There is absolutely no question that the entire globe has suffered over half a decade from the blight of economic contraction. While the lack of available credit and dearth of investment are problematic, the worst part has been the impact on people through the loss of jobs. Finally there are indications that a modicum of recovery has begun, and as employers hire, they use pre employment assessment tests to hire the best candidates.
Exactly how it began is yet to be determined, but a sow cycle of decline ensued, with workers losing their jobs, suddenly having little money for anything but necessities. This reduced the need for manufacturing and the labor force supporting it. As companies tightened their belts to weather the reduction in retail activity, they laid off more workers, continuing the cycle.
No one has definitively described the genesis of this worldwide economic decline, but risky credit policies seem certain to have contributed significantly. In the wake of the problem, banks responded to the impact, as well as the mounting criticism by economists and regulators by tightening credit and access to capital. This, combined with the reluctance of companies to expand or invest, continued the decline.
It requires a positive environment for businesses to make the challenging and risky decision to build more factories, hire more workers or open new retail outlets. The sudden and dramatic reduction in credit and capital made the decision difficult to make, and even harder to execute. This is especially true of small businesses, a traditional source of new jobs.
As is often the case when the problem is so systemic, it is up to the federal government to turn things around. As the only level of government that can incur a deficit, it is the only place action could be taken, though not without significant controversy. Economists, however, felt it was the only possible solution, spending government money to fund work that re-employs those who have lost their jobs.
With this impetus, the same sequence that resulted in the death spiral re-emerges in reverse for the growth cycle. As more people regain employment, they begin to purchase again and in addition to the increase in retail activity, the spirit of optimism takes hold. When the overall economic outlook is positive, the notion of taking a chance on investments and expansion reappears.
As economic strength recovers, all levels of government are rewarded with increased revenue. This provides the stability which allows for greater investment in infrastructure and basic services like law enforcement and fire departments. Society is also bolstered through the government ability to fund education, both in facilities and instructors.
Once an opportunity becomes available, employers are overwhelmed with the number of applicants, and making a selection becomes difficult. Naturally, this is a much better situation for the employer with an open position, but it is still complex. Pre employment assessment tests level the competitive field and help the best candidate get the position.
Exactly how it began is yet to be determined, but a sow cycle of decline ensued, with workers losing their jobs, suddenly having little money for anything but necessities. This reduced the need for manufacturing and the labor force supporting it. As companies tightened their belts to weather the reduction in retail activity, they laid off more workers, continuing the cycle.
No one has definitively described the genesis of this worldwide economic decline, but risky credit policies seem certain to have contributed significantly. In the wake of the problem, banks responded to the impact, as well as the mounting criticism by economists and regulators by tightening credit and access to capital. This, combined with the reluctance of companies to expand or invest, continued the decline.
It requires a positive environment for businesses to make the challenging and risky decision to build more factories, hire more workers or open new retail outlets. The sudden and dramatic reduction in credit and capital made the decision difficult to make, and even harder to execute. This is especially true of small businesses, a traditional source of new jobs.
As is often the case when the problem is so systemic, it is up to the federal government to turn things around. As the only level of government that can incur a deficit, it is the only place action could be taken, though not without significant controversy. Economists, however, felt it was the only possible solution, spending government money to fund work that re-employs those who have lost their jobs.
With this impetus, the same sequence that resulted in the death spiral re-emerges in reverse for the growth cycle. As more people regain employment, they begin to purchase again and in addition to the increase in retail activity, the spirit of optimism takes hold. When the overall economic outlook is positive, the notion of taking a chance on investments and expansion reappears.
As economic strength recovers, all levels of government are rewarded with increased revenue. This provides the stability which allows for greater investment in infrastructure and basic services like law enforcement and fire departments. Society is also bolstered through the government ability to fund education, both in facilities and instructors.
Once an opportunity becomes available, employers are overwhelmed with the number of applicants, and making a selection becomes difficult. Naturally, this is a much better situation for the employer with an open position, but it is still complex. Pre employment assessment tests level the competitive field and help the best candidate get the position.
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