Recession Aftermath: Who Has it Affected Most?

The economic downturn sent employers and employees everywhere into a tailspin, but it also caused quite a shakeup in the landscape of today’s workforce.

For example, one of the changes prompted by the recession has been the meteoric “rise” of women in the workforce.

According to an article on CBS MoneyWatch.com, the job loss rate among women between the ages of 25 and 64 fell 1.7 percent per year since mid-2007, while that of their male counterparts dropped 4.7 percent. In fact, the gap between the unemployment rate of men versus women as reported in April was unprecedented - for men that number was 10 percent, whereas it was 7.6 percent for women.

One reason is that professions such as construction and manufacturing - which boast more male employees than female - were some of the worst affected by the economic downturn.

Further, with the decline in retirement funds and property values, the recession caused the prevalence of baby boomers in the workforce today to increase dramatically - by about 1.3 million workers in May - when compared to the past year.

Have you noticed any atypical or unexpected changes in the composition of your workforce? If so, how has it impacted factors ranging from engagement and morale to retention rates and turnover in your company or industry?

Source: Diversity Executive