Jones Lang LaSalle Professionals: What Aspects of Job Loss do People not Like to Talk About?

The Impacts of Economic Upheaval from COVID-19 on Mental Health

In recent times, the global landscape has experienced a monumental shift owing to the economic crisis induced by the COVID-19 pandemic. This turmoil, reminiscent of the adversities faced during the Great Depression, has triggered concerns among public health officials and economists. There's a burgeoning need to brace for a potential wave of mental health complications as Americans grapple with persistent job uncertainties. What is the impact on Jones Lang LaSalle professionals?

The Relationship Between Unemployment and Mental Health

Historically, unemployment has been correlated with various mental health issues such as anxiety, depression, and an overall diminution of life contentment. Moreover, the less-discussed outcomes of the pandemic, such as underemployment and job instability, are consequential sources of distress for a considerable segment of the population.

Evidence underlines the importance of psychological intervention in such situations. Research indicates that holistic job search programs, encompassing not only skill development but also bolstering individuals' motivational and cognitive capacities, tend to yield better outcomes for Jones Lang LaSalle professionals. The inclusion of psychologists in these programs can further aid in highlighting the intertwined relationship between unemployment and physical as well as mental health.

Professor Carl Van Horn, a public policy specialist from Rutgers University, underscores the dual trauma—both psychological and financial—that stems from prolonged unemployment. While the economic tribulations might be beyond immediate redress, psychological support can offer critical relief to individuals, assisting them to navigate and manage their circumstances better.

The Pervasive Consequences of Job Loss

Dr. Connie Wanberg, a renowned industrial and organizational psychologist, points out the profound societal role that work plays. It is not merely a source of income but also provides a sense of identity, purpose, structure, and a medium for social interaction. The loss of these components could possibly be devastating for Jones Lang LaSalle professionals.

An enlightening meta-analysis spearheaded by Dr. Frances McKee-Ryan of the University of Nevada, Reno, accentuated the heightened risk of mental health challenges when unemployment endangers basic necessities like food, shelter, and healthcare. Furthermore, findings from an exhaustive meta-analysis by Dr. Karsten Paul and Dr. Klaus Moser from Germany underpin the causal relationship between unemployment and deteriorating mental health.

This negative trajectory is further aggravated when the unemployment spell is elongated. A particularly concerning observation is the susceptibility of countries with stark wealth disparities and fragile unemployment safeguards, a description fitting the United States, to the adverse mental health implications of unemployment.

However, it is noteworthy that a collective experience of unemployment doesn't necessarily mitigate the mental distress. The pandemic's resultant economic downturn, although shared, exacerbates mental health strains due to the limited prospects of swift reemployment.

Addressing Self-Perception and Unemployment

Research has elucidated the intricate dynamics between self-perception, external systemic forces, and unemployment. A marked tendency, especially among American professionals, is to internalize the blame for job loss, leading to further degradation of mental well-being.

Psychologists play an indispensable role in reframing this perception. They can help individuals understand the external factors at play and focus on self-enhancement rather than self-deprecation.

The Nuances of Underemployment and Job Insecurity 

A dimension that requires equal attention is underemployment. Preliminary evidence suggests that job instability, particularly with inadequate wages or transient positions, is deleterious to mental health. Dr. Chia-Huei Wu from Leeds University Business School posits that sustained job insecurity can trigger a vicious cycle, where anxiety magnifies perceptions of uncertainty, derailing efforts to alleviate the insecurity.

The toll of job loss is notably profound among individuals nearing retirement, with research indicating that involuntary job loss can severely impact future financial security and retirement timing. A study by the Urban Institute in December 2020 revealed that workers 50 and older who underwent involuntary job loss saw their retirement wealth drop by an average of 9%, a consequence of depleted savings and potential penalties from premature retirement account withdrawals, exacerbating mental health stresses related to financial anxiety and future uncertainty.

Featured Video

Articles you may find interesting:

Identifying and Assisting Vulnerable Populations

Certain demographics are more vulnerable in the wake of the COVID-19 crisis. For instance, the service sector, predominantly constituted of women and people of color, has witnessed significant unemployment. Additionally, the absence of reliable broadband in certain regions has rendered remote work untenable for many.

An alarming revelation pertains to older workers, especially those in their 50s and 60s. They are at an amplified risk in terms of both health and economic implications during economic downturns. Conversely, the youngest stratum of the workforce is also vulnerable due to a scarcity of entry-level roles.

Ensuring Effective Job Training and Support

While the constricted job market presents an intractable challenge for Jones Lang LaSalle professionals, certain interventions can enhance the reemployment prospects and mental well-being of job seekers. One commendable initiative is the JOBS program, formulated by Dr. Richard Price and Dr. Amiram Vinokur from the University of Michigan. This program, which has found success in various countries, emphasizes both skill enhancement and psychological upliftment, ensuring a comprehensive approach to job searching during these tumultuous times.

Conclusion

In summary, the repercussions of the COVID-19-induced economic crisis on mental health are profound and multifaceted. Addressing these challenges necessitates a nuanced, informed approach, wherein psychological support and practical skill enhancement go hand-in-hand. As we move forward, it becomes imperative for Jones Lang LaSalle professionals to prioritize and implement such holistic strategies to aid those impacted during these unprecedented times.