Our government warned again this auspicious week, the week of Labour Day that Bermuda is not out of the woods relative to this global economic recession.

They are calling it the Mancession in the United States, a term coined by the Los Angeles Times. Mancession or Bermuda bycession is a recession, no matter the name, so-called because nationwide in the US more than three out of every four jobs have been lost by men.

The reason. The US recession has hurt male jobs more than female employment, as well as older workers more than young ones. Older men are an expensive bottom line to overhead, but young men, and those in the middle have also received redundancy notices in the industries that have predominately employed men: construction and related industries, manufacturing and the like.

In Bermuda, the construction industry is one of our local biggest employers, with a working group almost exclusively made up of men. I suspect, but cannot verify absolutely, that the same situation for Bermuda residents may be in store as the pace of construction slows down to a crawl and possibly to full stop.

The chasm. Women's jobs have not been as traumatically affected, particularly those in the areas of teaching, clerical, and service jobs such as care-giving. Women tend to be detail-oriented multi-taskers and, in this type of an economic slowdown, seem to find it easier to obtain another job.

Perhaps it is because they are used to multi-schedules with children — the juggling, jiggling, jargon of multiple interactions at once, or that they are forced to be more flexible — read lower pay.

They can't help but feel jaded at times — there is no thrill in being in total control, except for emotional downs when the salaries are not commensurate with men.

The reality of now is that when the man in the family, be it, one with a spouse and children, a son, or a single parent, loses a job — part of the valued identity as the 'guy in charge' seeps away. Traditionally, some of the industries that men work in have placed value 'street smarts more than book smarts', but as the new way of conducting business moves to the head of the class, these male segments of the population will be challenged to adjust, grow and change with the times.

Otherwise, it becomes harder to qualify for each new job. Industrial evolution waits for no man as the drive for profits forces efficiency in both products and employees.

There will be more emphasis on the following:

• Value for service — it won't be enough to just show up, you will be expected to bring in new business, demonstrate new skills, and take up continuing education. If you don't, you will either be replaced by someone who will take on these challenges, or stuck in a never ending cycle of jobs for the same or lower pay. For instance, the lack of skill in math to compute/read blueprints/install computerised equipment that came from less interest in formal schooling, more ability to take on motion jobs will catch up with those too impatient at an early age to embrace formal education. Street smart must become book smart — to provide the real label of authenticity that formalises what street smart already knows.

• Just-in-time workers are showing up in every profession, not just in construction and development. Law firms are imploding or disbanding, being replaced by virtual law offices where attorneys are hired for specific jobs at specific times only.

They will be expected to complete a sophisticated legal task just in time with information e-mailed to them just prior to a court appearance, for example. No performance, no consideration for the next job. A comprehensive package of employee benefits may become the thing of the past as each attorney (or accountant) becomes his/her own employer taking on all the risks of covering health insurance and pensions for less of a reward.

• Firms will endeavour to use every day employees with multiple skills, rather than hiring specialists. Bloomberg reported last week that companies are sharing and trading legal tips in order to avoid additional legal fees with outside counsel

• Other offshore competition. If that doesn't sound intimidating enough, consider that almost any job today that does not require a physical presence (and for that we now have virtual meetings) can now be done more efficiently, and cheaply elsewhere by nations of people hungry to succeed. They don't mind studying endless hours to achieve a life dream.

• Long-tailed unemployment picture. By all knowledgeable economic types, this is still going to be a fairly prolonged recession, then eventual slowly recovering global economy. Increasing education during periods of unemployment to be fit and upgraded when the economy picks up again has always been a useful strategy to keep confidence and self-worth feelings high.

Several years ago, one Bermuda Government minister publicly lamented that there were plenty of professional women he saw everyday, but few men, and that he wanted to see more men in the professional ranks.

What are some other solutions to maintain full employment?

Discretionary versus necessity jobs — the millionaire plumber in Martha's Vineyard. They may be considered trade jobs, and back in the day, were not rated on the glamorous side compared to the group off to the best universities.

These craftsmen are still needed and in great demand. Families and businesses cannot operate without the services of the IT skilled auto mechanic, the master plumber and electrician, the teacher, the carpenter, and now the electronic equipment specialist — all the rest, even the doctor, lawyer, dentist, and so on will see lags in growth when recessionary times are at hand.

If there is a choice between food, transportation and the dentist, the dentist loses if cash has to come out of pocket, or until jobs are more secure.

Years ago, on many trips to Martha's Vineyard to the home of a dear friend from the technical school I attended, it became very apparent that her parents were not poor. It was astonishing to me (and humbling) to realise that her father, just an ordinary guy, owned an island-wide plumbing business. His reputation was well established for value for service; the phone rung off the hook in the summertime as he worked 100-hour weeks. He was close to, if not at that time, already as wealthy as the New York financial and literary clientele he took care of.

He provided a necessary service that everyone needs, no matter who you are.

The choice is yours. It may not be an easy next few months or year if you lose your job. Can you use the time wisely to upgrade yourself and your skills to become the employee everyone wants?

Martha Harris Myron, CPA, CFP (US) TEP (UK) JP-Bermuda is a Certified Financial Planner practitioner. She provides independent fee-only cross-border tax, estate, investment, and strategic planning services for Bermuda residents with cross-border and multi-national connections, internationally mobile people and US citizens living abroad. For more information, contact martha.myron@gmail.com">martha.myron@gmail.com or phone 296-3528.