The Labor Market, Supply and Demand (II)
By: Walter Martínez
Today, professional training is a primary factor considered by companies when hiring personnel. Along with the necessary skills, companies require experience in the field. Many times this is complicated by the fact that many students prefer to finish their university studies prior to starting to work. This results in generating a lot of supply but little demand; that is, professionals without experience.
Currently, companies seek young professionals in search of job stability, since these are the people who are up to date on the latest trends and innovations and their salary requirements are not relatively high. This can vary, because depending on each company’s policies, an individual can be compensated more for their efficiency than for their experience and knowledge in the field, or vice versa.
Professional competency can be acquired from many different places. Learning how to develop skills, whether technical, practical, or behavioral, can be done through workshops, training sessions, seminars and more. Therefore, there are no longer any limitations or excuses for not being prepared and meeting the demands of the labor market.
Finally, demand and the benefits that it can offer will depend mostly on the preparation and location of the supply; competent professionals that can adapt to the constant changes of the market, which decrease the rate of turnover of personnel, and thus permit a balance between demand and the current supply.