Recruiting and Labor Market
Recruiting and Labor Market What is 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 element of any economy and is intricately linked to markets for capital , goods, and services . Strategic Recruiting and HR Planning It is essential that recruiting be treated as a part of strategic HR planning because it is a key mechanism for filling positions necessary to get the work done. Recruiting requires an employer to: • Know the industry and where to successfully recruit qualified employees. • Identify keys to success in the labor market, including competitors’ recruiting efforts. • Cultivate relationships with sources of prospective employees. • Promote the “company brand” so that the employer is known as a good place to work. Component of Labor Market The labor mar...