What is Labour Market?
It is a market where wages and conditions of employment are negotiated and determined.
THE CONCEPT OF LABOUR FORCE
Labour force is the total number of capable men and women who are gainfully employed and those who fall in the age bracket, capable and willing to work but have no work to do in a country at a particular period of time.
supply of labour
It refers to the total number of capable men and women who fall in the age bracket of the labour force who are willing and ready to work.
FACTORS AFFECTING THE SIZE OF THE LABOUR FORCE OF A COUNTRY AND FACTORS AFFECTING THE SUPPLY OF LABOUR
- The working hours
- Age distribution
- The retirement ages
- The number of disabled
- The size of a country’s total population
- Death rate according to ages
- The school entry and leaving ages
- Whether women are included or not
- The number of those who continue studying beyond the school leaving age
- The population of those that retire before the retirement age.
demand for labour
It means the total number of labour force or man hours producers or employers are willing and ready to hire at a given period of time.
FACTORS THAT INFLUENCE THE DEMAND FOR LABOUR
- The wage rate
- The size of the market – extent goods are demanded
- The productivity of labour
- The extent of labour – intensity of production
- Expectation of business condition
- Availability of other factors of production
Efficiency of Labour : This refers to an increase in production as a result of the combination of labour and other factors of production.
Ways By Which Efficiency Of Labour Can Be Improved Or Factors Affecting Efficiency Of Labour
- Education and training
- Efficient management
- Appropriate incentive
- Climate condition
- Improved health facilities
- Application of division of labour
- Improved working conditions
- Regular payment of salaries
- Efficiency of other factors of production
- Technological improvement
MOBILITY OF LABOUR
It refers to movement of labour from one occupation work place and geographical area to another.
TYPES OF MOBILITY OF LABOUR
- Occupational mobility of labour : This refers to the free movement of labour (workers) from one occupation to another.
- Industrial Mobility of Labour : This concerns the free movement of labour (workers) from one industrial set-up firm to another.
- Geographical Mobility of Labour : This is the movement of labour (workers) from one area of a country to another.
CAUSES OF LABOUR OR FACTORS INFLUENCING MOBILITY OF LABOUR
- Unfavorable working condition
- Bad management
- Government policy
- Lack of health facilities
- Irregular payment of salaries
- Lack of incentives
- Lack of job securities
- lack of social amenities