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Four Predictions: How the Events of 2020-2021 Will Impact American Households and Employment

Jun 09, 2021

Key Takeaways

  • Recent events will cause transformational change for households.
  • The K-Shaped recovery has widened the wealth gap.
  • Employment and caregiving are forever changed.

 

The events of 2020-2021, including the COVID-19 pandemic, the recession, and social unrest promise to have a lasting impact on American workers and employers. Among the key trends and developments:

  • A K-shaped economic recovery is benefiting some Americans while disproportionately harming others.
  • A growing crescendo of voices is calling for action to close longstanding wealth gaps.
  • The swift move to remote work is showing signs of lasting, raising prospects for more location-agnostic employment moving forward.
  • Shortcomings in the nation’s approach to providing care for aging adults and children, highlighted by the pandemic, are prompting new demands for reform.
  • Extraordinarily low interest rates are expected to prevail for at least two more years, creating opportunities for some Americans but jeopardizing the financial security of savers and retirees.

 

 

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:

  1. There will be a greater emphasis on closing the financial security gaps exacerbated by the pandemic.
  2. “Borderless” employers will transform how companies recruit, retain, manage, and motivate employees.
  3. All parties—from policymakers to employers to families—will rethink how caregiving is provided and supported.
  4. 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.

 

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