Report on labour market

Consequently, the interplay between demand and supply prevails. Additionally, change in the bargaining power is the major factor influencing the demand and supply of market labor (Neumark, 2018). Labor market analysis or research is useful for an industry, a company, or an organization as depicted by the findings on this report. It enables the industry to determine the effective labor market for the various types of position and enhances the process of carrying out survey to the market in order to gain knowledge on the standard wages paid for particular posts and other workers. Moreover, this analysis is important in the identification of the market trends including ancillary pay and pay activities. In fact, larger percentage of these data were discussing issues regarding workers I relation to their occupation.

Each and every worker were engaged as far as their method of wage payment, education level, age, gender, the number of hours working, either a part-time or full-time worker, union status are concerned. The white-collar jobs involved all the professional workers including managers and other professionals. The data collected gave different information concerning both the two kinds of job, white-collar jobs and blue-collar jobs. There were differences age, gender and education level for those who were responsible for each kind of job, for instance, those with higher education were considered for the white-collar jobs. On the other hand, how can occupational analysis on labor market support industrial and individual planning? Generally, occupational analysis on labor market is the technique used to describe work, jobs and occupations within a given industry (Hanushek et al.

Organization Research Data was collected from one of the best electrical engineering organization worldwide to aid in study of internal labor markets within the organization. The level at which the internal labor market prevailed was relatively dependent on the nature of training provided by the company. Collective bargaining is one of the factors that is negatively affecting the internal labor market of the organization since once other factors were unestablished, there was no change in the size of the internal labor market within the organization (Deming, 2017). Information recorded from this electrical engineering entity depicted that its workers reallocated from their original staying points since the demand for workforce was high and their skills were needed. Procedurally, the human resource manager of the electrical engineering organization gave a detailed information on how they do recruitment of new workers.

They first take a glance at the labor market and then look for individuals who meet the required qualifications (Greenwald, 2018).   Labor market analysis within an organization proclaims a crucial aspect of an organization as indicated by the electrical engineering organization where the research work was based. It enabled the organization to acquire the best-qualified workers and as well, provided a competitive platform that enabled an organization to develop a competitive compensation packages to its own workers. Data showed that this principle has led to the good performance of the organization by installing positive morale to the workers. Demographic Shifts: due to the modification of the healthcare sector, birth rate has been declining with relatively high percentage thus the population has been graying and human workforce decreasing.

This makes workers to work for longer hours and the retirement age to be a bit high. On the other hand, the recruitment possibilities become higher. Emerging Technologies: Innovation of new technologies increases by greater percentage in the field of electrical engineering. Thus, workers are at risk of losing their jobs. They believe that physics are for men and so the field is meant for me only. On the other hand, the company incurs many expenses than revenues at some points of time. For instance, the book of records showed that for the last fiscal year, the amount used to pay the workers plus their incentive allowances was higher than the company’s total profit. This is a major problem since it results to a net loss.

Wages per head of every worker is high because the company engages in hard tasks and risky jobs that the basic income must be high in order to attract more workforces. In a competitive labor market, firms tend to employ group of people with low labor force participation. Consequently, changes in the incentives associated with pensions will make older workers to retire at later age. Changes in technology system will make it efficient to employ people with disability and those with children (Card, Kluve & Weber, 2017). Conclusions Labor market analysis or research is useful for the current companies and organizations. It helps them in identifying the best labor market for the various kinds of posts and develop the technique of surveying the customer market in order to gain skills on the standard wages for given workers.