GDP: Economy continues to grow.
A common indicator as to whether or not we’ve reached a recession is when Gross Domestic Product (GDP) reports negative growth for two consecutive quarters. Based on this criteria, we continue to steer clear of a recession. According to the Commerce Department, the U.S. economy grew by 1.9% in the second quarter – a big jump from 0.9% seen in Q108. This continued positive growth – although layered with some concerns around consumer spending and the housing market – is cause for some cautious optimism.
Impact on the workforce
Make sure you’re in the right place.
While the economy is not growing as fast as in recent years, and job declines continue in certain sectors of the job market, you still have options! Continuously asses your career path to ensure you’re in the right place – on the pay scale or the corporate ladder – and don’t be afraid to explore all your options as many industries are still hiring.
Impact on employers
Continue to invest in talent.
Top talent is top talent. In a good or bad economy, companies need high performing human capital to keep business going and growing. Employers should continue to make developing their talent a top priority and set funds aside for this all-important long-term investment.
Part-time workers on the rise.
According to the most recent jobs report, since July 2007 the job market has seen an increase of over 1 million part-time workers. As more Americans are re-entering the workforce in order to meet the increased cost of living, the number of part-time workers in the job market will likely continue to climb in the near term.
Impact on the workforce
Fully consider part-time.
If you’re looking to re-enter the job market, taking on part-time work can be an effective way to dip your toes back into the workforce. Part-time employment not only allows increased flexibility, but also can serve as a great way to get your foot in the door for a full-time position once the opportunity arises and you’ve already proven yourself.
Impact on employers
Develop your part-time staff.
As more and more employers look to part-time help to meet their current workflow, it’s important to invest in and develop these staffers just as you would full-time staff. When the economy makes a turn upward, these employees can be your best future full-time workers, so be sure to focus on retaining these individuals and letting them know their value.
Oil relief: a welcomed mid-summer gift for drivers.
Following months of pumped up oil prices, the national average for a gallon of gas has recently begun a trend downward, getting below the $4 mark. And economists are forecasting gas prices to remain relatively low in the near-term – a welcomed relief for commuters.
Impact on the workforce
Don’t waste your savings.
While you may be saving some money at the pump following weeks of high prices, be sure to set that money aside to cover the rising cost of living in other areas (or if gas prices rise again). Make sure you’re financially prepared and allocating your salary appropriately so you’re armed and ready for whatever may happen in the economy.
Impact on employers
Be cautious with benefits.
As many employers have rolled out benefits to support their commuting staff – ranging from more flexible schedules to offering gas cards – be sure to be careful before repealing any of these new workplace perks. Communicate your plans for how long these benefits will be offered and keep a close eye on the economy before making any changes which could impact morale and job satisfaction.
