The COVID-19 epidemic has had a significant impact on the global economy, affecting industries and changing how we work. While some industries struggled to survive, others thrived, resulting in unanticipated adjustments in pay and benefits. In this article, we will look at the industries where wages have increased significantly since the outbreak of the epidemic, as well as the factors driving these changes and what they mean for the workforce.
Industry
Average Salary Growth (Percentage)
Salaries Growth in Select Industries
Healthcare:
The healthcare industry has been at the forefront of the pandemic response. The demand for healthcare professionals, including doctors, nurses, and allied health workers, sky rocketed. Hospitals and healthcare facilities offer competitive compensation packages to attract and retain talent. As a result, the average salary in the healthcare sector saw a significant growth of 12.5%.
Technology:
During the pandemic, technology businesses were critical in allowing remote labour and digital change. Salary growth in the IT field was 8.2%, with software developers, data scientists, and cybersecurity specialists in high demand. Wages in Silicon Valley and other IT hubs have risen significantly.
E-commerce:
With lockdowns and social distancing measures in place, e-commerce became the go-to shopping method for millions. Online retailers, warehouse workers, and delivery drivers saw a surge in demand. The e-commerce sector reported an impressive 15.7% growth in average salaries as companies offered competitive wages to keep up with increased order volumes.
Remote Work Solutions:
The need for remote work solutions increased as firms adapted to remote work. Companies that provide video conferencing, project management, and cybersecurity services saw significant growth. This expansion resulted in a 10.9% increase in average pay in this industry.
Biotechnology:
The biotechnology sector played a pivotal role in vaccine development and healthcare advancements during the pandemic. Skilled researchers, scientists, and technicians were in high demand, resulting in a remarkable 14.3% increase in salaries in this field.
Delivery and logistics:
Increased demand for logistics and delivery services resulted from the e-commerce boom. Companies like Amazon and FedEx employed tens of thousands of additional staffand paid them well. The logistics and delivery industry experienced a 9.8% average salary growth.
Online Entertainment:
With peoples pending more time at home, online entertainment platforms witnessed a surge in users. Streaming services, gaming companies, and content creators benefited from this trend, leading to a remarkable 17.6% increase in salaries within the online entertainment industry.
Conclusion
The COVID-19 pandemic reshaped the employment landscape and had a profound impact on salaries across various industries. While some sectors faced uncertainty and job losses, others thrived due to increased demand and rapid digitalisation.
