![]() ![]() Of course, this is judged based on a number of factors, and the person is screened against a carefully determined set of qualifications. 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. 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. 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. ![]() 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. Recruiters look first at the labor market and then look next for individuals who meet the skills and qualifications set for a particular job. 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. It considers all workers who are offering their skills and services for employment regardless of the industry they are in. The labor force population or labor force participation refers to the number of individuals who are available to work in a labor market. 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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