Human Capital and the Labor Market Chapter 10 Essential Question: Why is it important to develop your human capital?

Labor market trends Labor market – refers to workers and their skills Larger, diverse labor force More women, minorities Shift from manufacturing to service jobs Importance of knowledgeable workers You need extra training More outsourcing (hire outside the biz.), temping, telecommuting Globalization on rise – interconnected nations/businesses Offshoring – moving jobs to other countries Inshoring – moving jobs from other countries into U.S.

How to increase your human capital 1. Identify your aptitudes, interests, goals… ...what you’re good at, like, want to do. Ask: how do you spend your time? Inventories or surveys 2. Get qualified Education can lead to certification Definitely leads to more $ 3. Get experience Maybe job-shadow, intern (even unpaid) Any work in “your field”

Cont. 4. Be positive, productive People like positive people (smile!) Consistently do more than is expected http://www.hb.org/do-and-give-more-than-is-expected-of-you/ Appropriate dress for success 5. Build a professional network Maybe a professional organization (association, union) Face-to-face Online network (Linked In)

Unions Organizations that represent workers, usually pushing for higher wages, less hours, better conditions, job security. Old days (pre WWII)…unions were stronger Today, they are dwindling. About 20 states have “right-to-work laws”– cannot require workers to join a union. These are mostly in South and West.