Treasury figures forecast the jobless rate will hit 10% by the June quarter, which equates to 1.4 million Australians out of work. There are fears this may well be higher with the inclusions of the under-employed, those unable to get sufficient hours due to the shutdown of their industry sector.
The size of the economic shock
With businesses shuttering their doors across the hospitality, accommodation, tourism, education and retail sectors, the long-term economic effects are still uncertain.
Much depends on how long the movement of people and economic activities are restricted, and the adequacy of each country’s fiscal response to the crisis. But with tourism contributing $55 billion (3.1%) to Australia’s GDP and international education contributing $34 billion, it’s sobering to contemplate the ricochet effects of these sectors alone.
There are few workers or companies not feeling the impact. A survey by the Australian Bureau of Statistics in the days following the implementation of social distancing restrictions showed that two-thirds of businesses across all sectors took a hit to revenue or cash flow.
While there is much debate about the lasting nature of a downturn of this magnitude, there is general agreement that the ripple effect will be far-reaching. With Australia’s interconnectedness to the global economy, our recovery is linked inexorably to the world around us. In an assessment of whether the shock to the economy is temporary or permanent, the Lowy Institute explains “even countries that defeat the virus at home will not be able to fully return to normal until the rest of the world does.”
Some businesses may well bounce back more resilient than ever, but for others with disrupted supply chains and hesitant customers, returning to pre-pandemic capacity could be a lengthy journey. The scale of this global crisis is unprecedented in modern history, and it is conceivable that many people face a long battle to make headway in the job market.
The race to stand out from the crowd
As a job candidate, you know how important it is to stand out from the crowd. Now with the pressure of so many candidates to compete against, finding a point of difference is crucial.
One way to do this is to provide proof that your credentials check out. Rather than leaving your employer with the time-consuming job of candidate verification, show them you are who you say you are. A fit2work digital badge provides instant credibility that your claims of educational attainment are genuine and that you’ve passed necessary background screening, including a Police Check, electronic ID verification and Entitlement to work (visa) check. Insert the digital badge into your CV or share with prospective employers via email or social media.
Demonstrating that you are work-ready with a digital badge is an attractive quality as employers face the daunting task of making the right choice from a large pool of candidates. Quick and easy validation brings about faster onboarding, getting people into jobs sooner and businesses back up on their feet.
Visit fit2work to find out more about digital badges.
