COVID-19: What are the impacts on financial sector jobs?

Posted by Fed Finance Canada in Fed Finance news
Posted at 07/04/2020
COVID-19: What are the impacts on financial sector jobs?
In March 2020, many sectors experienced unprecedented upheaval due to various measures imposed by the provincial and federal governments. In order to limit the spread of COVID-19, employees in some workplaces had their work schedules reduced or were unfortunately dismissed, temporarily or otherwise.

But what about the financial sector? Our experts explain the impact of COVID-19 on financial sector jobs to satisfy your curiosity.

Are financial sector jobs impacted or not?

Certain jobs in the financial sector are included in the list of essential services published by the Government of Quebec. Among these, employees in financial services, insurance, payroll, accounting and financial markets can continue to work.

However, while many employees are still working, some employers have made the decision to downsize, while others have agreed that recruitment is necessary. In the payroll and accounting sector, many new job offers are actively posted on recruitment platforms.

The banking industry may feel a slight disequilibrium. While many institutions have reduced branch hours, limited customer service as a measure of social distancing and reduced employee working hours, some have not considered the increased demand that these measures will create online.

The ongoing crisis is overwhelming phone lines, online systems and many other communication channels. As a result, existing employees are overwhelmed and may not be able to handle the increased customer demands. But how do you balance it all out? Let's take a look at the benefits of phone and video conferencing services in such situations.

Increased phone and videoconferencing services: good for creating new jobs?

The COVID-19 crisis is impacting some jobs in the financial sector. However, businesses should try to take advantage of telephone and videoconferencing services, which can offer many job opportunities.

In order to respond to consumers who want to contact their bank to ask questions, express their concerns or use special measures to properly manage their finances, phone services are proving to be a particularly popular channel of communication. In this regard, institutions are well advised to hire new candidates to provide quality service to their customers, who may be greatly concerned about this crisis.

Furthermore, with the containment measures in place, several institutions have taken the initiative to offer videoconferencing services. Video conferencing is a simple and accessible tool that allows for "face-to-face" contact with clients, without having to be physically in the same room.

With the increase in telephone and videoconferencing services, many jobs in the financial sector could be saved or created in this time of crisis.

The impact of COVID-19 on financial sector jobs comes with many challenges!

In short, there is no doubt that the ongoing COVID-19 crisis has affected many jobs, including some in the financial sector. Fortunately, however, this sector is not the most impacted by the actions of the provincial and federal governments.

Contact Fed Finance if you are interested in working in the financial sector. Our consultants specialize in temporary and permanent recruitment and can help you find the right job, even in this time of crisis.

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