Chapter 7. Working in the Global Economy

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1 Chapter 7 Working in the Global Economy

2 Working in the Global Economy How will we work and learn globally in the future? What are the changes in work activity & production? What does the US labor force look like? What about state labor markets? Is there a CIP view of labor market conditions?

3 What Do These Things Have in Common? Recession Americans with Disabilities Act Election Hurricanes 9/11

4 Drucker s Post-Capitalist Society Non-socialist & Post-capitalist by 2010 or 2020 Knowledge primary resource Society of organizations Knowledge workers

5 Reich s Global Enterprise Webs High value, complex, flexible work organizations that can be temporary. independent profit centers spin-off partnerships spin-in partnerships licensed pure brokered Can you think of examples of these kinds of organizations?

6 Friedman s Flat World Three periods of globalization Individuals competing globally with new software How does this affect your career decisions?

7 Rifkin s End of Work Third Industrial Revolution Microchip Lean Production and & Just-in-Time Production Third Sector: independent, non-profit, volunteer Social Entrepreneurship

8 Offshoring & Outsourcing Offshoring Movement of an entire factory to another location Outsourcing Taking some organization function and having another organization do the work

9 Labor Market Trends Through 2020 How new jobs develop Who works million persons will be working or looking for work in % of women and 68% of men are projected to be employed in views of employment growth

10 Labor Market Trends Through 2020 Employment trends Projections themselves can affect the forecast outcomes Factors that can affect the forecast: Natural disasters World political events Changes in government spending New welfare or student financial aid programs Technological inventions and breakthroughs New laws

11 Labor Market Trends Big Growth Occupations vs. Fast Growth Occupations What s the difference? Where would you rather look for jobs?

12 Labor Market Trends Through 2020 Top 10 Big Growth Standard Occupational Code (SOC) Number and Occupational Title 2020 Employment (thousands) Percent Change + Holland Codes Registered nurses 3, SIE Retail salespersons 4, ESR Customer service representatives 2, ESC Combined food preparation & serving workers, incl. fast food 3, REC Office clerks, general 3, CRS Personal care aides 1, SRE Home health aides 1, SRC Postsecondary teachers 2, IRS Janitors and cleaners, except maids and housekeeping cleaners 2, RES Nursing aides, orderlies, & attendants 1, SER

13 Labor Market Trends Through 2020 Top 10 Fast Growth Standard Occupational Code (SOC) Number and Occupational Title 2020 Employment (thousands) Percent Change Holland Code Biomedical engineers IRE Personal care aides 1, SCE Home health aides 1, SER Helpers brickmasons, tilesetters, etc REI Veterinary technologists/technicians SIE Helpers carpenters RCE Reinforcing iron & rebar workers RES Helpers pipelayers, plumbers, etc RES Meeting, event planners ESC Diagnostic medical sonographers ISA

14 Labor Market Trends Through 2020 Top 10 Fastest Growing Jobs Requiring a Bachelors Occupation Jobs (in thousands) Median Annual Wages (May 2010) Elementary school teachers ,660 Accountants and auditors ,690 Management analysts ,160 Software developers, applications ,790 Software developers, systems software ,180 Computer systems analysts ,740 Market research analysts, specialists ,570 Middle school teachers ,960 Network & computer systems 97 69,160 administrators Secondary school teachers 72 53,230

15 Sources of Labor Market Information Government Agencies Federal & State Professional & Trade Associations Private Publishers & System Developers Futurist Organizations

16 Federal Government Sources U.S. Department of Labor/Bureau of Labor Statistics Occupational Outlook Handbook Occupational Outlook Quarterly Monthly Labor Review

17 Factors/Trends that Influence Natural disasters the Labor Market World political events Government spending New welfare or student aid programs Technological innovations & breakthroughs New laws

18 National Labor Market...

19 Civilian labor force growth

The size of the civilian labor force ages 55-64

20 The size of the civilian labor force ages will increase significantly. Projected growth

21 Labor Force Participation Rate by Sex and projected 2018, in percents Source: Bureau of Labor Statistics Total Women

22 Service-providing industries continue to lead employment growth Goods-producing

23 Serviceproviding industries continue to lead employment growth Service-providing

24 The 10 industries with the largest employment growth. Source: Bureau of Labor Statistics

25 Education and Training

26 State Governments Florida Agency for Workforce Innovation Other State s Job Bank Information tes.aspx

27 Top 20 Jobs Growing in Florida Source: Florida Department of Economic Opportunity-Labor Market Statistics Center, Occupational Projection Data

28 Hot Jobs in Florida Source: Florida Department of Economic Opportunity-Labor Market Statistics Center, Occupational Projection Data

29 Industries Expected to Grow in Florida Source: Florida Department of Economic Opportunity-Labor Market Statistics Center, Industry Projection Data

30 CIP Perspective & The New Global Economy Self-Knowledge What interests, values & skills do I have and which are needed in the economy? Which Holland codes & qualities are needed in the workplace? What personal traits are most likely to be rewarded?

31 CIP Perspective & the New Global Economy Option Knowledge The nature of new kinds of work organizations? New types of workers (e.g., knowledge workers) Global vs. local changes--impact of geography on options

32 Decision Making Dynamic nature of the world economy Ongoing use of the CASVE cycle

33 Executive Processing Complexity of contemporary career life Managing a career Thinking strategically and globally Working locally Learning from Drucker, Reich, Rifkin, & Friedman

34 Does selecting a fast growth occupation and moving where the jobs are guarantee employment and happiness? Probably better to focus on: What do I like best & how can these things be part of my work? What s important to me & how does this relate to occupations I m considering? What are my most satisfying skills & how can I use them in my work? What do I most want to accomplish in my work life?

Kentuckiana Occupational Outlook Projected Occupational Growth,

Kentuckiana Occupational Outlook Occupational Growth, 2010-2020 by Barry Kornstein Research Manager Urban Studies Institute University of Louisville January 2013 R esearchers at the University of Louisville