Microeconomics Labor market and use of labor resources in interprise s Independent Work Department: World Economy and International Economic Relations Group mo 98. Mahmudov Saidakbarxon
Microeconomics Labor market and use of labor resources in interprise s Independent Work Department: World Economy and International Economic Relations Group MO_98. Mahmudov Saidakbarxon
CONTENTS
What is the labor market.
Affects of the labor market.
Components of the labor market.
Use of labor resources in enterprises.
Importance of labor resources.
What is the labor market
The labor market, also known as the job market, refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand. It is a major component of any economy and is intricately linked to markets for capital, goods, and services.
How do you identify the labor market?
Generally speaking, labor market analysis involves the following processes:
Identifying the various labor markets for a given type of position. ...
Checking the market for salaries for a common position. ...
Determining market trends. ...
Adjusting salary packages or structure of positions. ...
Making consultations with management.
Why is the labor market important?
Employers demand labor because workers are an important part of the production process. Workers use tools and equipment to turn inputs into output. Without workers, employers couldn't produce goods and services and earn profits.
What affects the labor market?
What affects the labor market?
Just about everything that happens in the economy affects the labor market. Changes in the demand for goods and services, the size of the population and the minimum-wage rate can each have substantial impact on the job market.
What affects the labor market ?
The balance of demand and supply in the labour market is reflected in the level (or rate of change) of wages. If demand is high relative to supply, earnings will rise. This will increase the cost of employing people which in turn will cause demand for human resources to drop, easing the upward pressure on wages.
1. Labor force population The labor force population or labor force participation refers to the number of individuals who are available to work in a labor market. It considers all workers who are offering their skills and services for employment regardless of the industry they are in.
2. Applicant population The second component is the applicant population which refers to the people who are applying for a particular job that suits their expertise and skills. Recruiters look first at the labor market and then look next for individuals who meet the skills and qualifications set for a particular job. For example, the people looking for IT, graphics design, and similar jobs belong to the same applicant population, which is targeted by recruiters looking for this type of professional.
3. Applicant pool The third component is the applicant pool, which is the actual number of people who initially signified their interest in applying for a particular job by sending in their resume. It may very well be considered the first part of the selection process where the recruitment department of a specific organization receives applications and screens them to determine who advances to the next round of screening.
4. Individuals selected The fourth component is the individuals selected, which simply means the individual or individuals who’ve made it through the screening process and have been hired for the job. Of course, this is judged based on a number of factors, and the person is screened against a carefully determined set of qualifications.
Use of labor resources in enterprises.
The use of labor resources is the main component of the management system and formation of an effective personnel management system is key for success of any enterprise. In order to ensure the full fulfillment of the tasks assigned to the personnel of organizations.
Importance of labor resources.
Labor is an important economic resource, without it, all the raw materials and equipments owned by the business will be useless as there would be no one to convert these materials into useful goods, nobody would utilize the equipment as well.
The Importance of Measuring Labor Productivity As an economy's labor productivity grows, it produces more goods and services for the same amount of relative work. This increase in output makes it possible to consume more of the goods and services for an increasingly reasonable price.
IN BUSSINESS
They contribute to business success By treating employees fairly, and protecting their rights, employers can create a positive and enthusiastic workplace, which ultimately works to create an environment that welcomes success.
