The Labor Market is the supply and demand for labor, where employers seek workers and individuals offer skills, influenced by wages, education, and economic conditions.
- What is the labor market?
Answer: It is the supply and demand for labor between employers and workers. - What factors influence it?
Answer: Factors include wages, unemployment rates, and skill demand. - What are the types?
Answer: Types include local, national, and global markets. - Why is it important for HR?
Answer: It guides hiring, compensation, and talent retention. - How is it analyzed?
Answer: It is analyzed using data from labor reports and industry trends.
