Business leaders and IT Professionals recently had to guide their organisations through the COVID-19 outbreak, and some even held executive positions during the Great Recession in 2008 when the economy was at its worst. Being concerned about the slump in the coming year is normal and acceptable. We know that recessions can range in severity, but how awful will the one in 2024 be? U.S. Industrial Production will likely experience a minor recession in 2024. Before relieving, remember that not all industries will experience a moderate slowdown.

To combat excessive inflation, the Federal Reserve Board raised the federal funds rate in 2022. We pushed out the predicted mid-decade recession to 2024 due to this dramatic increase in interest rates and the ensuing inverted yield curve. The recession might worsen until 2025 if the Federal Reserve Board becomes even more aggressive. Despite the possibility, we do not expect the recession to last until 2025.

After the recent global economic crisis began, many headlines were grim, particularly in wealthy economies. Financial markets were in a tailspin, business revenues were declining, and the housing market was in ruins. Is it possible to sum up these developments in a single word? In fact, “recession.” Many countries experienced recessions in the wake of the crisis. The historical data is consistent with this pattern. In the past 40 years, there have been multiple simultaneous or synchronised recessions in industrialised economies, including the mid-1970s, early 1980s, early 1990s, and early 2000s. The majority of these globally synchronised recession episodes also coincide with U.S. recessions since the United States has the largest economy in the world and substantial trade and financial ties to many other economies.

A fundamental shift in the employment value proposition results in stronger relationships between employees and employers, a sense of ownership, and work driven by purpose. Organisations’ strategic hiring plans must include objectives for advancing their workforce. This finally translates into an employee asking themselves whether they feel valued in their work or whether they merely provide results and value for the benefit of others.