When The Coronavirus Ends, And It Will – What’s Next?

By: Bob Dearing, CFE

After several months of its’ march throughout the world, the Coronavirus seems to be maintaining its’ firm grip on our day to day lives. The news cycle is 24/7 and depending on which network you watch this monster is continuing its’ march unabated or there is light at the end of the tunnel. Personally, I prefer the optimistic view of light at the end of the tunnel. I once read a quote by Rebecca Wells that seems to be appropriate at this point. – She said “Life is short, but it is wide. This too shall pass”. She is correct, it will pass, and we will come out on the other side with a better understanding of life in the real world and an appreciation for what it has to offer. It may not seem that way now, but it will.

Different and sometimes completely new words and phrases are beginning to invade our daily conversations. Such words as a pandemic, Covid-19, shelter in place, self-quarantine, social distancing, lockdown, business shutdown, confirmed cases and many more known and unknown still to come.   

Who is affected?

In short, everyone, in one way or another. If you are not part of organizations or businesses classified as “essential” by state, federal or local government you have been asked to close to the public in an effort to assist in the battle to control the expansion of the virus spread. Most affected are service-oriented professions including restaurants, entertainment, and most other retail establishments. Many, perhaps more fortunate, were given the opportunity or asked to continue their work from home. The result of all of this is that untold hundreds of thousands of people have now been laid off, furloughed, terminated or working from home.  

Now what?

Businesses where the laid off or furloughed employees worked are scrambling just to continue to stay viable.  The goal is to be able to recall former employees once the virus is controlled or eradicated.  In the short term the federal government has passed sweeping stimulus programs to assist businesses and employees affected by the coronavirus. These are turbulent times, and everyone must take personal responsibility to educate themselves as to what state or federal assistance is available and what you must do to take advantage.

Where to from here?

How long we will be asked to continue in this emergency condition is still to be determined. What you do with your time at home is up to you. It’s not the end of the world and it will pass. Your mindset and mental acumen are of paramount importance over the next few weeks or months. From the employment status you are probably in one of the following two situations.

Laid off  

Your employer probably abruptly notified you that through no fault of your own your job, or position, is no longer needed and you are laid off. You were probably told that when things are better, we will give you a call to come back. There usually is no estimate of how long that would be and no guarantee that it will happen.

So, what do you do?

The last thing you need to do is panic. Now is the time to self-reflect and to think about your goals, your future and the best way to get there. Are you in the profession you want to remain in for the rest of your working career? If not, take this opportunity to re-chart your course and begin the process of educating and preparing yourself for the journey. If you are happy in your profession, then begin your search by networking within your peer group. At the same time begin preparing your resume. Since competition will probably be significant you will want to seek professional help in preparing to show your skills in the best possible light.

Furloughed  

A short- or long-term period of unpaid leave for employees of a company, usually resulting from adverse economic conditions. Furloughs differ from layoffs in that employees know they have a job that will resume at some point in the future

If you are in this group, you have an advantage over being laid off. While you are no longer receiving your salary, you do have a reasonable assurance that you have a job to go back to at a specific point in the future. Your employer may or may not continue your benefits during the furloughed period.  

What should I do?

If you are part of this group, you have several options. If you are comfortable without your regular income and with the remaining time until returning to work, you are not obligated to do anything. It would be a perfect time to enhance your professional education by reading business related books and publications. You may want to consider taking college level online courses. These are great ways to improve your business skills and enhance your opportunity for advancement. If you are uncomfortable with this solution your next step is to move more into the options available in the laid-off classification.

A word of caution

Laid-Off and Furloughed both have very similar meanings. Both are accepted business terms that make little to no difference in the legal rights of both the business and the employee. Both qualify for unemployment benefits and employees are encouraged to apply immediately upon the separation event. The Covid-19 (Coronavirus) event has had a dramatic effect on both State and Federal laws and new regulations and changes are occurring almost daily. Do not rely on anecdotal internet information. You are strongly urged to seek professional assistance to be sure you receive all the benefits you are entitled to receive.