The Great Recession: 10 Years of Economic Disparity - Essay Sample

Introduction

The Great Recession that ended in 2008 resulted in some of the highest rates of unemployment and domestic projections in the United States following the Great Depression. Catalyzed by the subprime mortgage debacle, the debacle has extended to hedge funds, banks, and securities-owning companies with significant regional and international impacts. The debt crisis also continues to securities. The effect on jobs and economic disparity persists ten years after the start of the crisis. IRLE discusses Berkeley Faculty's work on the impacts and long-term consequences of the crisis in a series of policy briefs. Leadership after the Great Recession has been tough with ever-increasing challenges, especially at the University of California.

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The Great Recession Side Effects

During this period in 2008, the economy experienced a massive influx, and people suffered a lot of difficulty in the employment sector. The Great Recession brought about significant economic collapse. There was a substantial increase in unemployment cases because most companies incurred losses, thus letting go of their employees. In banks, there was a significant reduction in prime rates, thus tampering with interest rates in banks; this decrease led to banks having losses. The mortgage market also collapsed, as a result, thus leading to banks landing in trouble. Most companies found themselves in bankruptcy because of the economic collapse, a few of them survived during that period. After that period, mass poverty affected American citizens. Families of young people, especially those born in the 1980s and below got affected the most and lost their wealth in the process. The post-Recession period lasted ten years, and the most affected members of the country were students in colleges and young adults. The challenges that rose from the Recession affected the way things are done at the University of California, including its leadership.

Post-recession Leadership Struggles

The leadership of the University of California faced multiple challenges, especially the ones associated with the finances of the school. The leadership in institutions has various functions. University student members also have a network edge. Networking Decode builds long-term partnerships that could motivate the success of the school and the company. You will be linked not only to lecturers, students, and university managers but also to club leaders and other organizations that are planning activities at your University. The college management has the right image among their peers. Anyone who understands that you have a managerial role in a professional environment, or a college or in a community, will want to mimic their behavior. It is, therefore, necessary to cultivate self-esteem before others expect to respect you. The main task of the student leader is to coordinate and develop teams. Take the discussion in the culture, for example, because it requires a feeling of responsibility. Student members need to build leadership skills, to begin with. You're trying to meet everyone's expectations while you do so. The financial crises undermined these functions of the leadership in California University. The University of California in Beverly gets its funds from; state support, philanthropists, school fees, and research. These funds are used to manage all the activities of the University and were thus affected by the Great Recession period.

Remedies Enacted by the University’s Management to Survive in the Great Recession

During a recession period, the most powerful and important aspect of combating the period is by the timing of decision making. The critical decision about the institution is essential in this period. The management should be careful when making decisions, such as acquiring loans to combat the recession period. These decisions should be based on carefully analyzed statistical data. The institution changed its management, which proved to be helpful during the Great Recession period. The new management brought new ideas and methods for combating the crisis. Another strategy that works all the time in any institution during this period is automating everything in the University.

The University of California has undergone a thorough digital transformation, thus making every function of the University easy. Services such as tallying of student's marks were done manually by clerks in the past. These employees were released when the automation process was complete-releasing such workers from the payroll increases saving in the University. Digital technology cuts costs at a high rate, and the University opted for storage of information in cloud services, thus cutting costs when buying paper for the institution. Technology is the ultimate method of cutting costs, thus reducing the impact of the recession period on the University of California.

Conclusion

During the recession period, smart organizations survive the period because of the decisions made by their management. It calls for quick and well-timed choices during this period. The Great Recession of the USA affected many organizations and institutions. The University of California navigated through the period because of the strategies that it used to combat the tough financial times.

References

Dirks, N. B. (2017). Opinion | Berkeley Is Under Attack From Both Sides. The New York Times. https://www.nytimes.com/2017/04/26/opinion/berkeley-is-under-attack-from-bothsides.html

Dirks, N. B. (2018). How Colleges Make Themselves Easy Targets. The Chronicle of Higher Education. https://www.chronicle.com/article/How-Colleges-Make-Themselves/244921

Kirby, W. C., & Eby, J. W. (2016). Public Mission, Private Funding: The University of California, Berkeley. Harvard Business School Case 317-023

Stripling, J. (2017). Berkeley's Dirks Reflects on Tumultuous Tenure. The Chronicle of Higher Education. https://www.chronicle.com/article/Berkeley-s-Dirks-Reflects-on/239891

Wilton, J. (2013). Time is Not on our Side, Part 1 of 2. https://vca.berkeley.edu/sites/default/files/Time%20is%20not%20on%20our%20side%201%2011.29.13%20FINAL.pdf

Wilton, J. (2013). Time is Not on our Side, Part 2 of 2. https://vca.berkeley.edu/sites/default/files/Time%20is%20not%20on%20our%20side%202%20%2011.29.13%20FINAL.pdf