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

2. 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.

3. 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”

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

5. 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.