Human Resource Management - Running head HUMAN RESOURCE...

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Running head: HUMAN RESOURCE MANAGEMENT 1 Human Resource Management Kory A. LaBonne Indiana Wesleyan University
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HUMAN RESOURCE MANAGEMENT 2 Human Resource Management: Research from the Bureau of Labor Statistics: The Bureau of Labor Statistics (BLS) projects that the next ten years will bring about an aging labor force that is growing slowly, a declining overall labor force participation rate, and more diversity in the racial and ethnic composition of the labor force. Because of the decreasing labor force participation rate of youths and the prime age group, the overall labor force participation rate is expected to decline. The participation rates of older workers are projected to increase but remain significantly lower than those of the prime age group. A combination of a slower growth of the civilian noninstitutional population [gender, age, race, and Hispanic origin groups] and falling participation rates will lower labor force growth to a projected 0.5 percent annually. (Toossi, 2013) Human Resource Management Over the next ten years, the labor force will reflect an evolved population of people that will unequivocally impact the strategies and practices of organizations’ human resource management across the United States. Human resource management (HRM) “deals with formal systems for managing people at work…such as staffing, training, performance appraisal, rewards, and labor relations” (Bateman & Snell, 2015). Alongside a changing labor force that serves as the driver of HRM practices and loyalties are concerns about how organizations will meet the demands of transient populations: “attracting talent, maintaining a well-trained, highly motivated, and loyal workforce; managing diversity and containing health care and pension costs” (Toossi, 2012). In this acknowledgment, over the next decade, organizations will need to demonstrate a strategic intentionality to remain competitive in an evolving global market. The Labor Force: “The labor force projections are estimated by combining population projections calculated by the U.S. Census Bureau with the labor force participation rate projections
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HUMAN RESOURCE MANAGEMENT 3 developed by BLS” (Toossi, 2013). Continuing to build upon previously communicated outcomes from the BLS, human resource management will be analyzed through the identified labor force demographics over the next decade: Older generational participants; 55 years of age and older; baby-boom generation Civilian noninstitutional population i.e. gender, age, race, and Hispanic origin groups The Impact on Human Resource Management:
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