view of windows in office building (Photo: Bloomberg)

As the pandemic hit, it only took a few weeks for nearly twenty million people to be laid off. Regardless of whether they had strong work ethics, good performance or long withstanding loyalty to a company, many companies simply could not afford to employ them.

The economic tides turned just months later, when all of the sudden companies became desperate to hire. Layoffs suddenly reached historic lows. Unfortunately, this came at the expense of the workforce itself. Existing employees were oftentimes worked to the point of burnout, newcomers with less experience were onboarded at higher wages and employers often overlooked mistakes that may have cost workers their jobs in the past. This year, productivity has seen the largest drop on record.

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