How the Economy is Changing the Way People Think
Putting a New Twist on Views of Careers, Health, and Conservation
Jun 8, 2009
It’s pretty easy to keep on doing the same thing over and over again without giving much thought to the outcome or sometimes even thinking that the outcome might change if we try long enough.
But the truth of the matter is that the changing economy has actually caused some people to think twice about how they view long-held beliefs or change their behavior according to the current market conditions.
How the Economy Impacts Career and Business
The economy has influenced how job seekers and employers alike have put a new spin on careers and staffing practices. They’ve had to because things aren’t like they were five or ten years ago. Now it’s all about flexibility and being willing (and more importantly able) to see the same old thing in a brand new light.
For the people at Skadden, Arps, Slate, Meagher & Flom, a New York law firm, that meant allowing associates to take a year off at reduced pay to allow the associates an opportunity to do something different (with a guaranteed job 12 months later) and it allowed the firm to reduce overhead without a major reduction in force. (“$80,000 for a Year Off? She’ll Take It!,” The New York Times, April 2009) But that’s just one of many stories.
Other firms are offering their employees a variety of options, too, from financial institutions offering loan consolidation packages to help employees out of financial difficulties to a heighten level of communication in many firms in order to reduce employees’ anxiety levels. Employers are thinking about what they can do to lessen the economic burden placed on their employees. (Families and Work Institute, “Managing Through the Economic Crisis,” January 2009)
For employees, the faltering economy means working harder to prove their worth and retain the job they have. For job seekers who have already fallen victim to declining employment levels it means keeping an open mind about the type of employment they secure. It might not be exactly what they want or it might be outside their chosen career field; however, it is important to see each job as an opportunity to learn something new, perhaps train in a new industry or discipline, as well as to meet financial obligations.
Another way job seekers are changing their career is through an entrepreneurial spirit. According to many business experts when the economy declines business startups increase. In fact, in the past big-name companies such as Microsoft, Apple, Burger King, LexisNexis and CNN all had their starts during recessions. It is just a matter of careful planning and proper financing. (“Navigating Tough Times," Pittsburgh Business News, February 2009)
Health and Diet and the Down Economy
A recent CIGNA survey ("Is Shaky Economy Changing the Way Americans Take Care of Their Health?," medicalnewstoday.com, October 2008) noted that about one-third of Americans have indicated that the economy has changed the way they take care of themselves, from more exercise and healthier eating habits to getting regular check-ups and screenings. And health plans can offer a variety of services to assist people maintain and improve their health, exactly what Americans want.
In fact, two thirds or more say that is exactly what they would like: help. They would like a web site with pharmacy price comparisons, discounts on weight loss and fitness programs, and access to knowledgeable health care professionals as well as an employee assistance program.
And employers are changing the way they view the health and diet of their employees, too. Three of the biggest trends that employers are considering as part of their benefit programs include adding health coaches, specially trained health care professionals who provide individualized information to workers on personal health care needs; financial incentives for healthy behaviors and lifestyle habits or for employees who participate in wellness and fitness programs; and more HSAs (health savings accounts) combined with higher-deductible, lower cost insurance plans. (Julie Bos, "Top Health Care Benefit Trends for 2009," February 2009)
Conservation in Today’s Economy
As money becomes scarce, most people will look at their declining budget and decide to cut back where they can and eliminate the unnecessary. What this has meant for the “green” movement is that the use of energy sources and the purchase of consumer products decline as the need to conserve money increases. Lower electric and gas bills, great for the environment, better for the economy. Fewer cars on the road, wonderful for the environment, terrific for the economy.
But it’s not just with purchases that this economy makes us conserve. When people have less money to spend or fear that at any time they might have less, they are likely to hold onto what they do have. The ultimate result is that people are spending less, investing in retirement when possible or putting aside a little bit for that rainy day that may come.
Leadership and the Economy
According to Bill George at Newsweek, “Today's global meltdown is training a new generation of managers to build lasting value through innovation and create sustainable growth.” (Bill George, "The Economic Crisis Will Shape New Leaders," Newsweek, June 2009)
Now instead of just thinking about short-term shareholder wealth, leaders are actually thinking about employees, customers and products. They are thinking about lasting value. And because the new generation has grown up in the midst of the crisis, they will have a better understanding of how to deal with what lies ahead.
The dream would be that now that we have faced adversity we know what it looks like and we can avoid any future confrontation. It would be that we can take all that we have learned and apply our knowledge appropriately to continue to improve ourselves as well as the world around us.
This economy is changing the way we think because it is forcing us to redefine what will fit into how we live from this point forward. It is making us consider our choices more carefully to ensure that we don’t respond from some knee-jerk reaction, but instead we take the time to see how what we do really does have a wider impact.
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