Recession Uncertainties and Socioeconomic Challenges for the Modern Workforce: Proactively Managing Real and Perceived Financial Depressions
Year: 2025
Type: article
Abstract: This study examines the impact of economic recessions on workers, managers, and organizations in Turkey, highlighting strategies for resilience, adaptability, and long-term sustainability. Employing a mixed-method approach, the research combines a systematic literature review with semi-structured interviews of 43 Turkish entrepreneurs, managers, executives, and academic experts, who collectively bring nearly 628 years of professional experience across diverse industries. Findings reveal that recessions shape not only immediate financial outcomes but also long-term perceptions of social equity, wealth distribution, and economic fairness, influencing both individual and organizational decision-making. Several key themes emerged, such as household pressure, uncertainty in the market, psychosocial effects, coping strategies, and policy expectations. The study identifies key recession-proof sectors in Turkey, including healthcare, energy, utilities, and tourism, and highlights the importance of skill diversification, professional networking, and digital literacy for individual economic resilience. For managers, proactive planning, employee development, and fostering agile, collaborative teams emerge as critical factors for maintaining morale and productivity. Organizations benefit from diversifying revenue streams, leveraging regional trade opportunities, investing in innovation and automation, and engaging with local entrepreneurial ecosystems. By combining traditional industry strengths with modern strategies in digitalization and sustainable development, Turkish workers, managers, and organizations can transform economic challenges into opportunities to ensure stability, competitiveness, and growth in an increasingly interconnected global economy.
Source: SocioEconomic Challenges
Authors: Bahaudin G. Mujtaba, Pelin Vardarlier
Institutions: Nova Southeastern University, Balıkesir University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7123599714
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