The (Not So) Secret Weapon to Preparing for a Potential Recession

By: Therese Daly, NYATEP

It's one of the biggest “it” words of the year- recession.

A recession is defined as a period of significantly reduced general economic activity that is marked especially by declines in employment and production and that lasts more than a few months”.

Great. Just swell.

Just what we need as we recover from the effects of the pandemic on our economy, not to mention the ongoing aftershocks on our mental and physical state!

Thankfully, there is another “it” phrase of the year, nuzzled right next to recession and that is workforce development. Workforce development, according to the U.S. Department Labor, is “initiatives that educate and train individuals to meet the needs of current and future business and industry in order to maintain a sustainable competitive economic environment”.

Now Reader-stay with me on this theory.

WHAT IF the key to mitigating the effect of the recession is committing to investing in the workforce now, investing and educating New Yorkers with skills that are in demand?

WHAT IF we combined efforts to mitigate the effects of a recession on New Yorkers by using strategies used to help develop the workforce sector?

What does this look like? And is it too late?

It is not too late.

As a society, we MUST prepare, prioritize and focus on talent. We need to prioritize offering access to skills in demand to New Yorkers who need/want/and are able to pursue skills that they need and that are in demand.

For this to work, we need everyone to SUPPORT New Yorkers' pursuit of achieving the skills in demand.

We MUST be in touch with employers, constantly asking- who and what do you need to thrive, and be recession proof? What are they going to need and how do they need it?

We must protect the entire workforce- from all levels of background and knowledge- every job is held by a human being.

We need to rethink how “work” is approached - no longer is it 8-5 or 9-6 in a cubicle. It can be altered/updated/shifted to meet the needs of the industry and the needs of the individual - maintaining a workforce is just as essential as getting one. Economic and market trends may come and go, but a workforce is always needed despite whatever is happening in the markets.

As reported in NYATEP’s State of the Workforce; “In a tight labor market, employers may need to tap into often underutilized talent pools. These are individuals who are willing and able to work, but are often overlooked or may lack the appropriate skills, experience, and opportunities to access better employment. This includes individuals with disabilities or New Yorkers that are formerly incarcerated.”

Here again, is an underutilized sector that can help us mitigate the effects of the recession by filling jobs where there is a consistent need and consistent demand.

In closing, the key to mitigating the effect of the recession is committing to investing in the workforce now, investing and educating New Yorkers with skills that are in demand, communicating effectively with employers on what and who they need, providing them with in demand qualified potential employees, and creating a flexible workplace to cater to the needs of all New Yorkers.