Labor Market Case Study. Business & Marketing Essay

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Labor Market Case Study
The global economy faces uncertainties as market shares are losing their values due to the shutting down of businesses across different economic sectors in the effort to curb the COVID-19 pandemic. Among the worst hit sectors include the tourism, transport, as well as the food and beverages industries. The hotel and catering industries, for instance, suffers from the indefinite shutdown of most business across the United States as a measure towards enhancing social distancing and staying at home to curb the spread of the novel Corona Virus disease. However, and in line with various federal labor policies, the government is putting interventional measures in place to cushion both the employers and employees within the industry, including the food preparation and serving sectors, against the unprecedented negative effects of COVID-19 to their economic well-being. Provided herein is an evaluation of the effects of COVID-19 on the labor market and the integration of labor policies towards offsetting the emerging challenges with reference to the food preparation and serving sector.
COVID-19 and its Effects on the Labor Market
The outbreak of Corona Virus towards the end of 2019 in Wuhan, China took the world by surprise and currently wreaks havoc across the globe. Statistics from the World Health Organization indicate that the number of infected cases is closely catching up to the 2 million mark around the world with more than 100, 000 people succumbing to the deadly COVID-19. COVID-19 spreads through coughing and sneezing of the infected individuals who discharge the virus to other individuals in the immediate vicinity. Among the recommended remedies or interventional measures to reduce its spread include social distancing, observing personal hygiene through frequent washing and sanitizing of hands, and staying at home. Hugging and kissing is also not advisable at this period that the world faces the global pandemic. The respiratory disease cuts across the social, political, and economic divide as evidenced by its rapid indiscriminate spread across the developed, developing, and third world countries. A cross-examination of the United States’ labor market projections for the period 2018-28 with the impact of COVID-19 on the food preparation and serving sector highlights the magnitude of the pandemic’s effect on the labor market CITATION USB19 \l 1033 (U.S. Bureau of Labor Statistic).
According to the United States’ Bureau of Labor Statistics’ projections, the overall employment across all occupations was supposed to increase by 5.2% from the year 2018 to 2028 CITATION USB19 \l 1033 (U.S. Bureau of Labor Statistic). The food preparation and serving related occupations were projected to increase by 10.9% in the 10-year period, which translated to the creation of over 1.4 million employment opportunities in the occupation CITATION USB19 \l 1033 (U.S. Bureau of Labor Statistic). Among those affected in the sector include waiters and waitresses, chefs, cooks, and even cahiers to name but a few. The outlined occupations further earn an annual salary of less than $35, 000 with most of them unlikely to get employment benefit packages t...