The Winter on White Collar Jobs
It seems the paralysis from Covid-19 is just beginning. Yes, even the white collar workers may not be spared. Companies are cutting those whose domains had been spared, until now, in recent job cut announcements.
After millions of lower-paid workers lost their jobs across the retail, restaurant and hospitality sectors early in the pandemic, job cuts are now slowly hitting higher-paid office workers too, CNN reports. ExxonMobil, Chevron, Charles Schwab, Raytheon, Allstate, Wells Fargo and Salesforce are among the companies to announce "white-collar" job layoffs in a trend that could have widespread economic impacts. While some of the moves are a result of mergers, in many cases, companies are just reassessing the current climate and cutting back, says CNN.
But this winter of job cuts connects to the fact that some sectors are struggling, and they see challenges ahead in the economy. One of those sectors is the aviation sector where revenue is not expected to recover for years. So, if that is the case, jobs have to go.
Airlines, hit hard by the pandemic, are trying to drum up fresh business by offering “buy one, get one free” deals. The companies hope the offers will entice travelers to fly again, as well as keep some business trickling in. The crisis has seen air travel prices slashed during the usually busy — and expensive — holiday period: Return trips from New York City to Nashville are going for as little as $71, instead of $300, while round trips from Chicago to Las Vegas are selling for $81, instead of $350, says The Wall Street Journal, citing data from price-tracking website Scott’s Cheap Flights.