Economy Is In The Ruins – And Technology May Not Be A Savior!

As the COVID-19 led the global workforce to adopt a work-from-home policy, analysts predicted that more tech jobs would open up. It was also anticipated that the ‘tech sector’ would be helpful in leading the economy toward recovery.

Unfortunately, this doesn’t seem to be the case as the tech industry is also reporting the negative effects of the coronavirus.

According to Indeed economist AnnElizabeth Konkel, competition for tech jobs is on the rise but workers are losing the bargaining power they once had on the employment. It was also reported that in the last week of July, tech postings performed worse than job postings overall in 50% of the tech hubs and 89% of the non-tech sectors.

She further said that the demand is undoubtedly up for tech jobs – as many leading companies are functioning from home. But postings for the same industry are behind the overall market with no comeback in sight!

However, some areas are weathering the storm better than others, reports Indeed. For example, Baltimore saw a decline by 20% in tech postings. On the other hand, areas like Raleigh and Seattle saw harder hits with 45% and 41% respectively.

The coronavirus has spread tremendous uncertainty amongst the global population. Apart from health and wellbeing, people from all walks of life are worried about the financial circumstances that are evolving. In this situation, most industries are reluctant about hiring and firing – as there is no promise of what the future holds for all!

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