Worksharing stops layoffs before they happen

Our nation’s current economic expansion and recovery from the Great Recession is already 94 months old—almost twice the average length of time between recessions since World War II and already the third longest in American history. So while it seems like many of us still haven’t recovered from the last economic downturn, we are already overdue for the next. And dozens of companies continue to lay off workers today, even in the midst of an economic “recovery.”

But the policies we enact today will determine what happens to our workers, businesses, and overall economy when tomorrow’s recession finally comes or today’s companies need to lower labor costs. One crucial policy that can help businesses retain their workforce and minimize unemployment during and after economic downturns is called “worksharing.” It can also minimize layoffs when individual companies are facing tough times but the economy isn’t officially in recession.