The labor market comprises four components: the labor force population, applicant population, applicant pool, and the individuals selected. Wages or compensation is the highest motivating factor in the labor market. Furthermore, salaries are not fixed, meaning they can go up or down, depending on the worker’s performance. Moreover, they are also replaceable, which means that a person who can do the job better can be tapped to take over the other worker’s job. In the labor market, it is assumed that workers move to where there is a demand for their skills, whether this is in their local region or abroad. In short, this is where workers can find work that suits their skills and qualifications and where both agree on the wages, benefits, and other forms of compensation for the worker. ![]() The worker is then comparable to a seller while the employer is the buyer.Ī common factor that connects the two entities is the salary or wage that is agreed to be received by the worker from the employer. ![]() The worker may be anyone who wishes to offer his services for compensation, while the employer may be a single entity or an organization that is in need of an individual to do a specific job or to complete a task. The labor market is the place where the supply and the demand for jobs meet, with the workers or labor providing the services that employers demand.
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