According to Albrecht Ritschl, a professor of economic history at the London School of Economics, the economic impact of the coronavirus is similar to the situation during both world wars. In addition to the economic crisis, the main effect on the world of recruitment will come from a shift in working methods. The typical example is what we are all doing right now: the home office. According to Albrecht, a large part of this way of working is likely to stay this way!
"All great wars, all great crises have led to a shift in the mode of production."
For example, World War 1 led to an increase in women's employment, recognition of trade unions and 8-hour days. World War 2 resulted in the implementation of industrial mass production, the emergence of consumer society and access to better education for the masses.
Where To From Here In the World of Technology?
So, how would a massive increase in flexible and remote work arrangements change the world of recruitment in Australia? We are obviously going to see even more growth in Technology, especially in the areas of Cyber Security, AI, Automation & Data. These are already the fastest-growing sectors and this crisis will only increase the demand for technical professionals in these fields.
An Infrastructure Boom
From an economic perspective, according to the Victorian state’s premier Daniel Andrews, construction will play a major role in Victoria’s economic recovery following COVID-19. Vital infrastructure projects both provide jobs and lay the foundation for future growth.
Start Coming Up With New Ideas NOW
I'm no economic or workforce expert, but I just want to encourage everyone in recruitment, from Agency Owners, Managers through to Consultants, to think about the inevitable changes that are coming and the new opportunities that will be created. After all, based on the consensus with everyone that I've spoken to in the industry over the recent weeks when this crisis ends the markets will, hopefully, come back STRONG!