Stewart, G. L., & Brown, K. G. (2019). Human resource management . Wiley.
The authors of the article elaborate on some of the labor market trends that affect the functions of human resource. One of the critical aspects of human resource is the art of managing change, and the labor market is one area that can quickly impact on the practices of human resource. It is difficult to project the future with accuracy; however; having a review of trends in labor markets can offer some areas where an organization should expect change. In this regards, the organization, as well as their human resource practices, may also be compelled to change. Some of the topics addressed in regards to labor market trends include population trends, labor force trends, employment trends, globalization trends, and trends in education and training. Population trends can be described as the general movement in the number as well as the characteristics of people living in a particular region. The two main reasons why organizations are interested in population trends are, to assist them in establishing how the demand of their goods and services may be impacted on and secondly to offer insight into the number as well as the type of workers that will be available for the future workfare. Labour force trends do not only focus on population in totality but on the characteristics and number of people who will be looking for work or working. Besides, the racial proportion will keep changing. For example, the number of non-Hispanic employees is projected to decrease while that of Hispanic workers will remain the same. Additionally, another trend that is anticipated to arise is the number of women in the future workforce. The number of women is expected to rise while that of men will continue to decrease. Attracting and retaining female and minority employees will become an essential factor. As a result, organizations will start offering programs that will be convenient for working mothers such as on-site daycares as well as flexible working hours. Employment trends will focus on the available opportunities in the future, and one prevailing direction already ongoing is the shift from producing goods to offering service employment. The likelihood of most organizations providing services and most new jobs emerging from there is high. Education and training trends will focus on the competencies that people will require for the jobs that will be available in the future. Also, organizations will be expected to intensify the training they provide to their employees. Finally, there will be the issue of globalization trends. Globalization is the process through which companies go beyond their national borders to conduct business in other countries.
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Brewster, C., Mayrhofer, W., & Farndale, E. (Eds.). (2018). Handbook of research on comparative human resource management . Edward Elgar Publishing.
Labor market trends are such a relevant subject to the human resource as it directly impacts on the human resource practices. Organizations must project the future and determine how the changes in various fields, as earlier mentioned, can bring about change in human resource practices. The importance of following closely on these trends is, they can help to determine the type of population that will comprise of the future workforce, the type of jobs in the future, the competencies and training needed for employment in the future as well as the movement of businesses from one country to another. All the above will help to increase the complexity of human resource functions.
References
Brewster, C., Mayrhofer, W., & Farndale, E. (Eds.). (2018). Handbook of research on comparative human resource management . Edward Elgar Publishing.
Stewart, G. L., & Brown, K. G. (2019). Human resource management . Wiley.
