( By Elton Mwangi)
If one thing is certain, the primary factor that’s influencing the most relevant trending topics in NYC business today is the coronavirus. With 25,000 of the U.S. cases present in NYC, it is easy to see why. Businesses, big or small, have been affected significantly by the pandemic.
In 2019, the venture capital activity in the city of New York surpassed 15.63 billion dollars. From media and e-commerce to insurance, one thing remains typical of all NYC businesses: they rely on cutting-edge technology.
But as the business world of New York continues to shake due to the COVID-19 effects, what emerging trends exist? Let’s start with the most obvious choice, healthcare.
Telemedicine is one of the trending topics in NYC business. One thing that the novel virus has made specific is the presence of inadequate health care facilities in the United States.
The Association of American Medical Colleges predicts that by 2032, the nation will have a deficit of about 121,900 doctors.
With the expected compromise on patient care, it is becoming more apparent that Telemedicine should be expanded. New York is already increasing the type of professionals that can provide services remotely.
Additionally, the state of New York plans to keep the city competitive by investing in 5G wireless technology. This investment is expected to improve telemedicine services and, in turn, improve the health of New Yorkers.
Telemedicine further enhances the probability of remote working.
New York has put strict measures for people to remain at home during the viral pandemic. As a result, the future of work in the city is changing. More and more New Yorkers are working remotely.
Companies are now helping their employees to keep the social distancing guidelines by enabling them to work from home. But this trend is creating a lasting impact on most New York businesses. For instance, a standard company can save up to 11,000 dollars for every telecommuter annually.
Even before the push initiated by the virus, remote working was seeing an increasing trend in the business world. Because more people are increasingly using broadband services in their homes, remote working is a trend that is bound to last.
So what does this mean for employee benefits?
One significant effect of the coronavirus pandemic is the continued increase in the unemployment rate in NYC. The primary reaction of most New Yorkers who lose their jobs due to quarantine or business closures is to apply for unemployment.
And now, to cater to the increasing pleas of many of its people, the state of New York has waived the seven day wait period necessary for people to receive their unemployment insurance benefits.
To enhance the significance of employee benefits as one of the trending topics in NYC business, the cities labor website crashed from an overflow of traffic. The events are equated to the experience of post 9/11.
One hope is that these benefits will help to keep restaurants and street vendors open.
Restaurants and Street Vendors
As more businesses come to a standstill in NYC, the street food vendors are closing. Restaurants are also losing more consumers. This presents a challenge for restaurant workers. Besides, the continued debate among the federal policy does little to help.
As a result, smaller grass root organizations are emerging to help sustain restaurants and their workers. For instance, Matter House and the Riddler are holding online fundraisers for their staffers. This vulnerable group makes up a massive portion of the NYC hospitality industry.
Factors such as unemployment insurance and formal health care systems are difficult for these workers to access. That is why some groups have also created separate relief funds for undocumented New York workers.
While many people rise to help workers, the New York stock exchange market continues to plunge.
The Stock Exchange Market
As of now, the NY Stock Exchange is shut down. Since the 23rd, all the buying and selling of shares is done electronically. All NYSE contingency plans are in effect to ensure a smooth run of the electronic trading.
Thus, all exchange’s designated market makers are connecting electronically. This will provide liquidity to stocks. Nevertheless, plans to reopen the trading floors are underway.
However, this shift is proof that the digital world of the technological platform is doing a great job of ensuring business longevity within the city of New York.
Many trends happen continually within the NYC business world. But, the 2019 coronavirus is changing the game. Now, more medical professionals are moving towards telemedicine practices.
More and more companies are supporting remote working, the government, as well as insurance companies, are changing the game on unemployment benefits, and restaurants are organizing fundraisers for their employees.
Additionally, the NYSE is entirely electronic. These trends stipulate that digital technology and human togetherness are the drivers of the current trends in the NYC business world.