How to Survive a Bad Economy During Coronavirus (Covid-19)
The rapid spread of the Coronavirus has economists worried about a global recession. The Organization for Economic Co-operation and Development forecasts that most of the world’s major economies, including the U.S., will suffer an economic downturn as a result of the COVID-19’s virus. In fact, economists predict that if March 2020 has an unemployment rate of 4.1 percent or higher, the probability of an imminent recession is 94 percent.
However, before you have an anxiety attack, know that there are ways to prepare for dire economic conditions that will not only allow you to weather the economic storm, but also give you greater security in the long-term. This article will show you how to survive a bad economy with coronavirus (Covid-19).
Anyone watching the news has heard of the many people who have been laid off as businesses struggle during the coronavirus (Covid-19) pandemic. Many of these businesses will suffer such great economic losses that they may not be able to reopen their doors once the pandemic crisis dissipates. As a result, people in once-thriving industries may need to look elsewhere for new employment opportunities. Businesses that survive the economic downturn will be flooded with job applicants. They are likely to hire the most qualified and well-trained candidates. To be ready, you should take advantage of good training programs, many of which offer online courses.
According to Reader’s Digest, there are recession-proof careers that offer stability and growth. The Bureau of Labor Statics projects that the demand for information technology experts who are trained to maintain and manage computer networks and systems for various industries such as nonprofits, government agencies, financial institutions, and more, will continue to rise as much as 28 percent by 2026.
Now may be the best time to train to become a Help Desk Professional, IT Professional, or even earn your IT Degree. Moreover, there are many professions within the IT field that allow you to get IT training online. Some IT careers allow you to train or work from home, which can be an ideal situation during a pandemic. Other career fields that offer online training include Human Resources, Bookkeeping, and PC Specialist.
Another career field that offers security during harsh economic conditions is healthcare. At a time when workers are being laid off in droves, the demand for trained medical personnel has skyrocketed. Medical Office Professionals are needed to process insurance paperwork for patients. Medical Assistants are needed to take vital signs and collect samples for lab tests. There is also a dire need for Medical Office Administrators to perform vital administrative duties in medical offices, hospitals, laboratories, health departments and a vast variety of other offices.
To prepare for the upcoming economic storm, you should make some smart moves now. According to the Federal Reserve, nearly 40 percent of households are likely to struggle to come up with enough money to cover an unexpected $400 expense, let alone the larger amounts they’d need to tide them over after a layoff, reduction in work hours or any of the other strains on income that are common during a recession. Now may be the time to get the training you need to ensure employability during an economic downturn.
If you are currently under at home during the Coronavirus (Covid-19) pandemic, now might be the best time to begin online courses. Career Technical Institute’s online training includes 24/7 access to our innovative web-based virtual classroom in which students enter their online classroom from anywhere there is internet access. Most importantly students experience regular and substantive interaction with their Instructors via discussion boards, online lectures, phone, email, text, and via our comprehensive Learning Management Systems (LMS).
All course material is in one centralized location and can be viewed at any time and not just during your scheduled training. Included in our online LMS, are electronic books, access to all class surveys, quizzes, tests, email, Dropbox in order to upload assignments, a multitude of videos, and a variety of other learning resources including the e-reference library. Students enrolled in an online class will need to have access to the internet and a computer. For those who do not have a computer, Career Technical Institute can offer you the necessary equipment to start and complete your program. *Note: Career Technical Institute Online training is currently not available in California.
If you are interested in taking online courses to improve your employability prospects, talk to a Career Technical Institute Admissions Advisor today. Career Technical Institute is accredited by the Council on Occupational Education and is a registered school operating under a license from the Washington, DC Higher Education Licensure Commission. Career Technical Institute is also approved by the U.S. Department of Education to participate in the Title IV Federal Financial Aid programs. You may qualify for financial aid.