The Labor Force

1. The Labor Force

2. “You can be anything you want to be.” “You can be anything you’re good at, as long as they’re hiring…And even then, it helps to know somebody.” –Chris Rock.

3. If You Want to Get a Job… • Education is important… • Experience is important… • And your HANDSHAKE is nearly as important. • Are you trying to do a dap as a shake? • Do you try to hold on for an awkwardly long time? • You WILL NOT get that job. • The five keys are: • FIRMNESS. • DRYNESS. • EYE CONTACT. • Say your FIRST and LAST name (unless you are the boss, which you are not). • BREVITY: one pump, maybe two. NO MORE. GET OUT.

4. The Recipe for Success: Do You Have… • A positive work ethic? Are you willing to volunteer for difficult assignments? • A sense of punctuality? Does “Be there at 8am” mean 7:50, 8am or 8:45? • Good time management? Are you organized? Disorganization is a time vampire. • Strong communication skills? Can you make yourself readily understood in standard English? • Good character? Are you honest?

5. The Labor Force • The labor force is made up of all people over the age of 16 who are… • Working… • Or actively looking for work. • As you begin looking for work, there are SEVEN things that need to think about: • Wages. …jobs that require advanced skills pay usually pay high wages… …jobs that have few skill requirements usually pay low wages.

6. In terms of the labor force, wages and skill levels are... iRespond Question Multiple Choice F 32E1DE4B-38B6-C542-98F1-36E2EB77A3AC A.) directly related. B.) inversely related. C.) not related. D.) E.)

7. Other Considerations… • Skills—Do you need… • Special experience? • A certain degree? • A unique ability? • Working conditions—hot, cold, dangerous, etc. • If you can handle this, your pay will… • RISE. • Location—THINK ABOUT THE COMMUTE! • Intrinsic rewards—are you looking for something other than money? 6. Market trends—VCR repair, for example, is probably not a good line of work to go into. • Fringe benefits—does your career offer… • Health insurance? • A good retirement package? • Enough vacation time?

8. In terms of employment considerations, which of the following would be considered an intrinsic reward? iRespond Question Multiple Choice F 50DC7405-043A-7741-AD2E-6263F32D6A30 A.) the large amounts of vacation time provided to educators. B.) the short commute of somebody who lives in a city center. C.) the free teeth cleanings offered to employees of a dental clinic. D.) the satisfaction of a politician has fought to pass an important bill. E.)

9. Wages & Skill Levels • Unskilled labor— • You can begin with NO TRAINING— • You are paid an hourly wage. • Semi-skilled labor— • May require a LITTLE training— • You are paid an hourly wage. • Skilled— • You need a SPECIALIZED ability— • You are paid an hourly wage, but that wage could be EXTREMELY HIGH. • Professional— • You need AT LEAST a four-year college degree… • You are paid a SALARY.

10. Under which category of employment would an accountant probably fall? iRespond Question Multiple Choice F 4CBED866-EF1C-2044-9826-549BD5DFACBA A.) unskilled. B.) semi-skilled. C.) skilled. D.) professional. E.)

11. Under which category of employment would a toll-booth operator probably fall? iRespond Question Multiple Choice F 9A9C7F2D-5DCF-2347-978D-496588E4CE8C A.) unskilled. B.) semi-skilled. C.) skilled. D.) professional. E.)

12. Taking into account current labor market trends, which skill-set do you think provides for the LOWEST levels of unemployment? iRespond Question Multiple Choice F 065B1455-4B47-B045-B105-98FFF2C55F9A A.) construction. B.) nursing. C.) art and design. D.) textile manufacturing. E.)

13. Changes in the US Work Force: Outsourcing • From the 1800’s to the 1970’s, the US economy gradually became more INDUSTRIALIZED—and based on manufacturing. • Starting in the 1980’s, US manufacturing jobs began to disappear…WHERE? • To India, China, Mexico, etc., in a process called OUTSOURCING— • When companies ship low-skilled jobs overseas. Why do they do this? • Because foreign labor is CHEAPER.

14. More Changes in the US Workforce • Every economic issue has WINNERS and LOSERS. • When the American economy changed, the LOSERS were workers with undeveloped skill sets… • And low levels of education. • And the WINNERS were highly skilled/highly educated workers. • Please remember: • In this economy, a high school diploma BY ITSELF is little more than a ticket to poverty. • YOU MUST OBTAIN a more advanced education— • And I’m NOT talking about DeVry University.

15. A Quick Cost Comparison: • Cost per credit at KSU: • $158.00/hour. • Cost per credit at DeVry: • $609.00/hour.

16. High School or College? • High school graduates make approximately $17,475/year less than those with a 4-year bachelor’s degree… • High school grads divorce at twice the rate of college graduates. • High school grads are almost twice as likely to be obese than college grads… • HS grads are disproportionally more likely to spend large amounts of money on expensive jewelry and sneakers. • They are more likely to file for bankruptcy. • Their children are less likely to be economically successful. • They’re more likely to smoke... • They’re more likely to contract an STD… • They get heart disease at twice the rate of college grads… • They are far less likely to have health insurance… • And they die, on average, five years earlier than college grads.

17. Education & the Work Force • Education is expensive… • But workers are compensated with higher wages. • The LearningEffect—education increases productivity & results in higher wages… • The ScreeningEffect—completion of college indicates to employers that the applicant is intelligent & hard-working.

18. Wage Discrimination for Women • Although female workers are now beginning to OVERTAKE their male counterparts (think about the classes you’re in right now…)— • But in the past, women earned less than men for several reasons: • “Women’s Work”—women were often pushed into lower wage jobs like nursing & clerical work… • HumanCapital—women have had less education, training & experience than men—this has made them less valuable… • CareerPaths—employers assume that women are not interested in career advancement. • These issues combined to create the… GlassCeiling—an unofficial barrier that prevented women from risingto the highest ranks of the work force.