By Uche Onyeali
Professor of Labour Economics at the University of Lagos, Prof. Olufemi Iyabode Lawanson has described the profession as essential in determining the behaviour of workers, an organisation and the labour market in determining sound policies that enhance productivity, wage and overall functioning of the labour force.
Prof. Lawanson gave the insight in the 7th Inaugural Lecture of the university on Wednesday, themed ‘To Everything There is A Season.’
According to her, a Labour economist is a researcher who uses economic theory, data analysis, and empirical methods to study the behaviour of workers, firms, and labour markets, in order to understand and inform policies related to employment, wages, and the overall functioning of the labour force. I am proud to say that I am a Labour Economist by the special grace of God
Erudite educationist noted that the labour force comprises all those who work for gain, whether as employees, employers, or as self-employed and includes the unemployed who are seeking work. It involves the study of the factors affecting the efficiency of these workers, their deployment between different industries and occupations and the determination of their pay.
Giving a background of her academic journey, Prof. Lawanson described UNILAG as “the first choice and the nation’s pride,” adding that her inaugural lecture was s the 35th in the Faculty of Social Sciences and the ninth from the Department of Economics since its inception in 1962.
She expressed appreciation to the vice chancellor, Prof. Folasade Tolulope Ogunsola, for the honour in choosing her to deliver the inaugural lecture.
According to her, “The Bible says in Ecclesiastes 3:1 that ‘To everything there is a season, and a time to every purpose under the heaven’ “and it goes on from verses 2-8 to state the time for different things that will happen in the lifetime of a person or people. As a labour economist, I would like to explore this topic from the perspective of what the labour market should be doing to embrace the era of artificial intelligence which has come to stay. Also what the participants in the labour market (human resources) should be doing at a season like this. I would also be exploring how the available human resources in our country should adjust to the changing times and seasons.
“Labour economics is the study of the labour force as an element in the process of production. The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed and includes the unemployed who are seeking work. It involves the study of the factors affecting the efficiency of these
workers, their deployment between different industries and occupations and the determination of their pay.
“Labour economics can also be defined as a field of study that explores how the labour force (the sum of all employed and unemployed people searching for work) interacts with various production processes. Labour economics typically adopts a neo-classical approach, where agents are assumed to be maximising utility (for workers) and profits (for firms).
“This allows them to apply standard microeconomic techniques to study traditional labour market issues as well as newer areas like discrimination, migration and household decisions. Having defined Labour Economics, one can then ask: Who is a Labour economist? A Labour economist is a researcher who uses economic theory, data analysis, and empirical methods to study the behaviour of workers, firms, and labour markets, in order to understand and inform policies related to employment, wages, and the overall functioning of the labour force. I am proud to say that I am a Labour Economist by the special grace of God.”
Referencing great scholars who had defined human resource management in different ways and with different words, but the core meaning of human resource management deals with how to manage people or employees in the organisation, she defined human resource management as “planning, organising, directing, controlling of procurement, development, compensation, integration, maintenance and separation of human resources to the end that individual, organisational and social objectives are achieved,” as well as “that part of management which is concerned with people at work and with their relationship within an enterprise” with the aim of bringing together and develop into an effective organisation of the men and women who make up enterprise and
having regard for the well-being of the individuals and of working groups, to enable them to make their best contribution to its success.”
Prof. Lawanson stressed the relationship between Labour Economics and Human Resource Management as areas that have a lot in common, with both intersecting in several key areas.
“Labour economics examines the allocation of labour resources and the actors influencing wages, employment levels, and working conditions. It provides insights into the functioning of labour markets, the determinants of wages and income distribution, and the design of effective labour market policies.
“Human Resource Management, HRM, on the other hand, focuses on the management of an organisation’s workforce, including recruitment, training, compensation, and employee retention, among others.”
She finally described Labour Economics as a study thT provides the analytical tools and understanding necessary for human resource managers to make evidence-based decisions, align workforce strategies with organisational goals, and create a productive and engaged workforce, adding that “the intersection of labour economics and human resource management ensures that organisations can effectively manage their workforce and navigate the complexities of the labour market.”
