Labor Market is vital for every company seeing that it relates to having the best employees within your organization. In fact, E-Sonic is no different, so they need to seek out skilled, knowledgeable and qualified workers for E-Sonic to be a success in all areas in their new business model. According to Martocchio (2013), E-Sonic must adapt quickly to the market shift by employing skilled workers with the knowledge of online marketing with marketing initiatives to operate their new and tech savy online music industry delivered to their current customers and future ones. Based on the Bureau of Labor statistics when it comes on to Software developers they obtain the median pay of $100,690 per year in 2015. There will be a 17 per cent increase …show more content…
In other words, when there is an increase in demand for labour, then salaries are likely to attract qualified workers at a higher price. Also, with companies raising their pay scale, it will attract the best employees for each job position. According to Martocchio (2013) E-Sonic will have to create a compensation package where employees will be guaranteed rewards for their contributions to the company in order to succeed in the new market venture. The U.S. Bureau of Labor Statistics release the growth stage of Computer and mathematical occupations in which they are projected to add 778,300 new jobs between 2010 and 2020, after having added 229,600 new jobs from 2006 to 2010. These figures represent 22.0 percent growth from 2010 to 2020, making the computer and mathematical occupational group the sixth-fastest-growing major occupational group. However, Computer occupations are much larger than mathematical occupations, accounting for 3.4 million of the total 3.5 million jobs in computer and mathematical occupations in 2010. Employment in computer occupations also is projected to grow faster than mathematical occupations, with growth rates of 22.1 percent and 16.7 percent, respectively. In fact, computer occupations are popular throughout the economy, its fast growth in computer system design and related services industry will continue to grow in this group; this industry accounted for just over 20 percent of all jobs in computer occupations in 2010, but will generate more than half of all new computer jobs from 2010 to
This isn’t to much but it is increasing more and more every year. Until 2022, the rate of hiring will be on a gradual increase. Some places require more employees than others. Most states hire from 50 to 1000 every few years.
5. The current labor market assessment looks good in the beginning stages of production. The information technology field has steadily been growing over the past decade. This along with the familiarity of the field has grown over the years as well. As being one of the leaders in this industry, our reputation will also serve as a great benefit of recruiting new employees for our expansion.
Amongst reading the material presented in this chapter about the job market trends, I was able to determine that the job market is extremely dynamic and has a great rate of change depending on the company’s needs. These adjustments also affect salaries, if there is a high demand for a position where there is a shortage in qualified candidates the salaries and benefits will be higher. As new technologies grow, the need for employees in these areas do as well, people need to maintain their skills up to date and seek professional growth to be able to keep up with the requirements and challenges of this fast pacing changing job market. However, some of these changes in the job market are being caused by the rapid change in the workforce. Companies are having to adapt some of their philosophy and the way they view employees, because so much has changed in the way the workforce behaves. Let’s examine the
4-The data in the table, obtained from Business Week’s (June 22, 2006) technology section, represents typical salaries of technology professionals in 13 metropolitan areas for 2003 and 2005…
Technology: advancements of technological adaptation has made employment obsolete. No longer is there a need to educate and train employees for positions that Artificial Intelligence (AI) can do. Companies are paying more for research and development (R&D) into technological advances to increase their bottom line as employee salaries are a company’s highest expense (American Sociological Association, 2013).
Some people consider those jobs separate but most just look at them as the same job. Between them the job outlook is supposed to go up by 22% between 2012 and 2022.Compared to other jobs thats a high outlook for a future career. Most jobs don’t have such a high outlook. In another twenty years this job will be even more involved with technology because it is technology based. You will have to stay up to date with all the new tech that comes out and understand how to use it in this field.
The report of Robert Reich: “Why the Rich are getting Richer and the Poor, Poorer,” is an eye opener and a warning for society regarding unemployment that it will be facing and is currently facing due to a lack of technology and education. It clearly articulates that the jobs of routine producers and in-person servers have vanished totally as modern techniques have replaced them. The author has stated that the only people whose jobs are on the rise are symbol analysts. As stated in the report, symbol analysts are the real problem solvers. Their skills are highly in demand worldwide because they are the ones who first analyze the problem and then solve it. The Hart Report, on the other hand, also states the same problem of unemployment
74. The demand for knowledge workers with the skills to utilize technology to full advantage is increasing.
One key misperception among industry watchers is that technology advancements results largely in the death of career opportunities. This is simply not the case. Instead of killing jobs, technological advances are changing the nature of the roles available. Computer programmers and network administrators are just two examples of roles in the IT sector that are seeing significant growth across the globe.
Computerization is not necessary destroying jobs, but rather degrading the quality of jobs and creating a substantial division of labor force. The demand for highly skilled employees who perform well in intellectual tasks is strong, but the middle of the labor market, where the routine task-intensive jobs lie, is sagging. The labor force without the technological training required therefore concentrate in manual task-intensive jobs — like food services, cleaning and security — which are numerous but offer low wages, precarious job security and few prospects for upward mobility. This bifurcation of job opportunities has contributed to the historic rise in income inequality. (Autor, Dorn) It’s is becoming more difficult to overlook the fact that technology is widening the income gap between the tech-savvy and everyone else. All this changes in the labor force market and technology are signs that the economy is going through a period of transition, alike to those it’s experienced
Individuals who are predicted to be facing a long period of unemployment will receive priority over those facing shorter periods of unemployment. A study by Deloitte Insight estimates that 39 percent of jobs in the legal sector could possibly be automated in the next decade. A report by economia found that accountants have a 95 percent chance of being automated in the near future. As it becomes increasingly evident that specific professions have a high chance of becoming automated if those professions become automated many working in those fields will be looking for a
After reading the article "Why Nerd and Nurses are Taking Over the U.S. Economy" by Derek Thompson, I realized that all the statistics, studies and info could be scaled down to Erie Pennsylvania. For example in recent years Hamot has grown a lot, Lecom has become more popular, Urgent Care mini hospitals have sprouted up, and colleges like Gannon University have grown and specialize in the medical field and some technology majors. On the other hand mathematicians are going to slowly starting to die out. Things like fast consumer computers are making more and more complex equations more accessible to be solved at home. Super computers are running the big numbers these days not mathematicians. Manufacturing is different, although the employees
A good example is a children?s clothing store. They must be able to understand what has made their competitors like Carter?s and
Since 2006, when the TOMS Shoes was founded, their ‘one for one’ business model has been widely embraced or criticized by different companies and the consumers. While, Blake Mycoskie, the founder of TOMS Company, was on trip to Argentina in 2006, he witnessed the extreme poverty and poor health conditions. After countersigning children walking barefoot, it dramatically heightened Blake’s awareness. Consequently, after witnessing those events, Mycoskie came up with a simple and innovating plan to create a for-profit business with a philanthropic component. Consequently, Blake created TOMS company with a unique principal and business model referred to ‘One for One’. TOMS ‘One for One’ is a unique business model, where for every pair of shoes purchased TOMS donates a pair of shoes to children in need in developing or underdeveloped countries. The company’s name ‘TOMS’ generated from the word ‘TOMORROW’, which was the original concept of the company, ‘shoes for tomorrow’.
In the U.S., software drove about 1/4 of all increase in GDP during the 1990s (about $90 billion per year), and 1/6 of all productivity growth (efficiency within GDP) during the late 1990s (about $33 billion per year). Software engineering drove $1 trillion of economic and productivity growth over the last decade.