow was given to workers employed in the grey market. In times of crisis, employers simply sacked such employees without lay-off pays or any other financial compensations. Those employers who had hired employees following all the employment requirements, sometimes also struggled to pay the required compensations. Currently, employers are looking for tricks allowing them to hire employees so that the latter would not be entitled to any pay-offs when laid off during such crises. The employers intend to evade the official employment requirements that increase competition: in the circumstances, professionals who are not protected by law find themselves at the risk of losing their jobs unless they continually upgrade their skills.

These are the most significant changes in attitudes to working process due to the pandemic that affected all workers:

  1. Work schedule changes. Many companies had to reduce working shifts duration, lay off a part of their staff in order to save costs, and redistribute workloads among the remainder. Unsurprisingly, such changes are most noticeable in the most affected areas: services, tourism, and air transportation. Many workers here were forced to adjust to the company’s changed working schedule by either taking fewer shifts or working long hours. Due to such changes provoked by the lockdown restrictions, many are forced to put up with that harsh and uncomfortable working schedule.
  2. Switch to remote working. During the pandemic, many companies encouraged their employees to work remotely. A sort of tendency towards switching to remote work was seen even before the pandemic began, as not having to pay office rent was a significant plus in employers’ eyes. However, the lack of tools to organize and monitor employees’ work outside the office then kept them from taking that crucial step. Now, when it happened anyway, some companies would describe this experience as negative, while others, on the contrary, as positive. Bank Home Credit is definitely among the latter. After the pandemic stroke, they decided to try a hybrid work format allowing the employees to choose the form of work (remote or full-time).
  3. The boom of technologies for working remotely. Video chats, cloud services, digital document exchange, digital signatures – all these tools are now being used even in the companies that have not planned to implement them before. The trend of injecting these new technologies into the workplace has been around for a long time, but the pandemic has greatly accelerated the process. Unfortunately, some business leaders and employees had to face some quite unpleasant consequences. In Russia, for example, 90% of companies experienced data breaches. In a number of cases, the leaks were due to industrial espionage. But more often, they were caused by computer illiteracy and the inability to provide elementary data security.

In the current reality, with the pandemic accelerating the transition to remote working, the main winnings will inevitably go to those who are easily adaptable and ready to work remotely. Lectera offers a variety of online career courses in remote, sought-after professions. Don’t miss out on the unique chance to quickly master one during the pandemic and turn it into your new source of income.

When moving to remote work, it is often difficult for people to start planning their schedules, allocating time to work, or avoiding a situation where work consumes all their spare time. The knowledge gained in the Lectera online career course “Home Time Management: Maximum Personal Efficiency” will help you to organize your routine under the new conditions