What Factors Affect The Labor Market

Topics: Personality psychology, Higher education, Jeff Bezos Pages: 5 (837 words) Published: June 6, 2015

What Factors Affect the Labor Market?
Adrienne Rudy
ECON 210
Professor Kenneth Tirpack
February 14, 2015

As a professional recruiter, I would prefer a candidate with a college degree. Even if the degree obtained does not exactly align with the position I am looking to fill, a college degree can give me a lot of information about an applicant. One of the most important thing that a college degree tells me is that the person is a hard worker. It takes drive, hard work, and dedication to obtain a college degree. A college graduate is typically willing to learn new concepts and information, which is helpful in any field. In addition to these, a college graduate will also have a basic understanding of the position for which they applied. For a managerial position, a college graduate will have an understanding of business management, accounting, human resources, and economics. This is helpful when training a new employee and will help the applicant be successful in the position, which is beneficial to the company as a whole.

In addition to checking resumes and interviewing applicants, there are many tools available that will give an employer insight into the personality and qualities that an applicant possesses. There are many types of surveys, assessments, and questionnaires that may measure areas such as skills, behaviors, motivations, and attitudes. One example is the Predictive Index, which indicates what type of person the applicant is and how they work with others. An Occupational Personality Questionnaire assesses 31 behavioral dimensions in managerial and professional staff. The Executive Achiever is a questionnaire that looks at intelligence, knowledge of leadership skills, and leadership personality traits. (Katharine Hansen, 2014) There are also general cognitive assessments that test the knowledge and understanding of certain subjects. There are a number of tools similar to these that look at different aspects and can be used depending on the position that needs filled. In addition to these types of tools, employers can also use effective questioning during interviews to gain insight into a person’s skills and qualities. Questioning an applicant’s experiences, challenges, and achievements can tell an interviewer a lot about how the applicant handles different situations.

When the right person is found to fill a position, especially a higher position, it may be a smart choice for the company to offer a higher than average. It can be difficult to find the best person to fill a vacancy, one which has the skills, qualities, and knowledge to excel in the position. A higher salary will motivate the employee to stay with the company, and will make it harder for another company to recruit the employee. Turnover is costly to any company, so keeping a valuable employee long-term is beneficial to the company.

There are many individual characteristics that are ideal for a well-compensated position with a high level of responsibility. First, it is important to be results-oriented and spend time and energy on those activities that will produce positive outcomes. It is also important to be customer focused. Whether your customer is internal or external, it is beneficial to find out what the customer wants and needs, and do your best to deliver. Another important characteristic is to be focused and have a vision. Keep in mind where you want the company to go and how it will get there. This can be used to motivate others and guide actions, and to gain or maintain a competitive edge. Any high responsibility position will require excellent communication skills, in both giving and receiving communication. Trust is also important, as it is hard to manage those who do not trust you or your actions. A person in a higher position will often have to make decisions, and the decisions should be timely, but also thought out. Conflict will always be a part of being in a managerial position, and...

References: Katharine Hansen, P. (2014). Handling Pre-Employment Screenings and Assessments. Retrieved from Quintessential Careers : http://www.quintcareers.com/pre-employment_assessments.html
Williams, D. K. (2012, July 24). Top 10 List: The Greatest Living Business Leaders Today. Retrieved from Forbes: http://www.forbes.com/sites/davidkwilliams/2012/07/24/top-10-list-the-greatest-living-business-leaders-today/
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