Demographics of the New Workforce

The new workforce is getting larger, increasingly female, more racially and ethnically diverse, older, and more age-diverse.
Myths about older workers include:
They are less productive.
They incur higher benefits costs.
They have higher absenteeism.
They have more accidents at work.
They are less willing to learn.
They are inflexible about the hours they are willing to work.

Women continue to experience a significant gender-wage gap and strong barriers to advancement.
Women are demanding more equitable compensation and workplace opportunities.
Many women are leaving the corporate ranks to start their own businesses.
Continuing pressure for equal opportunity is expected from women, minorities, and the physically challenged.
About 17% of the U.S. labor force is made up of contingent workers, who are less costly and can be let go when times are bad.
There is lower job involvement among part-timers in comparison to their full-time counterparts.

Managing diversity is the process of creating an organizational culture that provides all employees, including women and minorities, with assistance and opportunities to help them realize their full potential.
Managing diversity goes beyond EEO and affirmative action to create flexible organizations that encompass and value diversity.

Politics is the art (or science) of public influence or control.
The politicization of management involves:
Issues management: identifying, evaluating, and responding to important social and political issues.
General political responses: defending the status quo, adopting a “wait and see” approach, or proactively trying to identify and respond to issues.
Specific political strategies include:
Campaign financing: using political action committees (PACs).
Lobbying: garnering political support.
Coalition building: finding common rallying points.
Indirect lobbying: using advocacy advertising.

Global trade is causing a shift to a single economy.
The size of the global economy has expanded dramatically.
Working for a foreign-owned company is becoming more common.
Meeting world standards for quality and costs (through lower wages) is necessary to be globally competitive.

Technology includes all the tools and ideas available for extending the natural and mental reach of humankind.
Technology is facilitating the evolution of the information age.
Information has become a valuable strategic resource for gaining competitive advantage.
The innovation process involves:
Conceptualization: when a new idea occurs to someone.
Product technology: creating a working prototype.
Production technology: developing a profitable production process.

Managers are becoming increasingly politicized and more likely to be held personally responsible for their decisions and actions.
Managers can make timely decisions during somewhat unpredictable business cycles by taking a consensus approach to economic forecasts.
A healthy innovation process is vital to technological development. An organizational climate that fosters intrapreneurship can help.

The workforce is getting larger, older, more racially and ethnically diverse, and more age-diverse.
Women continue to experience a significant gender-wage gap and strong barriers to advancement.
About 17% of the U.S. labor force is made up of contingent workers, who are less costly and can be let go when times are bad.
Part-timers have lower job involvement compared to their full-time counterparts.

Managing diversity is the process of creating an organizational culture that provides all employees with assistance and opportunities to realize their full potential.
It involves going beyond Equal Employment Opportunity (EEO) and affirmative action to create flexible organizations that encompass and value diversity.

Politics is the art or science of public influence or control.
The politicization of management involves issues management, general political responses, and specific political strategies like campaign financing, lobbying, and coalition building.
Companies must respond to social and political issues to minimize surprises and make effective responses.

Global trade is causing a shift to a single economy.
The size of the global economy has expanded dramatically.
Working for a foreign-owned company is becoming more common.
Meeting world standards for quality and costs (through lower wages) is necessary to be globally competitive.

Technology is facilitating the evolution of the information age.
Information has become a valuable strategic resource for gaining competitive advantage.
Seven new technologies are becoming a reality, including robotics, artificial intelligence, and biotechnology.
The innovation process involves conceptualization, product technology, and production technology.
Innovation lag can be shortened through goal setting, empowerment, and concurrent engineering.

Intrapreneurship involves employees taking personal responsibility for pushing innovative ideas through a large organization.
Fostering intrapreneurship requires a focus on results and teamwork, rewarding innovation and risk-taking, tolerating and learning from mistakes, and remaining flexible and change-oriented.