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Labour market

Wikis > Labour market

The labour market is the arena where those who are in need of labour and those who can supply the labour come together. It is where workers find paying work, employers find willing workers, and wage rates are determined. The market is in a constant state of flux, dependent on changing external influences.

Labour markets may be local or national (even international) in their scope and are made up of smaller, interacting labour markets for different qualifications, skills, and geographical locations. They depend on exchange of information between employers and job seekers about wage rates, conditions of employment, level of competition, and job location.

References:

Business Dictionary.com. “Labor market.” Online: http://www.businessdictionary.com/definition/labor-market.html#ixzz39juua5QR (Retrieved on August 7, 2014)

McKinnon, Kerri and Kathleen Johnston, “Career Planning, Knowledge, and Skills.” In Blythe C. Shepard and Priya S. Mani (editors). Career Development Practice in Canada: Perspectives, Principles and Professionalism. Toronto: Canadian Education and Research Institute for Counselling (CERIC), 2014, p.194.

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