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Things That Are Changing in the Labor Market

Buy custom Things That Are Changing in the Labor Market essay

Buy custom Things That Are Changing in the Labor Market essay

The cost and availability of labor are crucial components in any organization. Efficient management of labor and an understanding of the labor market dynamics will define the difference between success and failure. The labor market is a dynamic setting where new concepts and ideas are appearing every day. For many years now, labor has been moving from developed countries to developing countries. Industries were choosing to set up their manufacturing plants and service stations in developing economies (Ginzberg 28). Third world nations are quickly acquiring education and getting required skills. They feel that developed economies are taking advantage of them. Other factors such as less reliance on labor due to automation and rising transportation are reversing this trend (Ginzberg 29). These changes have caused an increase in risk and a reduction in rewards.

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The advancement in technology has paved the way for automation in various industries. The nature and types of roles of human laborers are quickly changing. This has in turn affected the location of different parts of organizations. In a bid to reduce costs, institutions have embraced virtualization, the use of robots and even telecommuting (Ginzberg 94). However, some of the roles can never be replaced. With the ising number of the world population, more labor will be available. Therefore, organizations should only focus on automating what cannot proceed without being automated to ensure that most people remain with jobs.

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Previously, labor was not readily available, and organizations opted to outsource some positions into the global labor market. The processes and costs have become more burdening. In the modern world, labor is readily available, and most people have realized the importance of education. Many more people are specialized, and, therefore, experts are available locally. This is a good change, because local laborers understand the market better than a worker who has outsourced from the global market. Additionally, organizations that opted to set their operations abroad with the current the availability and costs or labor are regretting their decisions (Ginzberg 39). In the modern market, labor availability is no longer an issue, and, therefore, operations can be run in from any part of the world.

Another notable change is the rising number of the unemployed people. Developing economies have done a lot in terms of investing resources in education. At the end of the day, there are many qualified people. However, it is at this very time that organizations are faacing an inability to fill open positions. Employers are claiming that the available skills do not match their demands (Ginzberg 64). Due to this imbalance, there has been a significant group of qualified laborers who have taken up roles that they have not been trained for. Many organizations are restructuring their recruitment processeses so that they will get the best skills. The organizations are also putting in place rigorous training methods to ensure that they will have the experts they need in the future. In my perspective, this imbalance has been caused by poor coordination and communication between training institutions and market players.

In conclusion, people, and especially students, should recognize and understand the skills and capabilities that will be and are in demand in the workplace. After this realization, they should focus on those skills so that they can guarantee job security and to some extent income levels. A large number of students is placing a keen emphasis on skills that are declining in the market (Ginzberg 56). Therefore, this trend continues, these capabilities will be redundant by the time they join the labor market. Training institutions should also play a big role in making sure that the skills being taught are those that match the needs of the labor market.

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