Recession is the word nobody wishes to hear. But here it is. Economy has to go full cycle- it now has to heal itself after leaps of growth. Panic will spread. Will architects’ world feel the tremors of the recession that is going to brace the country in 2008?
Ned Cramer, editor-in-chief of ARCHITECT and ARCHITECTURAL LIGHTING, advises to Resist the Urge to join the panic procession.
The profession’s learned a lot since the recession of the late 1980s and early 1990s, when giant firms laid off people by the hundreds. For one thing, large and small practices today are alive to the benefits of a diversified portfolio. The strategy is practically a business-world cliché at this point, but it seems to work. In the coming months, the going will get toughest for firms that haven’t diversified—particularly, given the subprime situation, those that specialize in single- and multifamily housing.
Layoffs may be inevitable. But it does not cost a fortune to keep talent happy and pumped up till it is boom time again.