b. Analyzing the Labor Market: “Conditions in the labor market affect the abilit
ID: 450654 • Letter: B
Question
b. Analyzing the Labor Market: “Conditions in the labor market affect the ability of an organization to hire the qualified individuals it needs. A labor market analysis looks at various economic indicators and other factors that impact the availability of those individuals” (Reed & Bogardus, 2012, p. 176). Answer the following questions as it relates to analyzing the labor market:
Identify at least two economic indicators or other factors that impact the availability of qualified candidates and/or the organization’s ability to hire qualified candidates.
Reed and Bogardus (2012) writes: “A useful labor market analysis for a particular organization includes data that is relevant to the needs of the organization and the types of employees and skills it is seeking to hire” (p. 177).
Identify a useful labor market analysis for a particular organization with which you are familiar.
Cite the particular needs of the organization, including the types of employees and skill sets it seeks through the hiring process.
Explanation / Answer
Society changes and the following makeup of the population affects the labor market.Labor market is very senisitve to socio-political and ecnomical changes. Efficient labor pool is always an asset to the organisation.Organisation will get the flexibility to move on to taking bigger projects and commitments if they have productive labor pool to support them. But in this curretn sceario getting the right candidate for right job is very difficult.
Some of the economical factors that impact the availability of qualified candidates are
Slow moving eonomy results in brain drain kind of phenomenon as eligible and skilled professionals will move to other nations where economic stability is there and has the capability to pay off really well.
Organisation required labor pool as per their objective and business requirement. Labor intensive sectors like manufacturing and IT support needs more talented and stable professionals for their organisation.IT being one of the major job providing sector at the current decade they really struggle to get quality professional as the market demand. Switiching from one job another in search of better packages and comofort has become a threat to IT firms.
Employee selection is very critical and during the recrutiment time many aspects such as stability ,ambition and career goal of the potential caniddate has to be evaluated.IT, infra structure, E-commerce are the emerging market where huge opportunities are linedup. Techology enhancement may reduce opportunities in future, still skilled and committed labor pools have their own significance in all economy. General skill set like team co-ordination, adaptability, ethical ebhavior, communication skills,sincerity etc has to be considered along with technical and educational back ground.
A good labor pool can create wonders in organisation as they drives the major force of business.
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