Student’s Name

Supervisor’s Name

Course Name

Due date

Effects of Covid-19 Almost every facet of our world has changed in the last year. Our friends, family, coworkers, and communities have experienced significant changes in their life that will have far-reaching consequences. Our occupations, eating habits, parenting, and even our collective sense of time have all changed dramatically as a result of living during a global pandemic. After a year of such tremendous disruption, fifteen Fortune workers reported on some of the most significant ways in which our lives have been affected, and one lesson stands out: Almost no one has been left unscathed. As we rebuild and remake our world in the coming year, a hearty dosage of empathy and awareness of that truth will make us all stronger.

Covid-19 posed a greater threat to the economy than a recession. The economy has been at a standstill in various regions of the world, which has had an influence on employment and the pay that individuals receive from their employers. Covid-19 has had a direct impact on the rate of employment in the state of New York. People have lost their jobs as a result of this infection for a variety of reasons. When it became evident that the virus had spread throughout the city, residents were forced to exercise caution and reduced their outing activities. As a result, the pace of traffic flow to enterprises was dramatically lowered. Businesses were unable to fulfill their profit targets due to a decrease in client traffic. As a result, to lower operating costs. Employers’ initial choice was to fire employees (Kawohl & Nordt, 2020). As a result, people lost their jobs as a result of employers’ efforts to cut operating costs. Furthermore, even when businesses accepted their fate and elected to keep their employees, they struggled to pay them. As a result, personnel have been hired on an indefinite basis until the economy returns to normal. This was damaging the city’s economy because these workers are also consumers in other firms, thus laying them off had a negative impact on their operations.

According to the research done, the number of persons seeking for unemployment benefits in the city has climbed dramatically. More than 80,000 people had requested for government assistance, indicating that people were struggling to make ends meet on a daily basis. To bring the jobless rate down, the government had to step in. Although the government has the ability to act, the economy is in a state of flux, and employers are suffering as well. Businesses may be compelled to close temporarily in extreme instances, and employees will not be paid if the business is not running. Covid-19 has had a significantly greater impact on New York’s economy than 9/11, and the effects of Covid-19 are far greater. As a result, the quantity of revenue generated by businesses in New York will drop dramatically, affecting how individuals are employed. The amount of money collected in New York is expected to drop by $10 to $15 billion. This is a significant economic loss, which will be reflected in the economy. With so much cash lost in the economy, it is likely that people in New York City will struggle to find work throughout the pandemic. However, due to the state of the economy, the government has stepped in to ensure that people do not suffer too much as a result of the pandemic before it is finally dealt with.

The government has collaborated with employers to ensure employee job security. This is a systematic plan to lower the city’s reported unemployment rate. The state is looking at the big picture by ensuring the job security of people who work for firms in New York City. When the pandemic is gone, people will need to return to their previous employment. As a result, laying employees off or dismissing them will only lead to more upheaval in the future. When the economy returns to normal once the virus has been completely dealt with, there will be still another change. Corporations have learned that some roles may be performed by employees while they are away from the office. If employees can perform their tasks strategically from home, the company will calculate how much money they can save if they can close their New York City headquarters. People who were seeking employment in a corporation for subordinate duties have fewer opportunities now that people are working from home. Because there are no office attendants, these subordinate duties aren’t as important as they formerly were. This may continue in the future as firms urge employees to work from home and, as a result, leave their executives in New York. This has resulted in a loss of subordinate jobs in the city as a whole.

If the pandemic continues to spread and infect individuals, the economy will continue to sink. People will have fewer job opportunities available to them, and firms who are keeping their employees may be obliged to terminate them forever; if this is the case, more than 195 million jobs may be lost. This is concerning since there are a large number of people who will lose their jobs in any situation. If they lose their jobs, it’s possible that they’ll cease buying their products and services at all of the places where they previously did. As a result, such job losses may be felt not just by employees, but also by businesses and large corporations. As a result, people should understand how to endure in the event of a pandemic, as this will push us to our limits. The strength with which we shall overcome the pandemic will be enormous.

References

Kawohl, W., & Nordt, C. (2020). COVID-19, unemployment, and suicide. The Lancet Psychiatry, 7(5),

389-390.