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Labor Trends In The Market

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Presentation on theme: "Labor Trends In The Market"— Presentation transcript:

1 Labor Trends In The Market

2 The Labor Force Today’s labor force is transforming before our eyes
Computer related occupations is where the jobs are at Bureau of Labor Statistics survey households to assemble the necessary information about employed & unemployed people Employed: 16 years or older 1 hour of pay per week 15 or more hours of week without pay (family bus.) Illness, vacations, bad weather, or labor disputes

3 Unemployed People who do not meet the qualifications for the employed
Must have worked lined up in the future Actively searching for a job Exceptions F/T students Stay at home parents Discouraged workers The BLS provide the answers to 2 economic questions: How many people? How many are employed or Unemployed at the same time?

4 Occupational Trends A changing economy Fewer Goods, More Services:
Change from a manufacturing economy to a service economy Productions of services increasing faster than those in goods International Competition Effects: Today capital & labor are mobile Crossing international borders Demand for skilled workers has increased A changing economy Once a nations of farmers Industrial revolution The rise of corporations Electronics industry Technological Age Information Age ½ American workers reported some use of computers on the job

5 The Changing Labor Force
A person can expect to have 4 to 5 different jobs in their lifetime College Graduates Human capital. Cost $ HS Diploma will not prepare you for financial success Higher earnings compensate for expense Learning effect Screening Effect: Tells an employee that you are hardworking & intelligent Identifies useful qualities for employees

6 The Changing Labor Force Cont.
Women at Work Changing face of the workforce 38% of workforce in 1960 to 60% by the year 2000 Encouraged to get a higher education More jobs in the service than in physical strength More than 61% by 2006 Temporary Workers P/T & Temp workers seem to be more popular Contingent employment: white collar/contract workers Flexible arrangement Discharging is easier Paid less & fewer benefits Workers prefer flexible arrangement

7 Trends in Wages & Benefits
Up for some but down for others The last 20 years there has been slightly lower earnings $275 (1980) to $278 in 2003 with measured inflation at the dollar amount of $523 Paid in wages before but benefits cost now College graduates earnings have gone up while workers w/out education degrees have decreased Greater competition with cheap Foreign labor Deregulation of industries have Forced firms to cut employees Wages as competition has increased

8 Benefit Costs Pensions & health insurance are a significant portion of wages received 28% of total compensation in the US economy today SS is seen as a benefit Contingent employment Production facilities moving overseas The more benefit costs continue to rise the more firms will continue to cut in order to make a profit

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