May 8, 2013
Many professionals who were provided with unemployment solutions after they were laid off were recently studied by Robert Valletta, a San Francisco Fed economist and Henry Farber, a Princeton University, to see if such benefits played a role in the amount of time they spent in the workforce.
The study, "Do Extended Unemployment Benefits Lengthen Unemployment Spells? Evidence from Recent Cycles in the U.S. Labor Market," released by the Federal Reserve Bank of San Francisco, revealed members of the workforce who were previously fired from their positions were actively pursuing new work despite still receiving benefits from their previous employer.
According to the research, the monthly checks were received by members of the workforce didn't allow them to think they had more time to stay unemployed as they still actively sought after new jobs. The benefit they were collecting "doesn't reduce their probability of finding or accepting a job offer but it keeps them in the labor force," said Valletta in an interview with The Wall Street Journal.
The economy has made times tough for a number of Americans, and extended benefits were thought of as a way to keep those in the labor market and their families afloat as they try to find new employment. The research found giving unemployed workers extended benefits did just that, as many were able to find jobs and others are not slacking off in their job search.
"It didn't seem to reduce the job finding rate," Farber told The WSJ. "They didn't affect people finding jobs quickly. But for people who were unemployed a long-time, it kept them in the labor force."
NYCON members who use First Nonprofit’s programs enjoy enduring savings and improved efficiency. Our association knows that success, because from the beginning, we achieved the same great benefits. Great savings, seamless technology, and responsive service. NYCON highly recommends First Nonprofit’s remarkable unemployment solutions.
We were introduced to First Nonprofit through another housing authority. In our analysis and comparison to what we were paying the State, our first year savings was $5,800 plus. We have been with them since the end of 2008 and I am glad we have been. I consider them an arm of our HR department.
Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.