Becoming a value-added employee boosts job security.

• Author: Beck, Larry S.
• Position: Business & Finance

ECONOMISTS CLAIM the recession is over; politicians take credit for its demise; financial planners urge caution; consumers believe little of it; and workers continue to eye their job security with skepticism. Has the post-Sept. 11 recession finally ended, or are we simply experiencing a short resurgence of guarded consumer confidence?

The Milken Institute, a Santa Monica, Calif.-based economic think tank, issued a report predicting that more than 1,600,000 jobs would be lost by the end of 2002 as a result of the 9/11 terrorist attacks. According to the report, 760,000 job losses would be directly attributed to the attacks. The rest would result from the "ripple" effect as organizations adjust their bottom lines to accommodate economic conditions. Beyond the expected cuts in travel and tourism, downsizing also was expected across all segments of the economy.

In April, 2002, the Federal Reserve issued its spring report to Congress' Joint Economic Committee, noting that regional economic conditions were improving. Federal Reserve Board Chairman Alan Greenspan was cautiously optimistic, citing Mideast tensions and rising oil prices as possible complications to the nation's economic recovery. Nevertheless, workers are still warily eyeing their futures.

Younger workers seem to be carrying the brunt of the recessionary layoff fever. In January, 2002, the U.S. Bureau of Labor Statistics reported that workers aged 16 to 24 represented just 16% of the labor force, yet accounted for one-third of those unemployed. News for graduates on college campuses hasn't been much better. Hiring through college career centers dropped 36% during the 2001-02 academic year, according to the National Association of Colleges and Employers. Graduates trying to enter the labor market have had to be more assertive and flexible in their job searches, some taking their second or third choice in employment options.

The current state of the economy, the lingering recession, and the evaporating image of long-term employment security are topics firmly entrenched in many workers' daily conversations and business transactions. Those who do have jobs wonder what is on the horizon for their own positions and future career stability.

For workers with the entrepreneurial spirit, now may be a time for change, seeking out new challenges and opportunities in an economy in flux. Success stories abound about risk-takers who have prospered in times of chaos or challenge.

For those with job...