Question

While most businesses have shut down, there are many that are critical to providing the essentials.
The demand for the workers providing health services and the things we need to survive is surpassing supply.
Will wages be enough to attract the workers needed? Are other factors like safety more important? Has this changed the model where wages directly affect the supply of workers?
What do you need besides salary to keep you on the job?  
Do we need a new model that incorporates other factors to attract workers?
Do the hazards on the health of doing a job affect the wage needed to attract workers?

Answer 1

The Corona Virus Pandemic is largely changing the view of most economists as to how the economy can be revived as it is simply not a cyclical recession but is caused by external factors of health care which are beyond correction by simple demand and supply based corrective measures.

Usually, when the demand for a good or service goes upwards as is in the case of healthcare professionals being required due to the pandemic, the price of the same rises to a level wherein more supply comes into the market. So, if the health care professionals begin getting more money than the supply is natural to increase as per previous theories.

However, in recent times, other considerations such as safety and health issues which these workers may face as a hazard to working in the current conditions is also very important.

People are sceptical of falling ill from the disease and in case that happens, no amount of money would remain a motivation for health care workers to seek employment. As up and over money, the cost of life for an individual is of utmost importance and is a qualitative factor which economists and producers of health care must address so as to keep the supply of labour flexible and open.

Wages thus, in these conditions of pandemic are not sufficient in themselves to be able to attract a worker. A worker would now prefer working with a health care provider which uses the best possible safety standards rather than those who may be willing to pay a higher salary due to the safety hazards associated with the job in the current scenario.

In the current scenario, safety is of prime importance for us as a worker which is needed up and above the salary which the healthcare sector is ready to provide to us. Without safety measures being in place in hospitals, the workers would not prefer to go to work.

Thus, indeed up and over the current models of demand, supply and wages which offer higher price as the only consideration for economics and define that at a higher price, the supply would always be higher, it is important to consider that modern times are different and that beyond the forces of money, job safety and measures taken by the hospital administration into ensuring that facilities such as sanitisation and safety of the workers are also considered are an important factor to be taken into consideration while developing a new model that aims at attracting workers.

Further, talking of the hazard factor, indeed it plays an important role in deciding the wages of an industry. Previously, even though providing health care services came at a minor risk, they were not big enough to cause life and death situation for everyone. The corona virus pandemic has caused a major risk for health care providers and to keep them motivated to work in the current scenario, salary revisions is extremely important so as to ensure that the demand does not remain sluggish and the cost of taking a risk in such a situation is high enough to keep the employee motivated enough to work in the enterprise along with safety measures as described above.

Please feel free to ask your doubts in the comments section if any.