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.
This lesson belongs to the Introduction to Recruitment session of the CNM Cyber Orientation. The Orientation is the second stage of the WorldOpp Pipeline.
Contents
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.
- Human capital. The combination of attitudes, social features, and personality attributes, including creativity, that is integrated into the KSAs needed in order to produce economic value through labor.
- Job-market trend. The general direction of changes or developments on the job market.
- Unemployment. 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.
- Unemployment rate. The share of the workers who are unemployed in their total number, which is usually expressed as a percentage.
Script
- The job market is the number of employment vacancies 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 employee compensation.
- 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.
- 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.
- Any actor on the job market is a job-market actor. Besides employers and employees, these actors include job-market intermediaries.
- 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.
Job Market Trends is the successor lectio.
