Nobody knows what is going on, and there is no strategy in place for both corporations and candidates alike.
Many candidates are getting furloughed, which I’m skeptical is actually a real word. What furloughed means is that you are still an employee but you don’t get all the perks of being employed, like getting paid. You might get to keep your health benefits, but that is usually it. This is much better than getting laid off, as the intent with being furloughed is to bring you back after a certain period of time. Its a huge cost-saving measure for the company, and they get to save face with their employee.
For those that were laid off, the market is purgatory. The image below is what it’s like to search for jobs on Indeed.
You don’t know if the job you applied for is truly hiring (heaven), or if it’s going to be “put on hold” indefinitely (hell). Likewise, the recruiter is talking to candidates as if the job is moving forward, with the nagging feeling that it could all be for naught. This is not a great location to reside.
The companies that are adapting quickly are going to to be the winners after we come out the other side of this. They are going to snatch up all the former on-site workers who have tasted the remote life, and take all the best talent across the US. Mentioned earlier, larger corporations are going to struggle with this transition. The small-to-medium size businesses will see the vision and thrive moving forward.
Economy and Corporations
The issue that big corporations have during this time is their inability to see past a small snapshot in time. Because the ultimate concept of the corporation is to deliver return to your shareholders, there is no flexibility when it comes to adjusting to a crisis like we have with COVID-19. There is no such thing as maintaining profits or holding steady — there most always be growth eternally. And with this mindset, its tough to be agile when its most needed. The instant reaction is to panic, slash spending and staff, and essentially hibernate until things blow over.
What I am not seeing at all while cruising around news blogs and LinkedIn, is a mention about the fragility of the economy. Imagine being a massive corporation with vaults full of money, huge dividends, and a positive cash-flow. A little 1-month slump can bring you to your knees? That’s not a strong economy built on a sound foundation. That’s a house made of sand that is praying the tide doesn’t rise too high.