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principles of Human Resource Management - Essay Example
Author : jaquelinokeefe
Pages 7 (1757 words)
Introduction: The aim of the paper is to explore the current UK labor market in the construction industry and categorize its various properties, issues challenges and the road ahead from this point in time of the economy. The paper will also state and analyze the current trends of the labor in the industry quoting statistics data and the recent news…
The current labor market in the UK has grown steadily in accordance with the employment rate and the number of people employed from the years of 1995 to 2008 according to the Labor force survey published in the Blue book 2008. The office of National Statistics 2008 reports, "Employment tends to react to changes in out put with a lag because of the costs of hiring and firing workers. Therefore, it is not surprising that weaker output growth has not caused large falls in employment. Moreover, in the first instance, employers can vary labor input through the number of hours worked, rather than laying off workers." The construction industry today in the United Kingdom consists of over 250 000 firms employing over 2.1 million people. This huge work force is spread over a multitude of namely construction materials and products suppliers and producers, contractors, sub- contractors, professionals, advisors and construction clients. The United Kingdom construction output contributes 8.2% to the GVA (Gross Value Added) of the EU nations, which is the second largest.
Below is the trend in the UK labor market represented in a graph. The graph, derived from figures published in the Blue Book 2008 reveal the labor employed in thousands across industries from the Year 1999 until 2007. It is a depiction of the Labor force trend in the UK.
The graph showing an upward tren ...