"The moment we believe that success is determined by an ingrained level of ability as opposed to resilience and hard work, we will be brittle in the face of adversity." – Joshua Waitzskin.
Some people think that we are about to enter an economic recession. Others say that we are already in a recession. If one carefully observes what is happening in the world economy and is attentive to real news and updates from the government and business sectors, we may be close to reaching the peak of economic recession where much less or no more government benefits are being provided.
We are in this period where the human spirit and resilience are being tested once again!
From the economic and Business perspective, a recession is defined as a period in which an overall decline in economic activity, characterized by an immense drop in spending, is noticed. One does not have to be a businessman or a political figure to be able to determine if there is an economic downturn or not. Just tracing back to the most recent 2008 recession, when the price of crude oil from the Middle East started and continued to rise, prices of all commodities also began to increase. Gas prices went up. Costs of travel, transportation, and basic necessities skyrocketed. Not to mention the massive layoffs and freeze hiring and an unemployment rate at a record high.
"Since World War II, the average recession has lasted about 11 months — or nearly three calendar quarters. But since 1979, we've had six economic recessions that surpassed that average, according to a GDP-based recession indicator index, developed by James Hamilton of the University of California." – CFO and Econbrowser Recession Indicator Index.
The impact of the Terrorist attack on the twin towers in NY on September 11, 2001, has almost closed the doors on people wishing to migrate, live, and work in America.
Now, we are faced with the aftermath of the Covid-19 Pandemic, which created a global recession and is still ongoing. This began in February 2020 in most countries. The stock market crashed, and we witnessed a rapid increase in unemployment. By the end of 2020, more than 10 million unemployment cases were filed in the United States. - Wikipedia, The Free Encyclopedia: Covid -19 Recession.
The recent collapse of Silicon Valley Bank posed a direct hit to the technology industry. This bank employed more than 4,000 workers, and a lot of them were immigrants. – www.boundless.com Thus, the risk of job loss has never been more evident. Foreign workers may be challenged to lose their job while on a work permit since their immigration status, and ability to remain in the US totally depends on their respective employers.
The businesses and jobs that are most affected when there is a global recession are as follows:
Tourism and Hospitality Industry – these businesses are the most vulnerable during an economic recession because consumers change spending habits as the economy shrinks.
Entertainment – As people tighten their belts and try to stretch their budget, they would rather save up and spend only on what is necessary. The result - Artists and those working in this industry will have less income, if not lose their jobs.
Retail Business – people would rather reserve their extra cash or credit for basic necessities than shop online or in the store for things that they can afford to be without. You can say that they are simplifying their lifestyle.
Human Resources – Employers and business owners would want to maintain a lesser number of employees during this period. Due to rising costs of goods and services, they would like to save up from paying and providing benefits to new hires.
Real Estate – A lot of homeowners have lost their homes to foreclosure due to the inability to pay their mortgages. Real Estate market value plummeted, and thousands of people were forced to sell their houses at a price much lower than the amount when they bought the property. This is also evident with the increasing number of homeless people living on the streets.
Construction – It's almost a no-brainer. If the real estate market is down, there is not much Business that will go on with construction companies and materials.
Thus, income from these businesses would crash, and construction workers will end up having less work or no work at all. Practically, all businesses are affected and would try to develop a plan to cut costs with everyday operations and expenses.
How will this global recession affect current job seekers and those graduating from colleges and universities who will soon start to apply and attempt to get employed? Where does this leave people who want to apply and pursue employment-based petitions? Certainly, there is tougher competition. And if one is too picky and not open to other options or positions, indeed, it will be quite difficult and challenging to find employment. Rest assured that we at CSI will help, research and provide options to strengthen your chances for internship by conducting more collaborative measures with Colleges/Universities, assist with the student's "attitude for hire", & inform and update job seekers on the best tools to bring to the work environment. And to realize that no job is too small or big.
We have been through, survived, and thrived during recessions in our three decades of existence and service to qualified candidates, local or those requiring employment petitions. At the time of nearly four major economic recessions, our applicants remained afloat because we are fortunate to partner with various companies and provide essential positions. Our candidates and employees 'stood the test of time and demonstrated the four Important key factors:
Resilience – an attitude for hire that is needed to survive during trying times
Innovative and Resourceful – able to generate new ideas, contribute to the diversity and team enhancement
Transferable Skills Enhancement and Acquiring New Skills
Flexibility and Adaptability – engaging and diversified talents can help uplift the company to respond swiftly to capacity needs and skill gaps.
As we now continue to navigate through these challenges & uncertainties brought by the recent Covid-19 Pandemic and the current and global recession, we remain strong and able to withstand all of these. We are prepared for our candidates. We continuously guide applicants on how to improve their skills and hone their potential by assisting qualified candidates in finding employment with us and helping them achieve a better life for their families and fulfill their "American Dream."
Need help finding a job? Interested in pursuing a work-based petition and possibly obtaining a Green Card? Call us at 818-476-0082 or 213-487-5059 Monday-Friday from 8:30 am to 6:00 pm PST. You may email us at info@csi-professionals.com and attach your updated resume. For a list of available internships and job positions, check out our website at www.csi-professionals.com.
Allow us to review your credentials, and we may schedule you for an interview and consult. Watch out as well for our upcoming employment and immigration seminars and information sessions via zoom or in person, as well as our participation at career fairs at various colleges and universities. We'll keep you posted.
We're with you all the way!
Great Content!