At today’s Syrian American Engineers Association Winter Conference, panelists discussed inflation impact and recession fears for Syrian-Americans in the engineering profession.
The panel included engineer members drawing on their experience from J.P. Morgan Chase, Comerica Bank, FEMA, ACI, The Islamic Bank, Dart Corp, Mitsubishi, PCA, General Electric, Ford and several other notable corporations to inform the discussion from multiple perspectives.
Currently, the GDP in America is going down, which usually indicates recession, while the unemployment rate is falling and businesses have a significant buffer if there is a downturn. A recession is absolutely possible, though if we are entering a recession, it is unlike any that we’ve had before due to COVID-19 impacts.
Industry leaders discussed the effects of inflation and concerns about potential recession as it impacts their work, business, education, careers, and retirement plans. They predict that if the GDP continues to shrink, layoffs will start or increase and inflation will slow down. If the GDP expands, the tight labor market will persist, along with inflation. This could very well keep the demand of engineer strong in all fields and disciplines.
SAEA members in attendance shared their personal experiences and discussed: performance reviews, salary projections, hiring and layoff forecasts, remote onboarding of new hires, starting or changing employers, work benefits, retirement planning, corporate and consumer sentiment, and artificial intelligence.