Page 123 - Appreciating Organization's Biggest Assets

have profited from the unusual tight labour market and growing
circumstances of 2020 paid out earnings, which were abruptly
above goal levels despite the battered followed by instructions to stay
overall economy, says Gregg Passin, at home and significant job losses
senior partner, Executive Solutions, that completely changed the labour
at Mercer. Other businesses must market.
choose whether to lower incentive According to Mercer’s analysis,
plan awards to represent the new company executives anticipate a
economic reality because their rise in remuneration of between 2.6
recovery will take years. percent and 3 percent in 2021. But
In a post-COVID-19 economy, just like in 2020, different industries
businesses are attempting to handle will be impacted differently. While
a new type of workplace. Innovative other industries were severely
workforce models are being impacted by the economic slump,
discussed and gradually adopted, online retailers saw record-
from asset-light businesses to the breaking revenues as, for example,
human cloud and digital nomads to homebound people avoided
global employees. shopping and chose delivery. The
Global employees now collaborate U.S. economy shed a net of 9.6
across cultures, countries, and million jobs between September
languages in a world that is getting 2019 and September 2020. (not
smaller as a result of technological including agricultural jobs).
advancements. The human cloud According to the Bureau of Labour
was made possible by online Statistics, a disproportionate
marketplaces that let businesses hire 8.6 million of those were service
people for particular jobs without occupations, with 3.6 million of
putting any restrictions on either those in leisure and hospitality
the hiring party or the employee. (BLS).
These digital methods are how According to the BLS’s Current
digital nomads support themselves, Employment Statistics, some
working from coffee shops and employees in struggling companies
coworking spaces all over the globe. experienced less growth in their
Conclusion hourly pay than the national
averages. The average hourly
In 2020, employee compensation income in the leisure and hospitality
experienced a roller-coaster of sector increased by barely 15 cents
changes due to the coronavirus to $14.78 between September 2019
pandemic. The year started with a

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