Factors Affecting the Labor Market - Essay Example

Work-experienced individuals may have some advantage in terms of work orientation and awareness on obligations, however, several points can also be given to fresh graduates. The recruitment company does not close the door to fresh graduates because we recognize potential talents in young business-educated generations. In fact, we prefer them over experienced applicants because they are still idealistic with regard to business and management. Most are optimistic in their outlook, a majority of students are influenced by theorists and philosophers who possess principled beliefs in handling business.

Older employees tend to be overconfident in the workplace because of their familiarity in the venture while new graduates are still eager to prove their worth, hence, they work harder. In choosing the finest bet for the managerial position, whether a seasoned worker or a new graduate candidate, some pre-employment assessment tools can be helpful. Traditional assessment tools usually include “resumes, interviews, and background checks” (“Employee selection and hiring,” 2005).

Consequently, modifications can be employed to determine the capabilities of inexperienced applicants. In this case, behavioral interviews and some benchmarking techniques can assist in the process. A behavioral interview does not only assess “job-related experiences, behaviors, knowledge, and skills” but it also integrates identification of the “ability to think critically and behave in team activities, willingness to travel and learn, and self-confidence and professionalism” (“Behavioral interview,” 2004).

Moreover, with benchmarking, more objectivity can be achieved. It includes key accountabilities (accountability of the position in relation to the success of the venture), which serve as the foundation in choosing the person appropriate in a company. Basically, behavioral interviews and benchmarking are significant components in assessing the qualities of a competent manager. Other factors should also be looked into in the “hiring phase” of the recruitment business. Practically speaking, most of the possible applicants tend to choose companies with greater compensations.

Most establishments, especially successful ones, offer higher wages to obtain well-skilled staff. Such action can be a double-edged sword. This can ensure “temporary” loyalty, and at the same time, valuable employees may resign and opt for bigger income sources when bigger opportunities arise. Thus, the screening process for a suitable employee also emphasizes work ethics as a strong point. All in all, determining who is qualified in various positions is an arduous task. Several qualities must be taken into consideration, such as work ethics (efficiency, willingness to work, loyalty, etc.), job experience and skills, good behavioral patterns, and ability to work flexibly in diverse situations.

External factors, such as compensation, emerged as a determining factor in measuring some values of applicants. One valid example is the infamous Bill Gates. He is quite successful in his venture as he applied one basic rule—employing suitable creative workers in a good working environment and compensating them with high salaries (“The thinkers 50,” 2009). The internal and external factors may not determine a good and efficient employee for a top position, but these can help identify those who have the capability to do so.