Dual Economy Continues to Emerge as Millions Have Lost Jobs But Hiring Booms In Some Sectors…

It’s a tale of two economies.

We keep hearing about dueling aspects of the economy as this new normal emerges. Many are referring to this as a “K-shaped” recovery, where some industries are rebounding and continuing to due well, especially in the tech sector (but also real-estate and financial services), while others tied to the hospitality and service industry continue to suffer.

An article in the WSJ highlights this trend that the tech sector is soaring, due to a variety of factors ranging from effects of the Covid-19 (coronavirus) crisis including remote work and stay at home quarantine orders, which has led to increases in everything tech from cloud-computing to increased demand for entertainment services like streaming.

Key take-aways:

Last month, Amazon.com Inc. said it planned to hire another 100,000 workers in the U.S. and Canada, as more people stay home and shop online for necessities and other purchases. Amazon added 175,000 warehouse workers in March and April, 125,000 of whom it said it would keep on.

Cloud companies like ServiceNow are experiencing a boom as businesses, governments and universities bolster their digital capabilities amid the Covid-19 crisis, which is pushing more people online.

Fidelity’s hiring is up nearly 40% so far this year, as the company adds thousands of other roles in technology and product development. The new jobs are located in cities like Covington, Ky., Merrimack, N.H., and Westlake, Texas. A number of positions don’t require a finance background, Mr. Ackerman said, adding that Fidelity has a record of hiring people with customer-service experience at hotels and restaurants and training them.

Customer-service companies are also bulking up. TTEC Holdings Inc. in Colorado provides virtual customer-service staffing for retailers and restaurants. It is hiring 16,000 people around the U.S. and 6,000 internationally for roles that include chatting with clients online, said Chief Executive Ken Tuchman.

“We’re providing that customer interface you’d normally receive in a physical retail environment,” he said. “Even though you might not be able to go into an electronics store, you can still go to their website and talk to a consumer-electronics expert.”

WSJ https://www.wsj.com/articles/millions-of-jobs-have-been-lost-but-hiring-is-booming-at-these-companies-11602768600

Millions of Jobs Have Been Lost, but Hiring Is Booming at These Companies via WSJ