Will Your Job Come Back After COVID? What to Do if it Doesn’t
- Not all jobs will return to the economy after COVID.
- If your job doesn't return, look for opportunities in other industries.
- Consider a side job in retail or food service to provide interrim income.
The coronavirus pandemic has left more than 20.5 million Americans unemployed. If you are one of those without a job right now, you may be wondering whether or not your job will come back. The answer is “it usually depends on your industry and job title.” Let’s dive deeper into COVID-19 unemployment facts and what you can do if your job does not return.
Service jobs will likely return
Most of the jobs that are likely to return first are in the service industry. This is not surprising, as the service industry is considered the “heart of the American economy” and service jobs were the first to go after stay-at-home orders were implemented. Here’s a look at the service-related jobs that will likely hire back workers.
Kitchen staff and bartenders
Even though bars and restaurants were shut down for in-person dining since the beginning of quarantine, they were open for drive-thru, takeout, and delivery. This demand created 1.2 million new jobs in leisure and hospitality, primarily kitchen staff and bartenders.
The coronavirus caused countless retail establishments to close in April, leading to 2.3 million jobs lost. Now that many stores are open again, 368,000 jobs, mainly at car dealers, clothing shops, and general merchandise stores are now available.
Beauty and wellness positions
Most salons and spas closed their doors in late March. In May and June, some began to reopen and were flooded with customers in need of haircuts, nail care, skincare, and other beauty treatments. Since May 1st, there has been a 34.7% increase in beauty and wellness job postings on Indeed.
Other jobs that may have an early return
There are a few other non-service jobs that are more likely to make an early comeback. These include:
In March and April, thousands of elective medical treatments for non-life threatening conditions were put on hold. Once they were resumed starting in May, 312,000 positions were added at dentist and doctor offices.
Since the government began to support construction contractors and building restrictions loosened, construction contractor jobs increased by 325,000 in May. The need for plumbers, painters, and electricians also picked back up.
What to do if your job doesn’t return
This short list leaves out a lot of industries and positions. If you don’t quickly get a job back after the economy begins to recover from the pandemic, try not to lose hope. There are still things you can do to protect your finances and future. Here are some suggestions.
File for unemployment benefits: If you’ve lost your job or even had your hours cut, you may be eligible for unemployment benefits. While unemployment laws vary from state to state, you can expect to receive about half of what you were making at your job for an average of 26 weeks. Under the CARES Act, you may also qualify for an additional $600 every week until July 31, 2020.
Reduce your spending: While you’re out of work, do your best to make lifestyle changes that will save you money. Limit restaurant meals, get rid of cable, and clip coupons, and do whatever you can to cut on unnecessary spending.
Look for jobs in a new industry: Even if you’ve never worked in the service industry before, now may be a great time to expand your horizons and apply to service jobs or others that are in high demand. You never know what kinds of opportunities a job in a new field may provide.
Get a side gig: Some type of employment is better than no employment. Pick up a side gig until you find a full-time job. You may deliver meals, tutor online, start an online store, or even offer home maintenance services to earn some money. This could also open new doors or allow you to gain new skills.
Make sure your healthcare is covered: In a perfect world, you’d never need to use your health insurance. Unfortunately, however, injury or illness can pop at any time and cost you thousands of dollars. To alleviate the financial burden that an injury or illness may bring, ensure you’re covered by some type of medical benefits.
Keep your eyes peeled on the news: Federal, state, and local governments announce something new virtually every day. Pay attention to the news so that you’re aware of new unemployment facts or opportunities when they arise. These opportunities may include job-related programs or more stimulus benefits which may help you make it through these uncertain financial times.
Let our debt consultants help you out
If you’re having a hard time finding a job and are worried about falling behind on credit card payments, it may be time for professional help. Freedom Debt Relief can help you understand your options for managing your debt, including our debt relief program. Our Certified Debt Consultants can help you find a solution that will put you on the path to a better financial future. Find out if you qualify now.
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