Unemployment has far-reaching consequences. Even those who don't suffer layoffs in an office may find that their jobs (as well as their personal lives) have been negatively impacted. And for those who have lost their jobs, hopes for a ti🥂mely retirement may be dramatically altered. Here's how unemployment may impact you.

Employees Work Harder But Earn Less

Research by the Economic Policy Institute shows that Americans are producing more goods than in previous years, but are being paid less for their work. When coworkers ar🥃e laid off, those who remain must pick up the slack. Although corporations may show some profits during these times, it often comes from employee cuts or reduced wages for those who remain.

Fear of job loss may leave employees feeling like they are at the mercy of their employers. For some companies, the hardest-working employees may 🌃be the only ones around when the dust settles. While this may be a way to weed out the less🌠 productive workers, many of these productive workers may be facing burnout, as well.

It can be difficult to find motivation when there are no incentives (bonuses and raises). However, the fear of not having in꧅come may force empl🔥oyees to step up to the plate and work harder than ever before.

Less Retirement Savings

Personal 澳洲幸运5官方开奖结果体彩网:savings accounts can be one of the first things impacted by loss of a job. That's why it is important for those who are fortunate enough to have a job in good times to take advantage of the automatic enrollment of their retirement plan, especially if your employer offers 澳洲幸运5官方开奖结果体彩网:matching contributions.

Who Does Not Get Hurt During Hard Times

Not everyone gets hurt by a recession or downturn in the economy.

In times of recession, not all companies cut jobs–and some even thrive. Historically, dentists have done well in hard times, particularly during the 2008 recession. However, during 2020, due to the pandemic, general dentists had an almost 18% drop in net income compared to the previous year.

A survey by San Diego's AMN Healthcare in 2009 showed that during a recession, many nurses went back to work to fill the financial void from a family member's lost wages. In the survey, 58% of those who responded said they were working more hours compared to the previous year. However, in 2020, nurses reported a significant amount of mental health distress due to the COVID-19 pandemic, with 63% reporting they were emotionally drained and 56% saying they were burned out. 23% stated they were considering leaving the field due to frustration and stress.

The Bottom Line

When unemployment is high, people who have jobs may be more stressed and overworked than ever. Those who have lost jobs may be feeling depressed and anxious. Though recessions end, and 澳洲幸运5官方开奖结果体彩网:unemployment rates will fluctuate, it takes more th🗹an high hopes to land on your feet after a stint of unemployment. So get networking, plan ahead, and use the money you have wisely, and you should be back in the office in no time.