Ernst & Young Professionals: What Aspects of Job Loss do People not Like to Talk About?

Rich personal and professional support systems are critical for Ernst & Young employees facing job insecurity and mental health issues, says Brent Wolf, of the Retirement Group, a division of Wealth Enhancement Group. Such systems 'provide a safety net in turbulent times and in maintaining identity and purpose for people.'

And Kevin Landis of the Retirement Group of Wealth Enhancement Group says proactive career management is important for Ernst & Young personnel. He advises employees to 'keep learning and practicing psychological wellness to adapt to the uncertain economic landscape.'

What is it that we will discuss here?

1. The Psychological Impact of Economic Instability: How economic downturn caused by COVID-19 has led to greater mental health challenges among Ernst & Young employees.

2. Linking Employment Status to Mental Wellbeing: Correlation between job security, unemployment and mental health - need for psychological interventions.

3. Support Systems & Job Training for Reemployment: Psychological support should be combined with practical job training to improve reemployment and mental well being of affected people.

Impacts on Mental Health of Economic Upheaval from COVID-19

The economic crisis caused by the COVID-19 pandemic has transformed the international stage in recent years. That this is resembling the turmoil of the Great Depression has alarmed economists and public health officials. The prospect of increased mental health complications stemming from job insecurity in the United States is making preparations urgent. What does that mean to Ernst & Young personnel?

The Relationship of Unemployment to Mental Health

Unemployment has historically been linked to anxiety, melancholy and lower life satisfaction. Underemployment and job insecurity, two less frequently mentioned pandemic repercussions, are also sources of distress for large sections of the population.

The relevance of such psychological intervention is supported by evidence. Existing research suggests that broad job search initiatives involving increased motivational and cognitive aptitudes in addition to skill development generally produce better outcomes for professionals employed by Ernst & Young companies. With psychologists in these programs, the interconnectedness of unemployment with physical and mental health can be reinforced.

Longevity of employment is a psychological and financial nightmare, says Professor Carl Van Horn, a public policy expert at Rutgers University. Although immediate solutions to the economic hardships are not possible, psychological support can be invaluable in navigating and managing situations.

Pervasive Consequences of Job Loss

Famous industrial and organizational psychologist Dr. Connie Wanberg stresses the societal impact of employment. It is a channel for social interaction, identity, purpose and structure, in addition to income. Potentially devastating effects if these components are lost by Ernst & Young people are enormous.

One large scale meta-analysis led by Dr. Frances McKee-Ryan from the University of Nevada, Reno examined how unemployment increases vulnerability to mental health problems when basic needs like healthcare, food and shelter are threatened. An extensive German meta-analysis by Drs. Karsten Paul and Klaus Moser supports the causal connection between unemployment and deteriorating mental health.

The prolonged unemployment compounds this negative trend. Among other observations, high wealth and weak unemployment - a description that aptly describes the United States - make countries particularly vulnerable to adverse effects of unemployment on mental health.

But widespread unemployment does not automatically ease the psychological pain. Although universally felt, the pandemic-induced economic downturn worsens mental health issues because immediate reemployment opportunities are scarce.

Addressing Self-Perception and Unemployment

Research illuminated the complex interaction between unemployment, self-perception and external systemic forces. A tendency among professionals in the United States to blame employment loss on oneself contributes to poor mental health.

Psychologists help reorient this perception. Their assistance might help people to see that external influences can influence people and to work on self-improvement rather than self-deprecation.

The nuanced issues of underemployment and Job Insecurity

Underemployment also requires attention. Early results show job instability characterized by inadequate compensation or temporary employment negatively affects mental well-being. A vicious circle of anxiety that feeds perceptions of uncertainty can create insecurity that prevents efforts to mitigate that insecurity, says Leeds University Business School's Dr. Chia-Huei Wu.

For those approaching retirement age, unemployment has especially devastating results. Empirical results indicate that involuntary job loss may influence future financial security and retirement timing. Involuntary job loss dragged down retirement wealth by on average 9%, according to a December 2020 study by the Urban Institute. That decrease reflects depleted savings and possible penalties for premature withdrawals from retirement accounts. In addition, such circumstances may increase mental health strains associated with financial anxiety and future unpredictability.

Identifying and Helping Vulnerable Populations

Some particular demographic groups are comparatively more vulnerable to the COVID-19 pandemic consequences. In particular the service sector - made up almost entirely of people of color and women - has seen high levels of unemployment. Defective broadband also means remote work is unaffordable in some areas.

An especially scary revelation involves the older workforce - those in their 50s and 60s. People are particularly at risk for health and economic risks during economic recession. Yet entry-level positions also are scarce among the youngest in the labor force.

Job Training & Support

The tight labor market for Ernst & Young employees presents a formidable obstacle to reemployment but some interventions may improve reemployment prospects and psychological well being of those seeking employment. This is an admirable endeavor - the JOBS program developed by Dr. Richard Price and Dr. Amiram Vinokur of the University of Michigan. The program works in many countries and combines skill development with psychological support to ensure a balanced job search in the current turbulent environment.

In short, mental health consequences of the economic crisis caused by COVID-19 are numerous and diverse. For these reasons a combined psychological - practical strategy is needed. As time goes by, Ernst & Young personnel must prioritize and execute these broad strategies to help those affected by these unprecedented circumstances.

During the COVID-19 pandemic, navigating the current economic environment is like a sailor facing a sudden and intense tempest after decades of calm navigation. The more experienced and competent mariners are unexpectedly met with turbulent water which threatens their fine sense of navigation and safety. The tempest is not attached to prior achievements or social standing, like unforeseen unemployment or the unpredictable labor market. It may upset even the most successful people's equilibrium and cause financial and emotional harm. But using navigational tools and support systems analogous to social support networks and psychological interventions these sailors may navigate the tempest, realign themselves and explore new lands. This difficult expedition - though formidable - shows the fortitude and flexibility of those who have labored through calm and turbulent waters at Ernst & Young.

Added Fact:

A difficult identity reconstruction task is often not discussed much when experienced professionals lose their jobs. According to a March 2023 Harvard Business Review article, people later in their career equate self-worth with professional success. Any sudden separation from this association due to job loss could create an identity crisis just as debilitating as the financial strain. This article argues that pre-retirement counseling for Ernst & Young professionals should address financial planning as well as psychological readiness for the transition - and that personal identity must be redefined beyond the professional realm.

Added Analogy:

A career with a Ernst & Young company is like captaining an ocean liner. Years pass in calm and stormy seas with your identity tucked into the hull - big, tough, and seemingly unsinkable. But when the ship bumps into a hidden iceberg - like a job loss suddenly - the vessel becomes compromised. It is rarely spoken about however, the captain's silent struggle not against the sea, but against the loss of command. Like the captain, the displaced professional faces a private reckoning. They have lost their self-image reflected in the sexy interior of their corporate ship. The damage from the iceberg is below the waterline and represents the grief professionals feel when losing their job, their daily purpose, and a part of themselves they thought was unsinkable. It's this aspect of job loss, the identity crisis and not just the financial impact that many Ernst & Young professionals deal with in their heads alone.