Is the recession really over?
With Gross Domestic Product (GDP) growth at 3.5% and both factory productivity and retail sales on the rise, many experts are saying that the recession is over. However, record high unemployment numbers make us wonder – is it really?
Impact on the workforce
Recovery will not happen overnight.
The workforce is directly affected by the economy, so recent news is good news. While the unemployment rate may continue to get worse before it gets better, this data is a step in the right direction towards economic recovery. Employment is rarely one of the first signs of an improved economy.
Impact on employers
Look towards the future.
Even though employers are beginning to think about hiring, workforce needs, and economic recovery, it can a bit concerning to begin the hiring process when business and profits may still be lagging. Utilizing temporary employment is a great way to meet demand, while being flexible in your workforce.
Veterans struggle to find employment.
With Veteran’s Day taking place this month, it’s important to thank those who’ve served our country and acknowledge the challenges they face in the workforce.
Impact on the workforce
Veterans face higher than average unemployment.
Veterans have a higher-than-average unemployment rate – approximately 11% are unable to find work after returning from service, or after retiring from the armed forces. It’s important that these individuals find meaningful employment opportunities once rejoining civilian life.
Impact on employers
Don’t pass up untapped resources.
Military experience can be an easily missed asset, but individuals with an armed forces background can offer a wealth of experience. Many have technical skills and other assets like the ability to work in high pressure situations, speak foreign languages, and multitask.
Update on the government stimulus package.
In January, the government launched a stimulus program to help kick-start the economy. A recent government report outlined the number of jobs saved or created as a result.
Impact on the workforce
Strides being made.
For the most part, job loss has been so severe for men in this recession because the industries that have been hardest are historically dominated by male workers – mainly construction and manufacturing. Regardless, both men and women in the contracting industries should move to re-train and transfer their skills as a natural progression towards growing industries with more opportunities.
Impact on employers
Needs change.
If you’re an employer that falls into one of the categories that the Workforce Recovery Act impacts, you most likely have added or saved jobs. This also may be a great time to utilize contingent staffing to assist in dealing with a contracting workforce.
