eduzhai > Socail Sciences > Education >

Chemical Industry and Chemist’s Jobs after the COVID-19 Pandemic: A Long-Term Prediction of Employment Outlook for Chemical Professionals

  • Save

... pages left unread,continue reading

Document pages: 15 pages

Abstract: In March2020, the whole world was impacted by the ripple effects of COVID-19 and was inthe midst of battling this infectious disease. A global pandemic caused by amicroscopic enemy, which outbroke in Wuhan, China, quickly spread, bringing theworld’s largest economies to a halt. As a consequence, the financialinfrastructures of several countries have been severely damaged. In just 3 weeks,unemployment claims surpassed 16 million in the United States alone, whichsoared to over 40 million by the end of May 2020. This accounts for a joblessrate of over 24 , a record high in history. Production of chemicals that gointo construction and consumer uses trended down in March, and continuedplummeting downward in the following months. The chemical manufacturing sectorshowed a slight drop in employment rate. It is important to understand thesebroad trends in the demand for chemicals and unemployment in chemistry in thecoming months and years. In an economic downturn, fewer people buy new housesand new cars, which decreases the demand for the chemicals that go intomanufacturing them. The dramatic drops in the stock market will also affect thepharmaceutical sector. It may become harder for small biotech firms to raisemoney from investors and seed new positions in start-ups. For major chemicaland pharmaceutical companies, if stock prices and quarterly results suffer, wemay begin to see layoffs—a reversal of the hiring trends of the past few years.Academia will be affected as well. For many universities and colleges, thesudden disruption in the academic structure of the Spring 2020 semester ishaving an immediate financial impact. Hiring freezes have begun. However, theeffects of the economic downturn on new tenure-track positions won’t be clearuntil early Fall. In this article we have investigated the worldwide effects ofmajor wars and global recessions on the chemical industry. We have analyzed theeffects on job market trends to achieve a comprehensive long-term prediction ofemployment outlook for chemical professionals. In this regard, we have comparedthe Great Depression, World War II, Cold War, and other recession periods topredict a 10-year pattern after each event. The current impacts of COVID-19 onmanufacturing jobs, faculty positions, hiring freezes, and student graduationdue to university closures have also been evaluated. Strategies for maximizingjob opportunities during the current pandemic have been provided.

Please select stars to rate!

         

0 comments Sign in to leave a comment.

    Data loading, please wait...
×