Career Decisions Objectives for October 21 st , 2010

1. Career Decisions Objectives forOctober 21st, 2010 • Today we will describe six factors that affect the labor market • Time permitting, we will go over some careers current events

2. Factors Affecting the Labor Market • Forces beyond any individual’s control are constantly at work influencing workers • These forces shape the composition of the workforce and the types of jobs available • The six we will talk about today are: • Social Change • Population Shift • The Economy • World Events • Government Actions • The Forces of Competition on Staff Size

3. Social Change • Society once frowned on mothers having jobs instead of caring for children at home • Women were generally discouraged from fulltime work • That social barrier is long gone

4. Social Change • Young women today are encouraged to prepare themselves to be self-sufficient (individuals who can take care of themselves) • This means earning a salary that will support your needs and wants as well as those of your future family

5. Social Change • Except for wartime, the majority of U.S. workers have always been men • However, most new workers have recently been women • This trend will continue in the near future

6. Population Shift • Changes in the population as a whole affect the workplace • A significant change underway is the increase in minorities in the U.S. population • Employees of Hispanic, Asian, African American, or Native American heritage will account for a larger share of the workforce in the future

7. Population Shift • Virtually every nation of the world is represented in the U.S. population, making it the most diverse on earth • Diversity is the positive result of people of different racial, ethnic, and cultural backgrounds working together • Business leaders view our diverse workforce as a major resource in dealing with the global market

8. The Economy • When the economy is strong, demand is high for goods and services • To meet this demand, employers keep their businesses fully staffed, sometimes working their employees overtime • Workers spend their earnings freely when they do not worry about losing their jobs

9. The Economy • A weak economy can cause unemployment for many employees • During periods of economic uncertainty, the fear of losing one’s job causes consumers to cut back purchases • Consumers postpone buying items that aren’t really needed and even some necessary items

10. The Economy • A widespread slowdown in purchasing will cause employee cutbacks in an industry • When economic downturns are prolonged, the poor business in one industry usually affects others

11. World Events • Whether world events are natural or manmade, they hold opportunities and consequences for U.S. businesses and consumers • These events could cause prices to rise

12. Government Actions • Government action can, and often does, affect companies • Actions that affect some companies in a positive way may negatively affect others • It is important to know that rules, regulations, and other government decisions are generally not made suddenly

13. Government Actions • Issues are considered for many months or years before a plan is announced • Time is always allowed for affected members of the public to comment before a final decision on the plan is made • The smart citizen stays alert to government announcements that may affect his or her livelihood

14. The Forces of Competitionon Staff Size • Success in the global market means developing and delivering products and services quickly • Often this requires hiring more employees • Deciding how many full-time workers to have is a challenge • Employers can’t afford to have employees on the payroll with nothing to do

15. The Forces of Competitionon Staff Size • If more workers are needed, temporary or part-time help may be considered first • Companies only hire full-time employees when an increased workload is sure to be long-lasting • When a company foresees less demand for its products on a long-term basis, it will reduce it’s workload

16. The Forces of Competitionon Staff Size • Sometimes companies turn to other companies for help instead of hiring workers • By outsourcing work, companies can get products quickly and often less expensively

17. The Forces of Competitionon Staff Size • Companies also contract with service providers for outside help with payroll tasks, garbage pick-up, and general cleaning • If a company grows unsatisfied with the service provider, it can make changes when the contract expires

18. Summary • Many factors work together to shape the complex labor market • Social changes and population shifts are responsible for more women and minorities joining the work force • Economic conditions directly affect consumer spending habits and employment levels • Government action and world events can positively or negatively affect jobs • Even the forces of competition influence the hiring decisions companies make

19. I’m done for the day….Go Pack!!!!!!!