Millions of workers have been affected by COVID-19, leading to devastating consequences on the workforce. The Federal Reserve and the Bank of England both acknowledge the severity of the situation. The Federal Reserve chair, Jerome Powell, stated that close to half a million workers have died from COVID-19, and an additional three million have not returned to work since the pandemic began. Some workers retired earlier than planned, while others faced ongoing health complications related to COVID-19, such as Long COVID. The long-term impact on the workforce is a concern, as it may continue to affect the workforce for years to come. The White House COVID-19 Response Coordinator, Asish Jha, expressed worries about the healthcare system’s ability to handle other medical cases due to the overwhelming presence of respiratory viruses during certain months of the year. The Bank of England also warned about the impact of Long COVID on the workforce and its contribution to inflation. It is crucial to take action to mitigate the effects of COVID-19, such as implementing mask mandates, providing free testing, and encouraging booster uptake, to protect the health and wellbeing of the workforce and population.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Millions missing from workforce due to COVID-19 | Decrease in workforce | Workforce recovery and adaptation | Devastating consequences of COVID-19 |
| COVID-19 impacting the health system and patient care | Dysfunction in health system | Strained health system | Overwhelmed with respiratory viruses and COVID-related issues |
| Warning about COVID-19’s impact on workforce | Long-term negative impact on the workforce | Decreased workforce participation | Concerns about COVID-related health complications |
| COVID-19 contributing to inflation | Economic impact | Increased inflation | COVID-19 as a major contributor to inflation |
| Need for implementing COVID-19 mitigations | Change in approach to COVID-19 | Improved workforce health | Investment in long-term health and wellbeing |
| Investment in COVID-19 mitigations | Improved workforce health and wellbeing | Enhanced workforce resilience | Prioritizing health and wellbeing over sacrifices |