The labor markets keep on changing and today there are many emerging trends. Considering the changes, one can carefully look into the future of the labor markets and speculate the labor market then. One of the emerging trends has been a progressively reducing number of industries offering apprenticeship to learners. Most organizations are not willing and are not ready to spend some costs on training; they would prefer to employ qualified laborers (Dutta, 2009). The cost that many organizations are willing to part with is the cost of induction. With this emerging trend, the labor market will have a big impact in the next five years or more.
Five or ten years from now, organizations will have poorly trained laborers. In most cases, the laborers will have less understanding of the job operation. When the organization expects to bring in qualified laborers or to have trained graduates, then it will be losing it all. Every industry is unique in some way, and, hence, graduates who join the labor markets will always deserve to undergo through an on-the-job training to equip them with practical skills. Therefore, the future of labor market is that there will be laborers who cannot cope on their own, cannot make decisions on their own, and who must have supervisors dictating and directing every step that they take.
Having less or no chances of apprenticeship will negatively impact the labor market. The biggest challenge will be a generation of laborers that cannot carry out induction on new employees. Industries will experience many operational errors by producing defective products or scrapping most of their products (Dutta, 2009). There will be unqualified laborers who will experience amusement in the market due to their incapability to deliver required results, and this will likely affect their motivation. On the other hand, organizations will have to spend less in laborers training and, hence, will be cutting the cost.
The baby boom generation led to an increase in the number of people. It means that there are many laborers, and, hence, they end up being paid less for their work. Organizations are aware that if the laborers step out because of poor conditions, the organizations will quickly replace them. This generation has lead to an increase in the enrollment at the universities and other training facilities. Due to the overwhelming numbers, the student to trainer ratio has increased, and this has affected the quality of education. Therefore, most training institutions leave it upon the learners to learn most of the things on their own (Dutta, 2009). Consequently, the high number of qualified jobless laborers has increased. In the coming years, the numbers will increase and the qualified laborers, who will fail to secure employment will be forced into entrepreneurship and small business ventures (Dutta, 2009).
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Due to the increased enrollment and the training institution resulting into increased number of graduates, the level of training will be affected. In the coming years, employees will be deficient of the necessary and essential skills for a job. The laborers who will be absorbed into the market will require extra help to do their work. These laborers will lack the skills such as document use, computer skills, numeracy, and writing skills. One example that gives weight to this idea is the already notable decreased level of writing skills in public relations expertise in the United States.
With such deficiency in basic skills, organizations will be forced to hire additional employees to perform the necessary operations for the laborer. For example, an organization that will have an engineer who cannot write a good report will be forced to hire another employee who will be good in report writing to ensure a report is compiled on time. This trend in the labor market does not have any benefits; it is disastrous.
As most industries drop the trends of bringing in student and market entrants into internship and apprenticeship programs, fewer laborers will have practical skills required for their work (Dutta, 2009). The few industries that offer these programs are highly esteemed. In the coming years, the number of industries that will still have these programs will be lower, and the number of young professionals who will be going through the program will also be lower. Most industries are going for the option that training institutions should offer both, theoretical and practical knowledge. As a result, fewer of them are investing in apprenticeship.
In a few years from now, there will be high competition for laborers. Those laborers that will have gone through internship or apprenticeship programs will be in high demand. The industries that are not willing to engage new employees in these training programs will still be existent, but they will have realized a deficit of skills. As a result, many skills will be competing for same skills. The new employees of that time will be forced to seek apprenticeship programs, which will be less available. There will also be high competition and raised requirements for entry into such programs.
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Due to the high competition of same skill by different industries that will realize a skill deficiency, the few qualified individuals with practical skills will only be maintained by high remunerations. These organizations will register a high wage bill. However, they will have to put up with the high wage bill because of the skills of their laborer. A lot of head-hunting will take place. On the other hand, the few laborers that will possess practical skills will earn more money compared to their colleagues who did not go through an apprenticeship.