How has does the current events of Covid-19 relate to employee recognition? How does this event correlate to the discussed topic (employee recognition)? How will this event directly effect us university students when going into the market in a few years? Express in detail long term effects of the current pandemic on the job market and economy.

 

Employees and organizations everywhere have responded to the covid-19 situation in extraordinary ways.

It affects how the workplace changed, and change the way employees do things regularly, to doing things differently by using the technology, small shifts, and work remotely. COVID-19 is accelerating the need for employers to frequently acknowledge employee's hard work. Recognizing how long workers have stayed with their company or choosing one or two employees for recognition by selecting them as employee of the year, while still relevant, but simply not enough, especially in light of the COVID-19 pandemic, which is more in-the-moment and frequent points of recognition and gratitude. With employees stressed and some working harder than ever to help their employers stay financially sound during the pandemic, employers should step up their recognition efforts and there should be no limits, as long as it is genuine. Recognition and bonus programs should be change and increase in prevalence and importance because of the crisis, especially many employees struggle financially because of the COVID-19 situation. Such recognition as bonuses, monetary awards and gifts are important, but so are simple acknowledgements like emails, e-cards, calling out employees for their hard work during team meetings and simply saying thank you, employees want to know they are appreciated for their efforts. Thinking the wellbeing of employees, recognition is a really important part of wellbeing, they are directly tied together.

The COVID-19 pandemic has affected educational systems worldwide, leading to the near-total closures of schools, universities and colleges. A lot of private universities around the world decided to temporarily close educational institutions in attempt to reduce the spread of COVI-19. School closures impact not only students, teachers, and families, but have far-reaching economic and societal consequences. In a period of just few months, the pandemic has radically transformed the lives of masses of people around the globe, including students. As of April 1, 2020, the number of learners required to stay at home due to the closure of their educational institution at all grade levels reached a peak of 1.598 billion from 194 countries, according to UNESCO. In response to school closures, UNESCO recommended the use of distance learning programs and open educational applications and platforms that university schools and teachers can use to reach learners remotely and limit the disruption of education.

The effects of the COVID-19 crisis caused a global health crisis, which has rapidly transformed into economic and job market shocks that have, in turn, led to a global job crisis with unprecedented magnitude. As the pandemic continues to evolve with little sign of light at the end of the tunnel, any assessment of labor market disruptions involves a high level of uncertainty. Projecting possible future trajectories of development is even more uncertain, slow economic recovery and greater social and political uncertainty. Recovery in employment and labor income was even slower and more painful which contributed to a further slowing down of the economic recovery and depressing productivity growth. The confinement and social distancing measures are putting unprecedented pressure on job markets. Unemployment is increasing, during the confinement, share of jobs at risk ranges from 15% to 35% depending on the regional economy. There will be major long term impacts on the global economy, geopolitics and the society, it is clear that these global impacts and risks are highly interdependent. The long-term societal impacts, such as an exacerbation of inequality and changes in consumer behaviors, the nature of work and the role of technology, both at work and at home, will change our way of life forever, for us as individuals, as a workforce, and as a society.