Four Industries That Are Pandemic Proof
Economists, politicians, and everyone in between have discussed how the country is entering a two-track recovery process. Some industries are really struggling to survive throughout the pandemic, while others are flourishing with the social and economic changes. Some industries are even on a hiring spree and are, quite frankly, booming during the coronavirus crisis. Here are four industries that are currently labeled pandemic proof.
IT companies of all kinds are experiencing rapid growth as they try to keep up with the demand of millions of remote workers. Companies like Zoom and Microsoft are thriving right now as they work hard to keep everyone connected virtually. Other IT companies are hard at work, ensuring their customers’ safety and protection of their information. More and more cyber-attacks are occurring as employers battle with employees on less-than-secure home internet networks. Plus, it was easier for tech employees to shift to a remote work environment than other employers.
The Ecommerce giants have experienced record-breaking growth throughout this challenging year. As consumer spending habits shift to more online-heavy shopping routines, companies like Walmart, Target, and Amazon are booming. If you can buy it online, many consumers are switching to a “safer” online shopping experience to avoid the virus. Thus, warehousing and distribution centers are starting their seasonal hiring surges early to keep up with this swelling demand.
The Mortgage and Finance Industries
Mortgage and finance companies desperately need fresh talent as they struggle to serve a massive influx of new customers. With our current economic turmoil and record-low mortgage rates, financial institutions and other mortgage companies are on a hiring binge. For example, according to Chip Cutter, A Wall Street Journal Report, Fidelity Investments’ hiring is already up 40% on the year, and they need another 4,000 finance professionals. Other companies are in the same boat as customers look to prepare for a messy tax season, make changes to their retirement plans, and refinance their homes. This trend will likely spill over well into next year, illustrating how pandemic proof these two industries are.
Entrepreneurship is also on the rise
For years, enrollment in graduate programs for business was declining. However, a recent report from the National Student Clearinghouse Research Center claims graduate enrollment for the Fall semester of 2020 is up 3.9%. Additionally, about 1.5 million new businesses filed with the IRS in the third quarter this year – that’s up 82% from the previous quarter, according to the U.S. Census Bureau. So, while there are many different startups and business ventures that can be formed, it is encouraging to see a revitalization in entrepreneurship.