These trends will require transformational change in policies and practices if America is going to successfully address the financial challenges of its most vulnerable people and adapt to the changing employment landscape. We predict these changes will target four key objectives:
- There will be a greater emphasis on closing the financial security gaps exacerbated by the pandemic.
- “Borderless” employers will transform how companies recruit, retain, manage, and motivate employees.
- All parties—from policymakers to employers to families—will rethink how caregiving is provided and supported.
- In an era of ultra-low interest rates, individual investors will rethink traditional investment approaches as the search for yield remains challenging.
The events since the beginning of 2020 have wrought change across the social and economic landscape. As COVID-19 recedes and our country emerges from lockdown, we will need to focus on change that helps those whose fortunes have worsened since the start of the pandemic.