The statement ‘The world of work is changing’ was already true at the beginning of 2020, but it is even more meaningful in today’s post-COVID-19 world.
Read more in The Employer Outlook report, where we ask what role employers can play in helping workers navigate these challenges while also adapting to ongoing changes in the world of work, including the speed of technological change and flexible work arrangements.
At the time of writing, more than half the world’s population is or has been under some form of lockdown, restricting or curtailing their ability to work outside the home – let alone travel any distance for business reasons. Health and safety fears seem likely to curb mobility for the foreseeable future. The resulting dramatic economic slowdown has sparked fears of a recession.
With such deep and lasting changes to both the economic landscape and the nature of so many occupations, workers and their employers are facing new sets of challenges. As discussed more in-depth in the Zurich-Oxford global publication, ‘Shaping a brighter world of work: The case for a new social contract’, COVID-19 distributes risk across entire populations, and has exposed significant shortcomings in some countries’ public health and welfare systems. Moreover, while those whose work can be done remotely may have experienced newfound gains in productivity and flexibility, they may also be facing challenges to their mental health and social wellbeing as they adjust to the erosion between their domestic and professional lives.
Those whose jobs cannot be done remotely are at risk of mental, social, and financial wellbeing challenges, including stress and burnout, to say nothing of health and safety risks they are facing. And, some workers at risk of losing, or who have already lost, their jobs due to the economic slowdown may face the prospect of long-term unemployment, especially if they do not update their skills and expertise for the new post-pandemic world of work.
As Zurich-Oxford research highlighted before COVID-19, the burden of this challenging landscape increasingly falls on the individual. Yet, we know that workers alone are not and cannot be the only actors who must be agile and adaptive to change. Companies, with ambition to be or sustain their status as employers of choice, must also take on significant responsibility for adapting their insurance and related benefits offerings to their employees’ evolving needs.
Read more about this and the role insurance and benefits has in ensuring that workers have the financial security and peace of mind to realize their full potential.
