The paper 'People Management & Work in a Global Context, Labor Market in the United States " is a good example of a management case study. The world is based on either the co-ordinated market economy or the liberal market economy. Among the developed countries, the United States is the best example of the liberal market economy. The market mechanisms are used in solving the issues which arise between the suppliers, the employees, the employers, the customers and the financiers in the country. The LMEs are characterized by free-market economies. The decentralization of the economies, industrial relations, and collective bargaining take place in the enterprise.
LME’ s have short-term relations which are also adversarial between the economic factors, for example, the government and the international institutions. The characteristics of the economy in the United States indicate the features which make the country a prime example of LME unlike other capitalist economies such as India and Britain. Labor Market in the United States of America in the Present and the Past The labor market of the United States, like all the regions in the world, is continually changing.
The earlier Labor Market Economy has not been sustainable in the economy of the United States, and therefore, there are aspired changes which will change the labor market economy in the United States all round. The significant failures of the earlier systems include the increasing level of unemployment, the stagnant wages, and recovery of the economy requires many changes. The changes include the individual choices, technological revolution increment of client sophistication and the demographic changes (Caputo 2001, p. 2). The changes in the United States give a comparison of the labor market in the past and the present labor market, thereby indicating the changes in the economy of the US as in other countries. The production shift over the years in the United States can be compared from 2005 to 2015 and even in recent years.
The management and professions as well other related occupations have grown by 5%, while the service occupations also grew by 1%. The rate of the growth of higher-wage jobs and high wage is increasing. Similarly, the low wage jobs in the United States also grow alongside the low wages, and the trend continues over the years.
The middle-skill jobs, on the other hand, have reduced drastically. The disparities of income and wealth have been exacerbated by the increased polarization (Autor 2006, p. 5). The women were once the minority group in the labor market of the United States. In 1900, the number of women in the labor market of the United States was represented by 18.3%, but the number grew up to 27.4%. In 2015, the number of women in the workforce of the United States increased up to 46.8 (Boston 2015, p.
62). The world is advocating for gender equality in all fields of the workforce, and the number of women in the workforce may continue increasing over the years. U. S Bureau of Labor Statistics The economy of the United States of America is recovering and growing towards economic sustainability. The Bureau of Labor Statistics denotes that the economy of the United States will increase the jobs by 9.8 million by 2024 with accordance with the experienced growth in the labor market over the last ten years (Bureau of Labor Statistics 2012, p.
2). However, the economy of America is subject to economic, and the political factors and hence, the projections of the Bureau of Labor projects are just estimations.
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