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Future Labor Markets

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  • Transcript

    • 1. Future Labor Markets Joseph Hall, Mukesh Jain, Shaun Lee , Alana Pechon , Karl Skucha, Matthew Wise
    • 2. Introduction of Labor Markets
      • Labor Markets result from relationships between:
        • Population
        • Labor Force
        • Technology
        • Demand for goods/services
    • 3. Historical Overview of Labor Markets
      • Examining Past enables Prediction of Future Labor Markets:
        • Shift from hunter gatherer to agricultural
        • Technological development
        • Globalization of world economy and labor markets
    • 4. Economic Trends
      • Developed Economies
        • Majority of workers engaged in wage and salaried employment
        • Service Sector > Manufacturing Industry > Agriculture
        • Majority of firms outsource major business functions
      • Developing Economies
        • Majority continue as self-employed workers
        • High agricultural employment
        • Inefficient use of labor
    • 5. Industry Trends
      • Financial Institutions
        • Outsourcing for back-office: Internal paperwork and HR
        • Business Processes Outsourcing (BPO)
      • IT Services
        • Offshore outsourcing is still prevalent
        • Crowdsourcing is the new trend
      • Software
        • Increasing reliance on global outsourcing
        • Backlash trend of in-housing and the fear of losing core competencies
    • 6. Industry Trends
      • Manufacturing / Construction
        • Outsourcing and Offshoring are still popular
        • Outsourcing causes job insecurity
      Source: North Carolina State University (2006) Supply Chain Management: Current Trends in Production Labor Sourcing
    • 7. Demographic Issues
      • In Europe, the 18-65 year old population has stopped growing and is beginning to decline
        • Shrinking labor pool may be mitigated by social security reforms
      • Asia & North America: Labor force continuing to grow, at slower pace than recent years
        • Asia: labor force growing due to population growth
        • North America: labor force growing despite retirement of baby boomers due to immigration
    • 8. Technology Issues
      • Advances in communications and networking globalize the workforce.
      • Concentrated, integrated mobile computing means more computational capability in the hands of the workforce.
      • Sensor networks (RFIDs, etc.) allow real-time, precision decision-making
    • 9. Outsourcing
      • Driven by desire to reduce costs
      • Companies attempt to maintain “core competencies” in-house
      • On the upswing since the mid-1990s
    • 10. Crowdsourcing
      • Outsource + open source = crowd source
      • Crowdcasting is exclusive crowdsourcing
      • Features
        • Talent can be low to high skilled
        • Materials required can vary
        • Great for information goods
      • Limitations
        • Requires low overhead
        • Quality control can be a challenge
    • 11. Crowdsourcing Today and Tomorrow
      • Examples today
        • Low skill: InChorus, MTurk
        • High skill: InnoCentive, Elance, MTurk
      • The future
        • Expect crowdsourcing to grow
        • Move to new industries: journalism, etc.
        • No “eBay” in this area, MTurk close
    • 12. Organizational Trends
      • Traditionally vertical chain of command
      • Flat organizations popularized in last two decades (Silicon Valley)
      • Decentralization
        • Home offices
        • mMNCs
    • 13. Micro Multinationals
      • Characteristics
        • Small global start-ups
        • Communicate using Web 2.0 features
      • Advantages
        • Lower labor costs
        • Higher pool of talent to choose from
        • Small companies can “play big”
    • 14. Micro Multinationals
      • Labor Structure
        • Extensive documentation (i.e. wikis)
        • Lower micromanagement
        • Communication across different time zones
        • Location much less important
      • Impact
        • Facilitates entrepreneurship
        • Job creation, especially in foreign sectors
    • 15. Predictions
      • Technology increases access to global labor
      • Lower barriers to entry for global firms (mMNCs)
      • Distributed work forces
      • Outsourcing will continue to be prevalent
      • Crowdsourcing will grow significantly