Question
Analyse and evaluate the major features of national and international employment markets and identify the ways in which these markets evolve or change over time. Refer to any academic sources which you are familiar with to answer the question.
Solution/Answer
Executive Summary
This report entails the analysis of the core features of the national and international employment markets. The report acknowledges the dynamic global workforce due to globalisation and the rising number of multinational firms. Also evaluated are the different ways through which the markets change or evolve. Among the elements considered in these changes are the importance of global skills and the role of new technologies in the workplace. Further, issues, such as the aging workforce, rising unemployment cases, and migration, are included in the analysis of the changes in the markets.
Table of Contents
2.0 Major Features of National and International Employment Markets. 3
2.1 Segmentation of the Labour Market 3
2.2 Rigidity and Inflexibility. 4
2.3 The Employment Market is a Secondary Market 4
2.4 The Employment Market is Highly Regulated. 4
2.5 Participatory and Contractual 4
2.6 Multidimensional, Inconsistency, and Imperfection. 5
3.0 Ways through which Markets Change and Evolve. 5
3.1 Dynamic Workforces and Shifting Demographics. 5
3.2 Increase in Individual Choices. 6
3.5 Organisational and Consumer Demands and Changing Educational Standards. 6
4.0 Conclusions and Recommendations. 7
1.0 Introduction
The employment market refers to the source of the workforce and the recruits. According to CIPD (2020), the human resources managers (HRM) should understand the market dynamics, including the current and future needs to profoundly address the resourcing process, establish the competitive salaries, and find individuals with the right competencies. A key factor to consider is the influence of the competitive market theories in the employment markets. The central assumption is that people select jobs according to the maximum benefits. This sourcing process is, therefore, complicated due to the shifting and dynamic equilibrium. Notably, the employment market is changing due to the increase in technology, generational aspects, and importance of competent individuals in various skills, including teamwork, leadership, communication.
2.0 Major features of national and international employment markets
The employment market is complex, which is reflected in the functions of the market economy. According to Serena (2016), the employment market is critical, which is based on the role it plays in the social and economic contexts. Some of the core elements in the labour market include the distribution of employment in the professions, sectors, and industries, revenue sharing and training function, social function, and the political function. There are several features of the national and international employment markets, as outlined below.
2.1 Segmentation of the labour market
In a broad context, the employment market comprises of three core levels, including the primary, secondary, and tertiary. In the primary segment, it involves the workforce that benefits from higher training and education. Also, there are professional growth opportunities. Companies are also interested in growing employees, including their education and salary. In the secondary segment, there is a high turnover, low level of competencies, and a few professional growth prospects. The tertiary segment entails the undeclared work.
2.2 Rigidity and Inflexibility
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