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Why Understanding Today’s Labor Market Is An Opportunity For Managers To Shine

1325 words - 6 pages

Carpe Diem:
Why Understanding Today’s Labor Market is an Opportunity for Managers to Shine

Carpe Diem:
Why Understanding Today’s Labor Market is an Opportunity for Managers to Shine

The culmination of our nation’s highest unemployment rate in decades and a growingly diverse workforce appears to be the perfect storm for company leaders. As businesses are slashing jobs, managers are required to do more with less. Human resource (HR) managers must be precise on hiring the best employees and offering the most attractive benefits for a diverse labor market. Department managers must maximize employee productivity. Gone are the days when managers can hide behind their desks ...view middle of the document...

Younger employees might be less interested in an employer’s 401(K) match and comprehensive health insurance—benefits valued by older employees. A generous tuition assistance allowance or sponsoring employees who want to obtain their graduate degrees may be more attractive to younger employees. According to Gemus (2004), “One recent survey found that among employees who are highly satisfied with their benefits, 69% say their benefits are important reasons to stay with their current employers.” This statistic shows a positive linear relationship between employee job satisfaction and employee benefit satisfaction. Understanding the demographics of the labor market and using this knowledge to offer the most attractive benefits will bring top talent to your doorsteps.
Why Understanding the Labor Market is a Skill Required for Leaders.
With one million immigrants migrating per year to the United States in search for better opportunities and almost 40 percent of the working-age population being non- Hispanic whites by 2012, managers will have to understand the different cultures of the future labor market (Mitchell et al., 2003). In most industries managers will have employees from difference races and cultural backgrounds. Managers need excellent communication skills in order to lead employees. Knowing your audience or employees in this case will help facilitate effective communication. With the unemployment rate at a historical high of 10.2 percent, companies are steadily laying off employees (Irwin & Fletcher, 2009). According to Irwin and Fletcher (2009), employers cut 190,000 jobs in the month of October. The recession has forced companies to reduce their labor force. Having the skill to communicate the strategic goals of the company and how these goals relate to everyday employee performance will contribute to the success of many managers. Although building this communicative relationship with employees is not a guarantee managers will not be laid off, it is a visible characteristic that is rare amongst their peers. Authors Janice Joplin and Catherine Daus (1997) believe
in times of great transition, leadership becomes critically important. Leaders in essence, offer us a pathway of confidence and directions as we move through the seeming chaos. No longer will good leadership skills be sufficient. Excellence across a broader range of skills will be a baseline requirement for successful leadership in a diverse workforce.
Senior Leadership would be wise to retain such high quality managers. This is also an opportunity for managers to leverage their valuable communication skills into greater leadership positions. To capitalize on this opportunity, managers must first understand the different races, cultures and backgrounds of the newly diverse labor market.
Why Understanding the Labor Market is Key to Motivating Employees.
The motivators that lead to high performance are dependent upon various factors. Whether old versus young or...

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