Resourcing & Talent Planning Management Research Paper (Research Paper Sample)

RESOURCING AND TALENT PLANNING
Student’s Name
Course
Professor’s Name
University
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Resourcing and Talent Planning
Labour Market
It is the best of times as well as the worst of times when it comes to labour markets given the technological revolution, the rise of individual choice, shifting demographics, and dynamic workforces across the globe. Much as the global labour force is expanding spontaneously, the growth is not uniformly experienced in particular regions. A blind comparison of the United States and the United Kingdom shows that there are striking similarities in their macroeconomic and labour market developments. Both countries have had policy rates near zero since the sharp fall in unemployment, rapid job creation, low headline inflation, weak headline wage growth and stronger real wage growth (Scarpetta and Carcillo 2018, par 14). On the contrary, the UK and US labour markets are different in participation, migration, self-employment, and the continuity in their recovery. For instance, the UK labour force participation has been stable at 63.5%, whereas that of the US has decreased to 62.6% (Bank of England 2016, par 5).
By the end of 2017, both the UK and the US labour markets saw more jobs, fewer workers with the right skills, and lower unemployment. According to the Labour Force Survey conducted between March and August 2018 in the UK, 289,000 more people are in work than a year earlier, which implies that the number of unemployed individuals has reduced (Clegg 2018, par 2). Albeit, the number of economically inactive people has also increased within this period. Besides, the employment rate between June and August was 75.5%, which is higher than that of the previous year (75.1), but lower than the 75.7% for March to May (Clegg 2018, par 3). Furthermore, the average weekly earnings for employees in the UK in real terms excluding bonuses increased by 0.7% compared with last year (Clegg 2018, par 9).