Younger workers hit hardest by Covid-19 crisis, study shows
Salaries slumping in areas such as office support due to sudden move to remote work
Salaries for high-demand skills have stayed strong during the crisis.
Salaries for in-demand skills have held up during the coronavirus pandemic but younger workers have been hardest hit by the crisis, according to the latest Morgan McKinley salary guide.
It confirms that the travel, tourism, childcare, retail and construction sectors have been more adversely affected than other industries. Office support is another sector to be badly affected due to the move to remote working with the recruitment company predicting a 5-15 per cent drop in salaries in this discipline.
Among the sectors to continue to perform positively are pharma, medtech, healthcare, payments, e-learning, gaming, the public sector and home entertainment.
Some sectors have increased salaries as an incentive and reward with pay rising between 10 and 50 per cent. These include the pharma manufacturing industry, which continued to operate during the crisis.
“Overall, Covid-19 will have a profound impact on future economic activities. As we move into a cautious easement of lockdown conditions with no imminent widespread treatment or vaccination, it is likely that we will have to learn to manage under the threat of recurring restrictions for the foreseeable future,” said Trayc Keevans of Morgan McKinley.
“As a result, we can no longer consider Covid-19 to be unprecedented as we move forward. This is, for the time being, our new normal.”