The labour market refers to the number of people who want to work in relation to the avaliable Jobs. The human resources in a Company are the people working there. The labour market is determined by the laws of the supply and demand. There is a low demand for skilled workers who get higher salaries due to the specific work they have.
Nowadays permanent contracts are being replaced by termporary ones as well as salaries have experienced a significant reduction.
According to work and employment population can be divided into active and inactive population.
- Active population: includes all the people who can work. The ones who are working and the ones who are unemployed. Labour force is made up of people who have a job or employed population and those who avaliable to undertake it but are not working at the moment (= unemployed population)
Labour force = Employed population + unemployed population