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Why Understanding Today’s Labor Market Is an Opportunity for Managers to Shine

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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 unconcerned of their department’s work culture. The downward economy has forced senior leadership to take a red pen to wasted resources. Unproductive departments face possible layoffs or consolidation with other departments. Understanding the characteristics of the current labor market creates an opportunity for managers to grow their company’s human capital and propel their careers. Managers must understand today’s evolving labor market, in order to attract the best workers, effectively lead, and successfully motivate workers—create a competitive advantage with little room for error.
Why Understanding the Labor Market Attracts the Best Workers. The diversity of the labor market is a reflection of our changing society. According to Mitchell et al. (2003), in the next two decades a transformation will occur in our workforce. Due to the evolution of medicine, people are living longer. This naturally extends the work life of employees. HR managers must understand the needs of older employees and offer benefits to meet those needs. Those needs will differ from the needs of younger employees with less work experience. The “one size fits all” benefit package will not satisfy both old and

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