How professional bodies can thrive in recession and inflation

About a third of the world economy is about to enter a recession in 2023, according to the IMF. In fact, we might already be in a recession.../

By Chinonso Ani Jan. 10, 2023 Organizations

About a third of the world economy is about to enter a recession in 2023, according to the IMF.

In fact, we might already be in a recession. Let's rewind back to 2008: The US National Bureau of Economic Research (NBER) declared that the United States entered a recession in December 2007. The announcement December 2008.

That's a whole year later. So maybe this recession has been sneaking up on us for a while now.

Also the political season brings to mind big questions about leadership and management, both on a National and on an organizational scale - with people thinking and measuring impact and making corollaries.

Fortunately for Professional Bodies, recessions can be a good thing, both for the Organization as a whole and for her members.

Here are a few strategies that professional bodies can use to thrive during inflation and recession:

  1. Diversify revenue streams: Professional bodies can look for ways to diversify their sources of revenue to make them less reliant on any single stream. This could include seeking out sponsorships, grants, and other sources of funding.
  2. Offer value to members: Professional bodies should focus on providing value to their members through resources, networking opportunities, and other benefits. This can help to retain existing members and attract new ones.
  3. Increase efficiency: Professional bodies can look for ways to reduce costs and increase efficiency in their operations. This might include streamlining processes, using technology to automate tasks, or outsourcing certain functions.
  4. Collaborate with other organizations: Professional bodies can consider partnering with other organizations to share resources and reach a wider audience. This could include collaborating on events, joint marketing efforts, or other initiatives.
  5. Be proactive: Professional bodies should be proactive in responding to economic challenges. This might involve adapting to changing market conditions, exploring new opportunities, and being responsive to the needs of their members.

During times of inflation or recession, professional bodies can help their members by providing resources and support to help them adapt to the changing economic environment. Some specific ways that professional bodies may help their members include:

  1. Providing career development resources: Professional bodies can offer resources such as training programs, workshops, and webinars to help members improve their skills and advance in their careers. This can be especially important during times of economic uncertainty, when job security may be more precarious.
  2. Offering networking opportunities: Professional bodies can provide opportunities for members to connect with each other and with potential clients or employers. This can help members find new job opportunities or grow their businesses.
  3. Advocacy: Professional bodies may advocate on behalf of their members to government and other stakeholders. For example, they may lobby for policies that support the interests of their members, such as tax breaks or funding for research and development.
  4. Providing resources to help members adapt to change: Professional bodies can offer resources such as guidance on how to pivot to new industries or business models, or how to use technology to streamline operations and reduce costs.

A study shows companies are becoming more digitized and increased their investment in IT - the impact of recession saw an increased demand for higher-level skills particularly computer-related skills.

If your professional body can answer the recession question, and help its members to answer the recession question, then it would simultaneously solve the many challenges a professional body can have.

There are many challenges that professional bodies may face. Some of the major problems that may impact professional bodies include:

  • Competition for membership: Professional bodies may face competition from other organizations that offer similar services and resources to members. This can make it difficult for a professional body to attract and retain members.
  • Funding: Professional bodies may rely on membership fees and other sources of revenue to fund their operations. If they are unable to generate sufficient income, they may struggle to provide the resources and services that their members need.
  • Changing needs of members: The needs and expectations of members may change over time, and professional bodies may need to adapt to keep up with these changes. For example, a professional body may need to provide more online resources and support to meet the needs of a younger, more digitally-savvy membership.
  • Public perception: Professional bodies may also face challenges related to public perception. For example, if the public has a negative view of a particular profession, it may be more difficult for a professional body to attract and retain members.