Post COVID Workforce

This brief article is based on the ADP Global Workforce Report 2020, analyzing a topic that is not being discussed in most of the media, which is what is happening regarding jobs and workforce in the energy sector and what was the impact of COVID-19.

Something that we here a lot is that the pandemic left several people unemployed. In contrast, we also read statements saying that companies are having difficulties looking for new employees and hiring specialized workers. 

Labor shortage exists when demand for workers in a certain occupation is greater than the supply of workers willing to do that job at the prevailing wage. Also, due to skill gaps, such as specialized roles or workforce, for instance in hydrogen. Another factor that is leading to job shortages is the slow reaction and admission processes done by firms and workers.

Finally, we can state that besides existing a shortage in the labor market, it is temporary as firms are adjusting to this pandemic and so do the workers. The challenge though, will be wages, which have suffered from covid as well, and that need to be addressed accordingly to the high-skill demanded. We need to understand that the economy is changing, and that the work scenery might not return back to normal, replacing offices with home-office, remote working, and e-commerce.