Job Market Trends

Job Market Trends (hereinafter, the Lectio) is the second lesson part of the Job Market Essentials lesson that introduces its participants to job market and related topics.

WorldOpp Pipeline

This lesson belongs to the Introduction to Recruitment session of EmployableU Concepts.

Content

The predecessor lectio is What Job Market Is.

Script

Job-market trends are general directions of changes or developments on the market. One of the key numbers is the unemployment rate. This rate reflects the share of the workers who are unemployed in their total number, which is usually expressed as a percentage.

Unemployment is a situation in which a worker, who is legally allowed working, cannot find suitable employment and/or doesn't have a job that provides money.

When unemployment is high, the market is known as employer market. That may mean that employer has a higher power over employment candidates. When unemployment is low, the market is known as employee market. That may mean that employee has a higher power over employer.

Unemployment rate doesn't describe the real situation. For instance, economists define human capital is the combination of attitudes, social features, and personality attributes, including creativity, of the workforce. This capital is integrated into the KSAs needed to produce economic value through labor. Some employers would struggle to hire employees if this capital is poor even when the rate is high.

A few sources such as government employment offices and payroll service providers report job-market data. Wage surveys are the collection and appraisal of data from various sources used to determine the average salary for specified positions in the job market.

Key terms

Human capital, job-market trend, unemployment, unemployment rate, wage survey, job-market data

Closing

Is the difference between employer and employee markets explained well? --Yes/No/I'm not sure

Job Market Resources is the successor lectio.