Jumpstarting the Economy
The Impact of the Stimulus Plan on the Workforce
In May and June 2009, the Human Capital Institute and Monster Worldwide conducted extensive survey research into the effects of the global “Great Recession” on the workforce. More than 700 companies and almost 5,000 Passive and Active Job Seekers participated.
Though many respondents felt they would not be affected directly by the American Recovery and Reinvestment Act of 2009 (ARRA) and the Troubled Asset Relief Program (TARP), others gave very specific examples of how they perceive an impact:
- Just 4% of companies surveyed reported a stimulus benefit, or an indirect benefit through their clients.
- Most stimulus monies have yet to reach organizations and remain to be allocated; HR professionals report that expectations have been miss-set for the speed at which the stimulus can create new jobs that reach workers.
- Job seekers report seeing stimulus funds through extensions and increases of unemployment payments, and reduction of COBRA health insurance costs.
Read this report for more of these in-depth findings and for a case study that demonstrates the stimulus’s impact at Oregon Health & Science University, a healthcare organization in Portland, Oregon.
For additional information on the recession:
The Great Recession From the Employer Perspective
The Great Recession From the Worker Perspective