The unprecedented economic shutdown over the last month or so is, hopefully, about to end. The question is, what will it take to recover? Many are hoping and relying on the government to step up and offer help. But the economic chaos is going to take much more than government intervention to recover the economy. Many businesses were forced to close. The unemployment rate is sky high.
What we are all going to experience is unprecedented. It will be historical. Nothing like this has happened in our lifetimes. We are in uncharted waters and thus all of us will be learning as we go along. Workers and companies alike.
Many may feel that it will be a simple matter of the government ordering everyone back to work and it will be business as usual.
Unfortunately that is not going to happen.
Many businesses may not reopen. Those that do will be looking to recover losses. Those that will recover will do so by cost cutting measures. The rest will not recover.
That means that the unemployment rate will remain high as workers may not have jobs waiting for them. Or, their salaries will be lower.
Job losses will trickle through the economy in missed payments, bankruptcies and less consumer spending leading to even more pressures on the economy.
Through all this the underlining question is, how will people handle the recovery?
What will businesses do? What will workers do?
What it will look like is still to be determined.
In my business we are looking at fundamental changes in our operations. Things have changed and we all need to adapt.
The challenge is, will everyone go it alone or will people collectively work together for the recovery?
I am putting out a call that we document the recovery as history will surely look at this point in time as one of those fundamental seismic changes to society.
I propose we document our experiences on all our channels under the Back2Work hashtag so that we can observe history in the making and possibly learn how to help our fellow citizens.
Are you ready for Back2Work?