Sweden may hold lessons for other economies on how to flex in a crisis, experts say, with firms that prosper in the coronavirus lockdown taking on staff – and costs – from sectors worse hit.
Economists say sharing workers could help businesses stay afloat in the global pandemic and deliver better and quicker service to millions of people stuck at home avoiding the virus. “In this way, we can cater to the needs of both the firms that right now need extra labour, and those that do not,” said Patrik Karlsson, a labour expert at Sweden’s largest business federation. Sweden is one of a few European countries that has not imposed a lockdown, with many Swedes continuing to shop, drink and congregate.
Gatherings of more than 50 people are banned in the country which has recorded over 6,000 cases and around 300 deaths. The International Labour Organization says 25 million jobs could be lost worldwide due to the novel COVID-19 and Sweden, like other nations, has seen some businesses thrive while others hemorrhage.
Tourism, hotels and restaurants are struggling to make ends meet with Swedish retail chain H&M’s sales plunging by nearly 50% in March. At the same time, online delivery services, pharmacies, and supermarkets are booming and in need of new staff. The disparity prompted one pharmacy – overwhelmed by a surge in orders – to approach nearby firms struggling to pay the wages of their dormant staff. But some labour experts say swapping staff on an ad-hoc basis can only help a slowing economy for so long.
Source: Thomson Reuters Foundation
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