5 Jobs Still Taking a Big Hit in This Economy
A sure sign that the global financial crisis took its toll on all of us was when the rate of unemployment ballooned to great numbers. With just the blink of an eye, a huge percentage of the workforce lost their bread and butter. Those who took the biggest hit in the workforce (and still are) are enumerated below.
1. Factory Workers. The manufacturing sector was the most highly affected by the financial crisis…and still is. The export business experienced transactions at its lowest; thus, it was necessary to cut down the number of workers. Job loss from this sector accounted for most of the increase in unemployment rate. Factory workers were relieved from their jobs because their employer couldn’t afford to pay them anymore.
2. Retail Workers. Since retailers could not catch up with the rapid increase in prices and their frequent customers weren’t coming so frequently anymore, cutting back on the workers became the only option. Some retailers even closed down because of the unstable economy. This added up to more retail workers losing their jobs and their livelihood. It is expected for this sector to come back to life as people start having restored faith in the economy (not to mention more money in their pockets).
3. Construction Workers. Along with the housing crunch, the construction industry also suffered slow-paced progress and had to lay off a great number of its workers. Most of its clients have opted to hold any construction plans or delay the progress of ongoing construction. In turn, demands for services of construction workers have decreased dramatically, which left construction companies with no other choice but to reduce their workforce.
4. Temporary Workers. Those employed as contractual or temporary workers also felt the harsh hands of the economic downturn that forced employers to cut back the number of workers, as their revenues could not even cover the minimum wage requirement. Of course, employees with contractual or temporary status were the first to go.
5. White Collar Workers and Managers. The economic crisis spared no one; not even those who already have managerial positions. Since even huge companies were recording enormous losses, they had to close some departments or merge departments with similar function. For some department managers it meant losing their jobs or getting demoted.
The global financial predicament has indeed put the bulk of the workforce in jeopardy. Laid off workers are now in haywire; looking for a way to survive the crisis. While the economy is expected to recover in a few months, the problem of job creation is still a big stumbling block that everyone has to hurdle.