SALT LAKE CITY (ABC4 News) – In the last five weeks, 125,150 Utahns applied for unemployment insurance benefits with the Department of Workforce Services.
That’s a lot of people who may be looking for a new line of work post-COVID-19.
“You just don’t want to wake up some morning and find out your career is gone, and we are there in some cases,” said Salt Lake Community College Economics Associate Professor Dennis Watson.
He says the convenience of ordering items online or over the phone and getting them on your time, will change future business models as we move into a potential cashless society.
“Back in 2000, we made an effort in the banking industry to get away from checks, and writing checks. The effort now is trying to get away from cash,” he said.
So what’s in it for Utah’s unemployed or those who are working?
Watson said, “You’ve got to remain adaptable and flexible because as we’ve seen in the last eight weeks that can all change overnight.”
The professor believes wages are going to remain about the same, but productivity and workload from employees will go up.
“You are either doing the same level or even more with less and businesses have to do that if they are going to survive,” he said.
As restaurants adapt to new dining regulations, they may want to consider ramping up their to-go platforms.
“I think right out of the box, it’s very evident that take out is a significant portion in that,” he added.
The professor says employees, in general, are a big cost factor in running a business. He says to make yourself more valuable to your company to stay on pay-roll.
“People, they need to be open to change. Some people don’t want to change, but what they do if they don’t change, they don’t realize what potential they have,” Watson said. “We look to the past and say those who can adapt, those who are flexible will survive.”
Allowing businesses to navigate an unknown post-COVID-19 global market.