Study of Covid-19 Induced Business Trends

ManpowerGroup is actively focused on determining the current state of the labor market induced by the COVID-19 pandemic. To understand the effects and consequences resulting from the unusual situation of the labor market, we take a systematic approach to analyzing information that can contribute to finding effective solutions.

The objective of the study is to analyze employers’ reactions to the COVID-19 crisis, daily business changes, and their impact on employees in different industries. Based on the existing findings, recommendations will be made for improving the systems of support and meet staff needs, as well as for maintaining a successful business.

The analysis is focused on answering three main questions:
  • Is there a reduction in labour costs?
  • Are positions being closed or created?
  • How effectively do businesses tackle the crisis?

Contrary to many people’s beliefs, the statistics are far from negative. Some of the key findings show that about two-thirds of the companies in the country have not reduced their human resources spending by reducing wages, canceling additional benefits, or sending their employees on unpaid leave. The data also shows the companies that need to hire additional people are more than those that need to lay off employees.

In conclusion, 66% of respondents would recommend their employer as a desirable workplace, even in times of crisis.
However, we still cannot talk about the COVID-19 pandemic in past tense. 2020 further showed that the imposed changes cannot be considered short-term and that companies need to adapt to the highly unpredictable situation in defining overall strategies
ManpowerGroup Bulgaria’s recommendations to employers in this ongoing emergency include:

  • Application of non-traditional solutions for the organization of efficient work processes, such as enabling flexible working hours and outsourced workplace; providing temporary employment opportunities; outsourcing of certain work processes to external partners, etc.
  • Focused efforts to maintaining the employer brand and investments in effective support programs tailored to the needs of employees.
  • These and other proposed measures, discussed in the overall report, aim to lead to optimized costs, motivated and dedicated employees, and a competitive market position.

The full analysis and guidelines can be found HERE.