Each member of your team needs to analyze the supply of and demand for one specific occupation

Each member of your team needs to analyze the supply of and demand for one specific occupation

The bolded area is the section I am responsible for.

The company the Team have selected is the Retail Trade/ Costco Wholesale.

Purpose of Assignment

The purpose of this three-part assignment is for students to analyze microeconomic data and other information to better understand trends in and determinants of the supply of and demand for labor.

We will look at the microeconomic data and other sources for better understanding of trends and determinants of the labor market for a specific workplace, a specific industry, and for specific occupations.  The Bureau of Labor Statistics (BLS) website provides the public with an easy access to different statistical tools and different types of data presentation.

Assignment Steps

Part 1: Select one of your teammates’ workplaces, then retrieve data for the industry in which that workplace operates.  For example, if you selected Wal-Mart as your workplace, then the industry in which Wal-Mart operates would be retail trade.

Next select one of the following datasets from the BLS Current Employment Statistics survey (National), which is available at http://data.bls.gov/cgi-bin/surveymost?ce.

Mining and Logging Employment (CES1000000001)

Construction Employment (CES2000000001)

Manufacturing Employment (CES3000000001)

Wholesale Trade Employment (CES4142000001)

Retail Trade Employment (CES4200000001)

Transportation and Warehousing Employment (CES4300000001)

Utilities Employment (CES4422000001)

Information Employment (CES5000000001)

Financial Activities Employment (CES5500000001)

Professional and Business Services Employment (CES6000000001)

Temporary Help Services Employment (CES6056132001)

Education and Health Services Employment (CES6500000001)

Leisure and Hospitality Employment (CES7000000001)

Government Employment (CES9000000001)

Retrieve the appropriate industry dataset from the above BLS site and save it to your computer as a Microsoft^® Excel^® file.  Also retrieve and save the graph for your selected dataset.  To retrieve the graph, check the “include graph” box along the top of the BLS page, then copy and paste the graph into your Microsoft^® Excel^® document.

For help with Excel® and PowerPoint® see the tutorials on the Microsoft® office website. There are also additional tutorials via the web that offer support for office products.

Part 2: Each member of your team needs to analyze the supply of, and demand for, one specific occupation found in the industry your team selected.  To find a list of occupations in the industry your team selected go to the Department of Labor’s O*Net web site at https://www.onetonline.org/find/industry.  Please note: The industries listed on the O*Net site might not be an exact match to the industry your team selected above.  If not, then use your best judgment to select a closely-related industry. 

Next each member of your team needs to prepare two Microsoft® PowerPoint® slides.  Those slides should include the team member’s name in the title of the slide and should analyze the team member’s chosen occupation including: 

Projected trends in the demand for labor/workers in the occupation over the next 5 to 10 years. Provide statistics if available.

Projected trends in the supply of labor/workers in the occupation over the next 5 to 10 years. Provide statistics if available.

Resources: To find information on the supply of, and demand for, specific occupations use any, or all, of all of the following sources: 

Department of Labor’s O*Net web site at https://www.onetonline.org/find/industry.

BLS Occupation Outlook Handbook at https://www.bls.gov/ooh/.

Home : Occupational Outlook Handbook: : U.S. Bureau of Labor Statistics www.bls.gov The Occupational Outlook Handbook is the government's premier source of career guidance featuring hundreds of occupations—such as carpenters, teachers, and veterinarians. Revised every 2 years, the latest version contains employment projections for the 2016-26 decade.

Phoenix Career Guidance Dashboard, which is accessible via the Careers tab in our classroom.

The following two articles, located in the Week 4 Electronic Reserve Readings, which discuss actor salaries and hedge fund executives’ average salaries: (1) “Robert Downey Junior is Hollywood’s Highest-Paid Actor” and (2) “In Tough Year, Hedge Fund Leaders Still Paid Well: Average Salary of $467M Was Half 2013, Report Says”

Part 3: Prepare15 to 20 PowerPoint® slides to be presented to the CEO’s executive committee that addresses how your chosen workplace should determine how much labor to use as well as events that could shift the demand for, and supply of, labor including:

Discussion of why workers in some occupations, such as top-notch actors, actresses, and hedge fund managers, earn so much more than workers in other occupations.

Discussion of factors, other than wages, which influence an individual to choose one occupation over another and which jobs you think have the best working conditions (mix of salary and other characteristics/benefits/drawbacks).

Explanation of why a worker’s wages might be above the level that balances supply and demand (equilibrium price and quantity).

How your workplace’s production function is related to its marginal product of labor and how your organization’s marginal product of labor is related to the value of its marginal product.

How your workplace’s marginal product is related to its demand for labor.

Examples of events that could shift the demand for, or supply of, labor and the reasons behind those events/shifts.  Include a projection for employment in the industry in which your chosen firm/workplace operates.  Be sure you cite examples related to the statistics you gather on employment by industry and/or employment by occupation.  An excellent source of employment projections by industry is available at https://www.bls.gov/opub/mlr/2015/article/industry-employment-and-output-projections-to-2024.htm.

An analysis of the effects government policies, such as the minimum wage, have on labor supply and demand.  Be sure you consider government policies designed to address income inequity and poverty.

Lastly,as a team, create one PowerPoint® presentation that includes the slides you and your teammates created for Part 2 and Part 3 of this assignment.  Your presentation should include a title slide, introductory slides as appropriate, and slides with your conclusions.  Your conclusions should: (1) include a projection of employment in the industry you analyzed based on the information included in your Microsoft^® Excel^® document, (2) review the major elements of this assignment, and (3) discuss why business managers should have a solid understanding of the labor market based on the information you gathered and analyzed for this assignment.

Cite a minimum of three peer-reviewed sources excluding the textbook.