Labor market, wage rates and unemployment: A study of general trends during the corona crisis

Galina V. Astratova; Elena B. Bedrina; Dababrata Chowdhury; B Gaikar Vilas

doi:10.53730/ijhs.v6nS2.5742

Authors

Galina V. Astratova Dr. (Dr.) of Economics, Ph. D. of Techniques, Professor, Department of Integrated Marketing Communications and Branding of the Ural Federal University named after the first President of Russia B. N. Yeltsin; Professor of Socio-Economic Disciplines of the Ural Juridical Institute of MIA of Russia, Yekaterinburg, Russia
Elena B. Bedrina Ph.D., Assistant Professor, the Ural Federal University named after the first President of Russia B. N. Yeltsin; Russian Institute of Economics, the Urals Branch of the Russian Academy of Sciences, Yekaterinburg, Russia
Dababrata Chowdhury Associate Professor in Entrepreneurship and COO Truefeedback
Gaikar Vilas B Vice-Principal and Associate Professor in Economics, Smt. CHM. College, Memebr-Board of Studies in Economics, University of Mumbai, India

Keywords:

labor market, coronavirus, COVID-19, corona crisis, unemployment, employment, wage, remuneration, digital technologies, digitalization, remote work, Russia

Abstract

The rapid and undulating spread of the new dangerous COVID-19 infection across the world has exacerbated many socio-economic problems, showing the precariousness and vulnerability of modern civilization. The labor market was particularly hard hit under the current conditions, as it had been undergoing a gradual structural transformation in the previous period due to the digitalization of the economy, and was now forced to adapt at an accelerated pace to changes in the external environment under the influence of the pandemic and the response of the government to it. At the same time, the directions of adaptation were quite controversial, which led to the appeal to the chosen research topic. The authors conducted a comparative analysis and evaluation of adaptation practices. The following conclusions were made: 1) The pandemic confirmed the importance of non-price factors for the labor market; 2) Comparative analysis showed that the labor markets of developed and developing countries were affected unevenly; against this background, the Russian labor market, based on official statistics, looked quite positive; 3) The coronacrisis led to a widespread change in the structure of employment and demand for various groups of professions; 4) The pandemic forced enterprises to save on the wage fund

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