The workforce is essential for economic development, as it drives growth and success in enterprises. A well-educated, healthy workforce with access to education is critical for economic development and government policies should recognize this. The relationship between labor and economic development lies in the fact that labor is the vehicle that drives economic development. The […]
Strategic workforce planning aligns an organization’s workforce with its goals and objectives. It involves studying the organization, developing a workforce plan, recruiting skilled employees, and ongoing evaluation to promote high achievers and weed out low performers. Strategic workforce planning comes from the capitalization of an organization and its management of human resource capital in an […]
To retain employees, companies should offer positive reinforcement, a satisfying work environment, adequate compensation, and financial incentives. Empowering employees and creating a strong team environment can also improve retention rates and productivity. Well-paid employees who feel respected are more likely to stay, while micromanagement and inter-office problems can lead to turnover. The best strategies for […]
The labor force includes people of working age who are employed or seeking work, but excludes those below working age or above retirement age. Unemployment and labor force participation rate are important concepts used by economists to analyze trends and changes in the workforce. The size of the workforce depends on economic conditions. In economics, […]
The shadow workforce is made up of mostly undocumented workers who do difficult manual labor jobs that most Americans won’t do. They are often subject to abuse by employers and lack legal protection. Some suggest creating migrant worker cards or hiring US citizens for these jobs. The majority of the shadow workforce is Latino and […]
