Even in the first month of the novel coronavirus's appearance in the United Kingdom, economists and experts across industries were sounding the alarm about its potential toll on the country.
With many employers instituting hiring freezes and individuals being furloughed or losing their jobs altogether, the economy will need to be reimagined in the short and long terms to create some form of stability.
Let's take a look at where we are today due to the coronavirus and the types of industries that are growing despite the pandemic.
Impact of the ongoing pandemic on the UK economy
Today, we know just how massive an impact Covid truly was. Though official unemployment figures hover between 3.9% and 4.1%, the number is misleadingly positive. Nearly 7.5 million employees are furloughed in the United Kingdom until at least October of this year, and 700,000 were no longer on a company payroll at all since March.
This June, Creative Industries Federation commissioned a report by Oxford Economics which found that one in five creative jobs would be lost to the coronavirus by the end of 2020 including a £74 billion drop in revenue for the entire industry. The country's GDP took a 20.4% hit in the three months to the end of June, according to The Guardian.
So what does this mean for the future of work? Which industries are still viable for those who are unemployed or seeking more stability in their jobs?
Turning to new and innovative industries
Experts have been busy crunching numbers on business sectors that have been thriving during the pandemic and they have come to some sort of consensus on where the profits are. Unfortunately, an increase in consumer spending does not always equate to hiring, especially in the long term.
Below are some industries that experts have found to be growing and hiring during the pandemic.
Companies in the pharmaceutical industry have been busy trying to come up with medical solutions for the virus including repurposing existing medications or creating a brand new vaccine to treat Covid-19 patients.
Initial worries of a hard hit to the CBD industry have been whipped away! We spoke to Cara Robinson, Head of Customer Experience at Elevate CBD, During the early months of the pandemic, Elevate CBD doubled their customer facing team due to the increase in demand.
It is estimated that close to eight million Britons have purchased CBD products in 2020. according to the Elevate CBD, there is still massive potential for the industry to grow and provide job even more job opportunities. Companies like CV Sciences and Endoca, and small boutiques like Love CBD and Hemp Botanics will all require new staff to handle the influx of orders.
That means everything from shipping, packaging, sales, marketing, and creative employees will all be needed in the months to come to get the tough work done!
Food delivery companies Deliveroo and GoGetters have experienced triple digit growth in sales and have gone on a bit of a hiring spree. Deliveroo innovated by introducing a non-contact service for food delivery, thereby increasing orders, which GoGetters has hired more than 250 drivers to meet demand from individuals who are quarantined at home or worried about shopping for groceries.