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Labor force trends

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1. How does each of the following labor force trends affect HRM?

a. Aging of the labor force
b. Diversity of the labor force
c. Skill deficiencies of the labor force

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1. How does each of the following labor force trends affect HRM?

a. Aging of the labor force
The Bureau of Labor Statistics (BLS) forecasts that, by 2014, the number of workers over 55 will grow to 20% of the labor force, up from the 15% it is today. (About, 2010) Hence it is true that aging of labor force will be there and will greatly affect the human resource management. Hence much of the time will be devoted by managers on work force planning, retirement planning, training issues. Organizations will also have to manage the retirement costs and other costs in a much considerable manner.

b. Diversity of the labor force
AS per Ezineartices, "Workplace diversity refers to the variety of differences between people in an organization. Hence diversity encompasses race, gender, ethnic group, age, personality, cognitive style, tenure, organizational function, education, background and more."
Diversity is very important for the company. "Any organization that wants to expand internationally cannot hope to do so effectively without a detailed understanding of the cultural background of the new markets in which it hopes to succeed" (Spiers, 2008). But, with diversity comes many challenges that must be overcome. One challenge is communication and language barriers. Having employees that speak other languages other than English is an asset, but it can also make it difficult for workers to understand each other or for managers to communicate with their employees. "Perceptual, cultural and language barriers need to be overcome for diversity programs to succeed. Ineffective communication of key objectives results in confusion, lack of teamwork, and low morale" (Greenburg, 2009). Cultural differences are another challenge to a diverse workforce. What may seem as a natural action for one employee may ...

Solution Summary

Response discusses the labor force trends