Labor Economics Essay Example | Topics and Well Written Essays - 1000 words - 1

Labor Economics - Essay Example While I hope to make a career of this work, I realize that most professional employees change jobs several times during their careers, so that it might be unrealistic to plan on remaining with my first employer for my entire career. However, the important thing is to be loyal to my employer for as long as I am there, Because that is what is expected of an employee and is what the employer deserves. If I am happy in my job and am treated well, I would like to remain at the company for most or all of my career. Some indicators of being treated well would be regular pay and benefit increases, increased job responsibilities, and full and fair consideration for promotions. After several years with that employer, I should be able to judge if this is the firm with which I would want to remain, or if I should begin searching for a new employer. Should I decide to leave this first company, it would be important to give adequate notice and fulfill all responsibilities including those of a depa rting employee. In order to prepare myself for a long-term career over the next thirty to forty years, I plan on keeping up with developments in my field through several forms of further education. Changes in information technology and in the field of security have become faster and faster, so that I would have to keep up in order to avoid my skills becoming obsolete. Further college education would be available both in person and on line, and there are continuous training seminars and similar opportunities which I would pursue. 2 Retirement will depend on my earnings during my working career, the retirementbenefits available through my employment, and my ability and willingness to save andinvest for that retirement. There is always a trade-off between present enjoyment ofone's income and saving for the future. I would hope to be able to make the maximumcontributions from my income to a sound private retirement plan, but it will also beimportant for me to choose an employer offering a good retirement program. Someemployers have been cutting back on their own retirement contributions, so I wouldlook at the history of any employer whom I am considering to see if such cutbacks haveoccurred or are likely now. I would like to retire around the age of sixty if possible, tohave some years to enjoy the benefits of my advance planning and the savings andinvestments I have accumulated. 2. According to Economics by McConnell and Brue, 16th Edition, McGraw Hill Irwin,Chapter 8, the major types of unemployment are frictional, seasonal, cyclical, andstructural. Frictional unemployment is normal in any free society, as it comes from people exercising their right to change jobs so as to better themselves. Frictional unemployment also covers people who are temporarily out of work due to moving to a new location, experiencing some kind of personal or family problem, and so on. Seasonal unemployment occurs in jobs such as construction which cannot be done during the entire year. Often, the wages paid in such jobs are above the usual level in order to compensate for the period of unemployment. Other seasonal types of jobs might be lifeguard at a beach or instructor at a ski resort, and similar situations.