In this economic downturn, how should federal and civilian agencies prepare their federal employees to find new jobs?



In this economic downturn, how should federal and civilian agencies prepare their federal employees to find new jobs?

Introduction

Financial market operation has been intervened by several financial over years. The most important ones were the great depression in 1929-30, the 1970s inflation crises, the banking crises in the 1990s and current economic recession (Trahant, 2006).

In 2007, the current financial crisis emerged. However, its roots can be traced back much earlier than 2007. Many experts have called the current one, the toughest and the biggest crisis as it has not only has affected the banking sectors but has affected whole economy (Trahant, 2008).

Discussion

The current economic climate is forcing all employers, including those in the legal profession, to cut costs wherever possible. This means employers often have to make the difficult decision to conduct layoffs, to make reductions in force or to terminate employees. When the job market is weak, employees are more likely to challenge and litigate terminations. For instance, employment discrimination claims at the U.S. Equal Employment Opportunity Commission rose 15.2 percent from 2007 to 2008. That statistic only includes data up until Sept. 30, 2008 - before the breadth of the economic downturn was truly apparent. Many are predicting that the fiscal year 2009 numbers will be even higher, possibly breaking the 100,000 mark (Manager, 2010).

With this in mind, now is an appropriate time for employers to refresh their memories on (1) the applicable employment discrimination laws and what they mean; (2) why and how claims are brought by terminated employees; and (3) what employers can do to minimize the risk of employment discrimination/wrongful termination claims.

Importance of the financial sector from an economic growth perspectiveFinance is the backbone of any country or organization; however, its role in the growth of the economic has always been debated. Some of economists believe that it has no contribution in the economic growth and others suggest that it is the key determinant in economic growth.

Considering that the economy's growth without development is worthless, today's economists believe that concept of sustainable development and achieving higher living standards is the most important issue. However, there are lots of debates about the role of financial sector in economic growthTwo key factors influence economic growth are:'Technological change'Capital accumulationTechnological change is the development of new goods and of better ways of producing goods and services (Manager, 2010).

By now, just about everyone realizes that the United States—and much of the rest of the world—is in the throes of one of the worst economic downturns in decades. The stock market lost more than a third of its value during 2008. Unemployment rates are up. The collapse of financial markets over the last year—including the failure or near failure of some of the nation's largest banks—has made credit increasingly difficult to obtain. Economists warn the current downturn could extend through 2009 and into 2010. And President Barack Obama has warned that the economy is likely ...