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Coronavirus: Economic Impact in the Business Sector

The economic impact of Coronavirus was one of record decline starting in February. The good news is that since the restrictions have eased, economic recovery is now underway. The business sector took a major hit during quarantine as numerous companies of all sizes had to shut down or suspend operations, and employees were laid off in the process.

The numbers from the Government of Alberta suggest that our unemployment rate is higher in comparison to last year. But there were 109,000 people who rejoined the labour force in June as the province recovered 33 per cent of the jobs lost between February and April. This means that as a student or recent graduate of a business-related college program, there is hope as new employment opportunities arise in your industry.

As we make our way towards a more stable economy, let’s take a closer look into what employment looks like in five key business industries.

Business Administration: Coronavirus Impact

Small businesses took a major hit during the coronavirus outbreak, but with the restrictions easing, many have started to reopen with safety restrictions in place. There are also various initiatives in place across communities, such as Visa launching their Small Business Hub, to help entrepreneurs put their best foot forward.

As a student looking to start your own small business, you can rest assured there is support available for you. Now that the economy is gaining momentum from lockdown, you can take advantage of the opportunities becoming available. A quick search on Indeed shows roughly 100 opportunities open in the Calgary area alone.

View the Business Administrator Diploma at ABM College.

Covid 19 Fallout on Accounting &Payroll Administration

The finance industry is an important one, and one that manages to stay above water during times of economic crisis. This is due to the nature of the roles and responsibilities an accounting or payroll administrator has.

The Covid-19 outbreak resulted in the government releasing various forms of financial support, including funding to help businesses pay their employees. Many individuals in this industry kept their position or returned to it quickly, as accounts and payroll needs to constantly be organized and managed.

Recent graduates in this sector can look forward to more opportunities on the horizon as small businesses reopen and begin to hire back staff.

Check out the Accounting & Payroll Administration diploma at ABM College.

Coronavirus Impact on Legal Assistants

During the lockdown, various law firms transitioned into working from home for all levels of their employees. Their all-important legal assistants, though some faced layoffs, were shifted to a home office, ensuring operations continued to run smoothly.

Now as the economy recovers in Alberta, law firms are back to rehiring their employees, and legal assistant graduates can look forward to favourable employment prospects. The courthouses are also reopening with safety restrictions in place. The best possible way to land employment in the legal world is to network. This can also be done virtually, and is key despite the state of the world.

Head over to ABM College's Legal Assistant Diploma.

How Covid has Affected Education Assistants

The education industry was like the sacrificial lamb of the flock during lockdown, as all educational institutes were ordered to close campuses. Although instructors were able to adjust their teaching to a more virtual setting, many in the supporting roles such as education assistants, faced layoffs.

With the public school system bringing all levels of students back in September, the need for education assistants has increased. Teachers will require extra help to ensure children follow safety precautions. As more parents head back to work, daycares and preschools have also reopened at half capacity.

See ABM College's Education Assistant Diploma. 

The Implications of Coronavirus on Administrative Assistants

Similar to other sectors, the coronavirus pandemic resulted in administrative assistants facing layoffs, as businesses and companies closed off reception and first point-of-contact areas for customers. But as the private sector leads the way for economic recovery, administrative assistants in all industries can look forward to more employment opportunities. 

Looking at the current employment situation, although there is an increasing number of employment opportunities available, most Canadians are not looking for work. This is great news for students and graduates, as the competition sits back, you can take advantage of the positions becoming available in the market.

Look over the ABM College Administrative Assistant Diploma.

Looking Forward: Coronavirus Economic Impact on Business

If there’s one thing the coronavirus crisis has reinforced, it’s the uncertainty of jobs. It is best practice to future-proof your career, and this begins by ensuring you acquire education in the form of highly employable programs from an accredited college or university. This goes a long way into paving a stable path into your career, even when the global economy takes a beating.

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