Hiring Managers Cannot Afford To Ignore Hispanics & Blacks.

According to widely published economist and ethicist Dr. Richard Bayer, Chief Operating Officer of The Five O’Clock Club, “the job market will recover in the near future, the labor shortage isn’t as visible during a recession but it’s still there. Demand for labor is still growing faster than the workforce.”

Census and Department of Labor Statistics over the past few years have shown an undeniable trend, minorities will continue to grow in numbers exponentially over the next decade. According to Dr. Bayer, the booming minority populations are exactly what our growing economy needs, “Employers must actively recruit in the growing populations if the economy is to have any chance of finding the employees it needs in this new environment of increasing demand for labor.”

Here are the most important things to keep in mind:

The civilian labor force is projected to increase by 17 million, or 12 percent, to 158 million over the 2000-2010 period.

White non-Hispanic persons will continue to make up a decreasing share of the labor force, falling from 73.1 percent in 2000 to 69.2 percent in 2010.

Hispanics will grow from 10.9 to 13.3 percent, non-Hispanic Blacks from 11.8 to 12.7 percent, and Asians from 4.7 to 6.1 percent.

For the first time ever, Hispanics will make up a greater share of the labor force than will Blacks.

The number of men in the workforce will grow at a slower rate than will the number of women. Men’s share of the labor force is expected to decrease from 53.4 percent to 52.1 percent by 2010. Women’s share of the labor force is expected to increase from 46.6 to 47.9 percent.

The labor force is aging. Workers 55 and older are projected to increase from 12.9 percent to 16.9 percent of the labor force between 2000 and 2010, due to the aging of the baby boom generation.

Dr. Bayer concludes that, “Job hunters will definitely enjoy another bull market in the near future, as companies scramble to fill new positions.” Bayer believes that, “Growing minority populations will certainly buffer the future shortage of labor.”

For more information at www.FiveOClockClub.com

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