With United States inflation soaring since 2021, economists fear that its trickledown effects may impact jobs figures around the world. Does that mean your job is at risk? Not necessarily.
Repeated nationwide lockdowns over the past 18 months have focused on restricting interpersonal contact. These social distancing regulations continue to bode ill for industries that rely on in-person service.
On the other hand, traditional businesses that have adopted an online-only or hybrid product and/or service delivery model have weathered the storm well. This trend will continue into the foreseeable future, based largely on the public’s growing preference for social distancing where possible.
Companies based on the concept of interaction without physical contact have not only sustained their profitability but even seen it rise. The exponential growth of teleconferencing apps and social media use is proof of this.
Many businesses have even turned the lockdowns into opportunities with the help of many different personal loans in Singapore.
Industries Most Affected
Agriculture
The bottom line is that people have to eat. Whether it is fresh food or processed, employment in any industry linked to agriculture has remained consistent and will foreseeably remain the same.
The government has recently put considerable effort into encouraging food self-sufficiency and may also provide additional incentives for such a venture. Business-minded individuals may even consider a fast approval personal loan in Singapore to jump on the bandwagon.
This approach is not limited to physically engaging in agriculture but also research and development into new, more sustainable ways to expand production.
Food and Beverage Service
It is almost a contradiction that while food-oriented agriculture has remained immune to the effects of the pandemic, the F&B industry has tanked. This is a result not of lessening demand but rather the inevitable consequence of social distancing rules.
Countless dining outlets have had to apply for loans in Singapore just to keep their heads above water. While there was some relief in terms of Covid payments from the government, they have been stopped but the future of the industry remains on shaky ground.
The businesses that successfully navigated the crisis have been those that were quick to adopt the hybrid formula; they create their dishes as before but deliver instead of relying exclusively on dine-in customers.
Other Services
One of the services that thrived during the lockdowns is delivery. With delivery companies largely exempt from the movement restrictions imposed island-wide, applications for private car hire licenses have exploded.
Even legal money lenders offer unsecured loans like Gojek and Grab loans for private car hire drivers. Part of the reason for this popularity is that they are convenient part-time jobs in uncertain times.
Meanwhile, the customer service industry has seen both sides of the coin. Staff at reception desks and lobbies find themselves made almost redundant by the lack of foot traffic. By contrast, those manning phones and online CS desks are busier than ever.
If your business deals with a large volume of queries, you should consider a business loan in Singapore to expand these remote interaction alternatives.
Additional Factors
While supply and demand are the crux of job stability, two other factors also have a profound impact on your prospects.
Education
Research shows that the effects of the pandemic are generally more pronounced on jobs with lower education requirements.
This is partly due to the difference in how those with tertiary education are employed as compared to those without. The former usually work on employment contracts that ordinarily range between 1 to 5 years. The latter are more likely to be informally employed, usually as casual, part-time, or temp staff.
Unless a business fails completely, contracted jobs are safe. Conversely, non-contracted jobs are the first to go when a business begins to struggle.
As a worker, you can get a loan and still stay on budget by investing the money in your own education and training. An excellent option is fast approval loans in Singapore from licensed moneylenders.
Gender
Females tend to be employed in greater numbers in the service professions. They are ordinarily also the spouse that gives up employment when children need assistance. With mandated home-schooling, it was almost inevitable that females would leave the workforce (at least temporarily) in large numbers.
If a large proportion of your employees are female, there is a greater risk of negative impact during a pandemic or similar emergency.
Insulating Yourself
The intelligent approach today is to hitch your wagon to an industry that is impervious to external factors.
If you apply for a loan in Singapore to start a business, explain clearly to the lender how that resilient industry ties in with your business model and improves its viability. It is much easier to get an unsecured loan in Singapore when a borrower can present such data. However, do consider getting loan quotes from different lenders so you can find the cheapest personal loan that’s within your financial means. Once you do, you can start funding your business with ease.
About the Author
Hello! I’m Nikki and I nitpick through all the boring financial data and jargon so you don’t have to!
