Pandemic’s Impact on the Economy Saanvi Kunisetty

 Pandemic’s Impact on the Economy

Saanvi Kunisetty

This past year, the pandemic has caused businesses, companies, and employers to start thinking about offering benefits and incentives to their employees in hopes of backing up their staff, getting more people to apply for their jobs, and retaining their current employees. One of the most prominent benefits now being offered to employees is in regards to education, whether it be the education of the employee or their family. Companies such as Waste Management and JBS USA are offering to pay the tuition for college degrees at a specific set of institutions, but with a wide range of possible majors, courses, and certificates, which ultimately serves to increase the company’s turnover and attract prospective employees. In terms of social goals, offering benefits like these incentivizes people to apply for jobs and put in the extra effort to ensure they are selected, so that they can be eligible for these benefits, and employees who are already part of the workforce will put in more effort to remain eligible for benefits. This ultimately increases competition among the people in society, resulting in a positive impact on economic growth. But, with this comes a negative impact on economic stability, because an increase in competition makes it harder for more people to be guaranteed employment in order to maintain a stable and constant economy. The actions being taken by employers in providing incentives is an expression of market economy, because private businesses and companies are using the rights granted to them by the government to take action in relation to the economy, and the government is not in control of the market system.

Resources: https://www.nytimes.com/2021/06/08/business/economy/jobs-hiring-incentives.html