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Future Labor Markets

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Future Labor Markets Future Labor Markets Presentation Transcript

  • Future Labor Markets Joseph Hall, Mukesh Jain, Shaun Lee , Alana Pechon , Karl Skucha, Matthew Wise
  • Introduction of Labor Markets
    • Labor Markets result from relationships between:
      • Population
      • Labor Force
      • Technology
      • Demand for goods/services
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Outsourcing
    • Driven by desire to reduce costs
    • Companies attempt to maintain “core competencies” in-house
    • On the upswing since the mid-1990s
  • 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
  • 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
  • Organizational Trends
    • Traditionally vertical chain of command
    • Flat organizations popularized in last two decades (Silicon Valley)
    • Decentralization
      • Home offices
      • mMNCs
  • 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”
  • 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
  • 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