What Job Market Is

What Job Market Is (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 the CNM Cyber Orientation. The Orientation is the second stage of the WorldOpp Pipeline.

Content

The predecessor lectio is Professional Credentials.

Key terms

Job market. The number of jobs that are available in a particular place or for a particular type of work. On this market, employers would like to exchange their employee compensations to one's willingness to perform employer's jobs, on the one hand, and, on the other hand, employment candidates would like to exchange their willingness to perform employer's jobs to employer's compensation.

• Job-market actor. Any actor on the job market.

• 

  Job market

Job-market intermediary. Any legal entity that makes or indent to make employment arrangements between workers and employers that either (a) do not deal with each other directly yet or (b) need a third party help.

• United States Department of Labor. The cabinet-level department of the United States Federal Government responsible for the execution of federal labor laws to guarantee workers' rights to fair, safe, and healthy working conditions, including minimum hourly wage and overtime pay, protection against employment discrimination, and unemployment benefits.

Script

The job market is the number of employment vacancies that are available in a particular place or for a particular type of work and the number of employment candidates who are able to fill these vacancies in.

On this market, employers would like to exchange their employee compensations to one's willingness to perform employer's jobs, on the one hand, and, on the other hand, employment candidates would like to exchange their willingness to perform employer's jobs to employee compensation.

Any actor on the job market is a job-market actor. Besides employers and workers, these actors include job-market intermediaries.

A job-market intermediary is any legal entity that makes or indent to make employment arrangements between workers and employers that either (a) do not deal with each other directly yet or (b) need third party's help.

Third-party recruiters are examples of the intermediaries; the government agencies that support job market actors are other examples.

In the United States, the Department of Labor is the cabinet-level department of the United States Federal Government is responsible for the execution of federal labor laws to guarantee workers' rights to fair, safe, and healthy working conditions, including minimum hourly wage and overtime pay, protection against employment discrimination, and unemployment benefits.

Because both employers and workers are on the job market, they both are engaged in marketing.

Marketing endeavors of workers are called job marketing. Workers should market themselves to land a job.

Marketing endeavors of recruiters are called vacancy marketing. Recruiters should market their employment vacancies to find qualified, able, and available employment candidates.

Job Market Trends is the successor lectio.

Questions

Lectio quiz

The answer is recorded for the lectio completion purpose:

• Is the concept of job market explained well? --Yes/No/I'm not sure/Let me think/Let's move on