Question

Produce a 4 page report containing employment growth, industry growth, job requirements, salary data, benefit data (regularly offered), and any other relevant data. Benefits include vacation, overtime, sick leave, personal leave, bonuses, shift differential, life insurance, short & long term disability, pension, 401k, etc. You can use bls.gov for some of the data and more specific sites for more possible data. So if you'd like to join the NYPD, going on the NYPD's website would be a wonderful place to get started. Also, write a section about the pros and cons of the jobs such as stress, late nights, work from home opportunities, transit subsidies, etc. The purpose of this assignment is to analyze compensation packages alongside your personal futures! Each occupation should provide about 2 double spaced pages and at least one graph containing whatever data you deem most relevant. Within these pages provide robust analysis of the numbers; however, also provide a good story

Answer 1

From the time when the Great Recession has ended, the US economy has steadily grown accumulating up to 8.1 million opportunities; subsequently, collapsing the unemployment rate from 10% to 6.2%, which can be witnessed more due to pandemic.

Despite not reaching its original condition, economic specialists expressed that the US labour market is now healthy and likely to achieve its former glory in future. This detailed report is expressed in segemnt like employment growth, industry growth, salary data, sallary offered and all those components which are essential for an individual growth in respect to economic and social welfare.

Employemt Growth analysis:-

The most regularly referenced economic indicator for the state of employment in the United States is the unemployment rate. The unemployment rate is the share of the labor force currently without a job but seeking employment. In 2018, the civilian labor force of the United States numbered about 165.54 million people.

Like many countries around the world, the United States is struggling with youth unemployment rates higher than the national unemployment rate. In August 2020, the unemployment rate for those aged 16 to 24 was 14.7 percent. Employment the most important issue for the next president prior to the 2016 U.S. elections and also for upcoming elsections.

Industry Growth analysis:-

Talking about the future, young people may look towards training in industries where job numbers are projected to increase. The 20 industries with the largest expected employment growth from 2014 to 2024 suggests that construction, Retail, Non-Durable Manufacturing, Technology and Health care might go the long run.

Statistics for unemployment currentlly:-

• Unemployemnt rate = 7.9%
• Monthly youth (16-24) unemploymnet rate = 13.5%
• Monthly number of long term unemployemed persons = 2.41m

Salary Data :-

The idea that money can’t buy happiness has been disproved by science but Experts beleive that happiness does increase with wealth, but the correlation peaks at earning $75,000 per year. After this point there is no degree of greater happimess recorded.

The United States makes a clear distinction between periodic salaries and hourly wages.A general rule for comparing periodic salaries to hourly wages is based on a standard 40-hour work week with 50 weeks per year (minus two weeks for vacation).

Example -$40,000/year periodic salary divided by 50 weeks equals $800/week. Divide $800/week by 40 standard hours equals $20/hour).

Salary Benefits to the emplyee:-

Employee benefits in the USA might include relocation assistance; medical, prescription, vision and dental plans; health and dependent care flexible spending accounts; retirement benefit plans, long term care insurance plans; legal assistance plans; adoption assistance; child care benefits; transportation benefits; and possibly other miscellaneous employee discounts (e.g., movies and theme park tickets, wellness programs, discounted shopping, hotels and resorts, and so on).  Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage (up to US$50,000).

Full time workers are expected to have more benefits.American corporations often offer cafeteria plans to their employees.

Perk-  Often, perks are given to employees who are doing notably well or have seniority. Common perks are take-home vehicles, hotel stays, free refreshments, leisure activities on work time (golf, etc.), stationery, allowances for lunch.

Pensions-

Traditional pensions provides employees with a guaranteed paycheck\in retirement. The benefit is usually by a formula based on the employee's earnings history, tenure of service and age, and not depending on investment returns. Because of the high cost and responsibility of the employer to finance the plan. In recent years many comapnies have actully phased out with their pension plans to have cost cutting.

Advantages:-

1. Better Work-Life Balance

Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is complete and leads to strong outcomes.

2. Less Commute Stress

The average one-way commuting time in the U.S. is 27.1 minutes that’s nearly an hour each day spent getting to and from work, and it really adds up.

More than 30 minutes of daily one-way commuting is associated with increased levels of stress and anxiety, and research shows that commuting 10 miles to work each day is associated with health issues like:

• Higher cholesterol
• Elevated blood sugar
• Increased risk of depression

3. Money Savings

People who work from home half time can save between $2,000 to $6,500 a year. Gas, car maintenance, transportation, parking fees, a professional wardrobe, lunches bought out, and more can all be reduced or eliminated from your spending entirely.

4. A Happier, Healthier Work Life

This lead to independence and finacial dtability. WHich not only make individual free from basic necessities but also upheld the self esteem. Boosting the sound stability of mental and finacial well-being.

Disadvatages:-

1. Wage inequality

Just like in other countries, empirical research shows that high skilled personnel receive lofty wages, while the low skilled receive meagre wages in the US labour market.

Given that the US labour market is driven by the skilfulness factor due to the technological advancements, the wage inequality grew wider with the skilled persons gaining more wealth against their unskilled counterparts who earned too little, which serves as deadlock to to unskilled labourers.

2. Short and long Term Unemployemnt

Determining the unemployment rate could be determined by different criteria, namely U-3 or U-6. According to economists, U-3 is restrictive; it is inclusive of the individuals actively searching for employment, but cannot find. The other measure, U-6 method, is possibly the most complete criterion in determining the unemployment rate.

Nevertheless,  from this analysis, it is obvious that the long-term unemployed are to a lesser percentage connected to the economy as compared to the short-term unemployed. Likewise, the data,shows that the long-term unemployed are likely to pull out from the labour force than the short-term unemployed.

3. Durationoff unemplyment

Another important aspect to consider unemployment is the relationship of work patterns transition rate of unemployed. Against the expectation of many, comparing the short-term unemployment and the long-term unemployment, the gap between the two categories is quite bigger and it can go even wider.

This the dettailed report covering employment, industry and salary patterns with pros and cons.