The effects of COVID on the airline industry
The COVID pandemic of 2020-2021 wreaked havoc on the airline industry. Passenger traffic dropped 61% in North America and 60 to 70% worldwide. 2020 was the worst year ever for the airline industry, according to the IATA. Both the travel and the airline industry had to downsize. That meant offering retirement packages to some employees and furloughing others. Many employees were laid off or terminated as the airlines struggled to cope with the sudden downturn in passenger traffic. Approximately 400,000 people lost their jobs due to the loss of business. When an entire industry sheds such a large number of employees, severe downsizing has a ripple effect throughout all the related and ancillary businesses that service the airlines. In 2020 that ripple effect was profound. However, 2021 saw things beginning to get back to normal.
Training for new opportunities