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How to restart the economy with a post-pandemic workforce | MIT Sloan

Immunity vs. privacy

Getting the worldwide economy back on track requires workforce. Providing this workforce requires healthy individuals able to work hard enough to help things get better. Governments are now trying out ways to officially have people's health checked: by providing different types of certificates, for instance. The major concern, however, is in regards to everybody's privacy: while these certificates do prove our immunity, research institutions are working on developing tools that can also protect our data.

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How to restart the economy with a post-pandemic workforce | MIT Sloan

How to restart the economy with a post-pandemic workforce | MIT Sloan

https://mitsloan.mit.edu/ideas-made-to-matter/how-to-restart-economy-a-post-pandemic-workforce

mitsloan.mit.edu

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Key Ideas

Getting the economy back on track

While fighting the new virus economy worldwide has seen a huge growth in unemployment. Therefore, measures are to be taken and this as soon as possible. Maybe the most significant factor into getting the economy worldwide back on track is getting people back to work. One efficient way to do this is by using vaccines and tests for antibodies to make sure that the people who are getting back to work have developed immunity.

Immunity vs. privacy

Getting the worldwide economy back on track requires workforce. Providing this workforce requires healthy individuals able to work hard enough to help things get better. Governments are now trying out ways to officially have people's health checked: by providing different types of certificates, for instance. The major concern, however, is in regards to everybody's privacy: while these certificates do prove our immunity, research institutions are working on developing tools that can also protect our data.

Certifying immunity and its advantages

It might be that only by certifying workers' immunity, states can help their economy know growth again. However, in order to make the people who get certified take up positions that require direct contact with customers, there will be a need for encouragement from employers' side, such as pay raises. As this is maybe the only real option, countries worldwide are going to have to apply the method.

SIMILAR ARTICLES & IDEAS:

A History Of Pandemics
  • A Pandemic is defined as the proliferation of a disease over the whole country or the entire world.
  • Diseases and illnesses have troubled humanity since the earliest days, but ...
Quarantined
  • The original use of the word Quarantine was the act of anchoring a ship arrived in Venice, Italy, for 40 days before landing.
  • Infectiousness of any disease is measured by the reproduction number (R0, or R naught). For example, Smallpox has an R0 of 6 whereas Measles has an R0 of 16. 
  • Vaccination, if available, and herd immunity can curb the spread of disease.
  • Big cities, with exploding population and traffic, can lead to the rapid spread of any infectious disease.
Vitamin C

It’s a popular practice to take Vitamin C tablets or drink orange juice to boost immunity and ward off the common cold. However, Vitamin C, or ascorbic acid, does not prevent or cure the common col...

Shorter Cold

Nobel Prize winner Linus Pauling had some studies published which were claiming that large doses of Vitamin C can cure illnesses like cancer and heart disease, along with the flu, but so far the claims have been largely inaccurate, though a few studies reported a shorter duration of the illness in some people.

Vitamin C is Good For You

Vitamin C activates key enzymes in our bodies and acts as an antioxidant. It protects the organs (like lungs) from pathogens. This Vitamin is crucial for the body to launch an effective immune response. All the more reason to consume citrus fruits, and vegetables like the Indian Gooseberry.

Supplements don’t work as effectively and extremely large doses have side effects like nausea, diarrhea and stomach ache.

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The influenza pandemic of 1918

It is often referred to incorrectly as the “Spanish flu.” Between 50 and 100 million people are thought to have died, representing as much as 5% of the world’s population. Half a billion people...

The origins of the "Spanish" flu

The so-called Spanish flu did not originate in Spain. The geographic origin of the flu is debated to this day, though hypotheses have suggested East Asia, Europe, and even Kansas.
The influenza pandemic from 1918 got this name most likely because of the WWI context: The major countries involved in the war were keen to avoid encouraging their enemies, so reports of the extent of the flu were suppressed in Germany, Austria, France, the United Kingdom and the U.S. By contrast, neutral Spain had no need to keep the flu under wraps. That created the false impression that Spain was bearing the brunt of the disease.

The end of mankind

The 1918 flu spread rapidly, killing 25 million people in just the first six months. This led some to fear the end of mankind and that the whole thing was caused by a form of super-virus.
Recent studies show that the high death rate can be attributed to crowding in military camps and urban environments, as well as poor nutrition and sanitation, which suffered during wartime.

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Changes you may see

If and when you return to your office after the pandemic, you'll probably notice some changes.

  • The doors of the building may open automatically, so you don't have to touch the handl...
Working from home

Before the pandemic, only 4 percent of the US workforce worked from home at least half the time. However, the trend of working from home had been gaining momentum for years.

It is estimated that within a couple of years, 30% of people will work from home multiple days per week.

Continued remote work
  • Before the pandemic, a lot of company management and leaders were skeptical regarding remote work. But the skepticism will go away because companies recognize that remote work does work.
  • The economic impact of the pandemic will likely force employers to cut costs. They may reduce their rent by letting workers work from home instead of layoffs.
  • Employers had to spend money on new technology and equipment to work from home - a departure from the norm.
  • Employees themselves are also spending more money to create better home offices.

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The pandemic

According to the World Health Organization, a pandemic is declared when a new disease for which people do not have immunity spreads around the world beyond expectations.

Declaring a pandemic

When declaring a pandemic, the World Health Organization has the last word. There is no threshold, such as a certain number of deaths or infections, or a number of countries affected, that needs to be met.
And once a pandemic is declared, it becomes more likely that community spread will eventually happen, and governments and health systems need to ensure they are prepared for that.

Dealing with the current pandemic

Although a pandemic has been declared, there is no need for global panic. Panic would defeat the purpose of trying to raise awareness.
It is still urging countries to detect, test, treat, isolate, trace and mobilize their people.

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Preparing financially for the future
Preparing financially for the future

With the perspective of an economic crisis in 2020, some of us already have to rethink our spending habits to make ends meet. Others may feel more financially secure. But when recessions come, they...

How to treat your income

Whatever income you are earning right now should be treated like it’s temporary.

Treat your current income as if it might need to stretch for as long as possible. It doesn't mean you need to cut back on everything, but you might need to consider cutting some of your expenses so that you can put more money into savings.

Saving versus spending

Saving money now is worth more than spending money later. This advice applies to any budget item that you could spend less on now.

Even if it is a really great deal, remind yourself that cash in hand now is worth more than an unnecessary purchase.

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Longing For The Office Culture
Longing For The Office Culture
  • Earlier a privilege for a few, work from home became a norm for most office-goers due to the ongoing pandemic and is likely to remain for the rest of the year.
  • The shift towards wo...
Work-Life Balance When Working From Home
  • Though employees are happy to see the demise of daily commutes and parking hassles, they are finding out that there is no work-life balance at home.
  • Most workers live in apartments that aren’t suitable for 8 to 10 hours of work every day, as it was never designed to be a full-fledged office.
  • Many employees would want to get back to offices as soon as possible due to social and mental issues, like the feeling of loneliness at home.
Digital Monitoring

Monitoring software that checks time spent on different applications, chat response time, and keystroke recording is now in great demand.

HR departments worldwide are fueling the use of technology to have a way to control the employees that are now no longer in the office.

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A new playbook

Growth evangelists are right when they state that severe lockdowns produce a parallel human misery of unemployment, looming bankruptcies, and extreme financial anguish. Yet, opening the economy too...

The false choice

“Save the economy or save lives” is a false choice.
A group of economists published a paper on the 1918 flu outbreak. Their findings revealed:

  • Early and aggressive interventions saved lives and triggered a faster rebound, such as job growth and banking assets.
  • Without a healthy population, there can be no healthy economy.

The hope is for a deep, short recession, to show that people have shut the economy down to limit the spread of disease.

A living wage

Asking millions of able-bodied workers to stop working creates a crisis of unemployment.

During this time, the U.S. is expanding unemployment benefits and are also delaying tax filing. In northern-European countries, the government is directly paying businesses to maintain their payrolls to avoid mass layoffs and furloughs.

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The new normal

Global companies, from the UK to the US, Japan to South Korea, have recently rolled out mandatory work-from-home policies amid the spread of the new virus.

Working from home will become t...

Clear communication

The key to working from home is clear communication with your boss. Your manager might not be used to managing people virtually or may not have a ready-to-go suite of tools for remote workers.

To prevent a breakdown in communication, you need to know exactly what's expected of you from day-to-day. Ask your boss for a 10-minute video call to start and end the day. Reach out to coworkers and managers regularly so that you won't get forgotten.

Treat it like a real job
  • Don't lounge around in your pajamas. Treat it like a real job.
  • Create a space exclusively for work that is removed from distractions, just like you would at your office desk.
  • Create boundaries within your home that your family members understand when you're 'at work.'
  • Bookend your day. If you can't enter and leave a physical office that creates more precise boundaries, use psychological transitions like a 20-minute coffee in the morning, then exercise right after work.

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