Friday, April 5, 2024

80% of Americans Are Still Struggling Financially 4 Years After COVID-19; Why Fully Remote Workers Are More Likely To Be Laid Off, and other C-Virus related stories

80% of Americans Are Still Struggling Financially 4 Years After COVID-19:
The COVID-19 pandemic sent a painful shockwave through both the US and the global economy. Many people were forced to stay home and a record 9.6 million American workers (ages 16 to 64) lost their jobs as a result of business downsizing and closures, according to Pew Research Center.
To make matters worse, the cost of housing, utilities, groceries, and more has reached new heights. The US Bureau of Labor Statistics indicated that the shock to food and energy prices, supply chain issues, and an increased demand for products all contributed to the sharp rise in inflation.
Fast forward four years and most Americans are still struggling.
Most Americans Are Still Struggling Post COVID-19
Business Insider reported that the liquid assets of the lower 80% of American households, based on income, have dropped below their levels in March 2020 at the onset of the pandemic, taking inflation into account. The large majority of American households are rapidly depleting the excess savings they had accumulated during the COVID-19 pandemic, with only 20% above board.
At the same time, the bottom 40% of households experienced an 8% drop in their savings, while the middle class, which makes up the next 40%, has seen their cash savings fall below pre-COVID levels in the last quarter. Contrarily, the wealthiest 20% of households still maintain cash savings at approximately 8% above pre-pandemic levels. --->READ MORE HERE
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Why Fully Remote Workers Are More Likely To Be Laid Off:
The onset of the COVID-19 pandemic ushered in a new era of remote work. Suddenly, millions of Americans were forced to stay home. And some, such as those with white-collar office jobs, were able to start working remotely.
Fast forward four years and many companies have required a return to in-office work on either a full-time or hybrid basis. In fact, CNBC reported that eight in 10 companies will track employee office attendance in 2024. A staggering 95% of companies surveyed also said that employees who don’t comply will suffer consequences such as being fired, as well as potentially losing bonuses or salary.
However, those who still hold full-time remote positions may be targeted in their company’s next round of layoffs — more so than their in-office counterparts.
Remote Workers Have Less Job Security In 2024
The Wall Street Journal explained that fully remote workers are more likely to be let go from their jobs than their peers.
Andy Challenger, senior vice president at Challenger, Gray & Christmas, an outplacement firm, explained to the Wall Street Journal that “When a hiring manager gets news they have to cut 10% of the staff, it’s easier to put someone on the list you don’t have a close personal relationship with.” He went on to explain that much of the disparity is that it’s simply more difficult to form personal attachments and build meaningful work relationships with people you don’t see face to face every day. --->READ MORE HERE
Follow links below to relevant/related stories and resources:

To-go cocktails among Mass. pandemic-era policies set to expire

The Iron Twist: The Unexpected Driver of Long COVID

USA TODAY: Coronavirus Updates

WSJ: Coronavirus Live Updates

YAHOO NEWS: Coronavirus Live Updates

NEW YORK POST: Coronavirus The Latest

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