What to Expect in an Economic Downturn: Trends, Realities and Forecasts
Sponsored by: Ceridian Canada
Date of Publication: 2008
Format: Adobe Acrobat (PDF file - 519 Kb)
Length: 17 pages
Introduction
Economists are predicting that the current economic downturn will be as deep as the Great Depression of the 1930s. Canadians working in virtually every sector are wondering what impact this will have on their workplaces, what societal trends will take place over the next few months and what long-lasting effects can individuals and companies expect?
Ceridian LifeWorks gathered information from Canada, the U.S. and the U.K. and found employees and employers can expect:
- An increase in mental health issues, including depression and anxiety;
- An increase in long-term health effects caused by chronic stress over extended periods;
- A few more cracks in the glass ceiling for women in the workplace, a change in longstanding gender roles, more marital difficulties and an increase in domestic violence;
- Different generations coping in different ways with younger workers feeling the most stress;
- A booming post-secondary educational sector as more young people opt to continue their education and displaced workers seek to upgrade their skills;
- Decreasing levels of corporate loyalty and trust;
- More aggressive workplace behaviours;
- Greater numbers of individuals and organizations utilizing social and professional networking sites as marketing tools;
- People turning to less expensive vacation and recreational options;
- A dramatic increase in bartering;
- A further drop in Canada's birth rate and increased global competition for skilled and unskilled workers as the economy recovers;
- Greater attention to corporate social responsibility programs as companies seek to gain consumer trust and a competitive edge.
Now is the time for organizations to seize opportunities to strengthen their footing and prepare for the inevitable economic rebound. Resilient organizations are those that can manage for performance and growth while also managing for adaptation. Companies are realizing that the only real capital they have is human beings and their creativity.
EAPs can help companies take advantage of the opportunities presented by a recession by:
- building a healthy, resilient, highly efficient workforce;
- increasing the talent pool from which to draw highly skilled people;.
- Helping to increase market share/diversify interests;
- strengthening corporate reputation;
- creating higher turnover/revenue in the service and advisory sectors;
- developing flexible processes and procedures and improving lines of communication;
- helping reduce operating expenses; This may be the worst of times for the economy as a whole but it can also be the best of times for individual firms to create value.
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