Job descriptions are used for a number of reasons. They are a tool for recruiting, determining salary ranges and levels or grades, establishing job titles, creating employee’s job goals and objectives, and conducting performance reviews. They can also be used for career planning, creating reasonable accommodations and meeting legal requirements for compliance purposes. Because of this, it is very important to have written job descriptions that accurately reflect the employees’ current job duties and responsibilities. I have chosen to research and compile a narrative job analysis for the position of Economist. The narrative job analysis describes the job in a short, direct style with concrete, simple language. Data is collected from interviews with those currently on the job. It describes the narrative of the job. Since it is the most common approach to job analysis, it seems to be the most useful for recruiting and orientation.
Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, or exchange rates. Still, others analyze the effect of taxes, inflation, or interest rates. Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs. Nearly half of all economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations. Many economists work for corporations and help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits. Economists also work for research firms and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journal articles. Some economists work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and United Nations. Many people with an economics background become postsecondary teachers.
There are many ways to perform a job analysis, and usually require the cooperation of the subject matter experts, management and employees who must work in tandem together for the position being analyzed. The following steps will help provide the best analysis of a particular job:
STEP 1: COLLECT INFORMATION ABOUT THE JOB
STEP 2: LIST THE TASKS
STEP 3: IDENTIFY THE CRITICAL TASKS
STEP 4: IDENTIFY THE CRITICAL COMPETENCIES
STEP 5: LINK THE TASKS AND COMPETENCIES
STEP 6: CHOOSE SELECTIVE AND QUALITY RATING FACTORS
Job Title: Economist
Job Description: Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. In addition to strong math and analytical skills, strong computer and technology skills are also required. An economist must be able to prioritize tasks and pay careful attention to details, as well as, be apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment.
Job Requirements:
Summary of Duties
Teach theories, principles, and methods of economics.
Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
Conduct surveys and collect data
Analyze data using mathematical models and statistical techniques
Prepare reports, tables, and charts that present research results
Interpret and forecast market trends
Advise businesses, governments, and individuals on economic topics
Design policies or make recommendations for solving economic problems
Write articles for publication in academic journals and other media sources
Summary of Job Competencies Required
Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Education and Training — Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Written Comprehension — The ability to read and understand information and ideas presented in writing.
Written Expression — The ability to communicate information and ideas in writing so others will understand.
Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
Education Requirements
A master’s degree or Ph.D. is desired for most economist jobs. Positions in business, research, or international organizations may require a combination of graduate education and work experience. A bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government, but a strong background in mathematics is essential in statistical analysis.
Alternate Career Options
Financial Analysts: Financial analysts evaluate quantitative data and help companies and individual clients make sound investment decisions, such as those associated with bonds and stocks. Undergraduate preparation can include a bachelor's degree in economics, mathematics, finance or statistics; graduate students can pursue a Master of Business Administration or a Master of Science in Finance. In addition, licensure is required for many types of financial analysts.
Political Scientists: Political scientists research the developmental and organizational aspects of political institutions, including government policies and patterns. While a bachelor's degree may qualify some candidates for entry-level positions with government entities, nonprofit associations, political campaigns or research organizations, completion of a master's or Ph.D. program in political science or public administration is the usual requirement for obtaining a position.
Planning scenarios for growth, stability, and reductions.
There are a variety of tools and approaches available for organizations to use in planning and developing their workforce for growth, stability and to reduce reductions or turnover rates. Scenario-based workforce planning is one of those methods a manager involved in human resources can improve the organizations effectiveness. The purpose of scenario-based planning is to help develop information to plan for unforeseen and foreseeable events to help make informed decisions about how to best allocate resources and train staff for what lies ahead.
In the case of workforce planning, organizing a team to handle to answer such questions such as “What size and type of workforce will we need in the future to fulfill our organizational strategy?” or “What workforce plans will make us more flexible and agile in responding to a range of likely alternative future scenarios?” . the team can then manage a project that will define “What does your organization need from its workforce—capacity and capability—to deliver its business outcomes now and into the future?” to develop the training and workshops necessary to follow through with them. After defining the official future, the team can then brainstorm variations based on possible changes to the key driving and restraining forces. Understanding these forces can help determine how to modify and develop alternative scenarios for success.