-u instructs ntpdate to use an unprivileged port and shouldn't be necessary in most instances.
That said, by design
ntpdate won't make major corrections to the system time other than during boot time due to the fact that big time jumps can often screw up running applications.
Also, there shouldn't be any need to run this manually. You can use System Preferences -> Date & Time to tell the OS to sync with a remote time server. This activates the ntp daemon to correct your clock and keep it in sync.