Thu, Nov 5, 2020 3:26 PM

This Is How COVID-19 Has Changed Wages

CJ wearing mask

The coronavirus impacted almost every area of ​​human life on the planet. Not mentioning the unfortunate deaths and infections, this disease has created an imbalance in the personal economy. The instability of jobs and the conditions of prevention have been responsible for the change in wages. Here we explain what has happened to wages in the world during the pandemic.

What Happened To Salaries?

After the pandemic, the leading health organizations recommended the cancellation of massive events and gatherings in closed spaces. All workplaces that involve direct contact between employees had to shut their doors. The COVID-19 pandemic closed clothing stores, restaurants, beauty salons, gyms, and, of course, travel by plane, train, and bus.

No one truly knew the impact of the disease, which is that millions of people are currently working from home. Most companies were in a difficult situation since then; they didn’t have any commercial activity and still, they needed to pay their employees. This problematic context presented two options: either laying off their personnel or reducing their salaries.

Most Affected Salaries

The American Association of Retired Persons (AARP) published a list of the ten jobs that suffered the most pay cuts during the pandemic in July. This is a compilation of the five most affected jobs and their respective percentage of reduced wages:

  • Public transport workers: 49%
  • Customer service workers: 48%
  • Art, design, entertainment workers: 46%
  • Mining workers: 38%
  • Factory and production workers: 36%

In this AARP report, small-business owners' current status was also published. They had experienced a reduction in income of up to 68 percent, a historical figure in the country.

Best Jobs And Wages During COVID-19

While a large portion of the population was experiencing layoffs and salary reductions, another large percentage of workers were experiencing even better economic rates than before the pandemic. What were these jobs that did not suffer salary adjustments with coronavirus?

Remote working was the main source of employment. Technology also helped many traditional companies continue their activities as usual. On the other hand, nursing jobs played a notable role in this pandemic. In various cities in the United States, nurses earn between $32-45 per hour.

Now you can know which jobs did not change during the pandemic. In this list, you will find physical and distance jobs that have seen greater demand in recent months. Also, you will know their approximate salaries in the specific case of Minnesota, according to Career Force.

  • Marketing directors: $50-82 per hour
  • Delivery truck drivers: $14-24 per hour
  • Software, app, and web developers: $39-61 per hour
  • Call center worker: $15-24 per hour

The New Normal of Business

In the United States, the highest priority jobs during COVID-19 were in the healthcare industry, from hospitals to pharmacies, followed by food factories and necessities. It can be stated that these companies had an increase in their production and a salary improvement due to two factors: the level of demand and the high risk of working conditions.

Many educational institutes took advantage of the conditions of the pandemic to hold virtual classes. Schools like Rithm School in San Francisco were among the pioneers in bringing their classrooms to meetings through Zoom. Equally, this also generated a high demand for online teachers around the world.

The first months were devastating for these types of businesses. However, in the United States, the economy and small businesses are growing again. According to statistics from the American government, at least 9 million new jobs were created between August and October. On the other hand, many fear a new COVID-19 outbreak with the arrival of autumn and winter, which may mean a new threat to business in the country.

Conclusion

The first line of combat against the virus is one of the most courageous in all countries. These jobs were to be expected to be the highest paying. However, the pandemic taught us that technology is always an essential ally for almost any type of company in the world. Only those companies and workers that adapted in advance to the technological platforms were the best prepared for the virus. Indeed, they will be so for the next challenges facing humanity in the future.


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.