Labor Market: Definition, Benefits, Functions, Types, Strengths and Weaknesses
Labor Market: Definition, Benefits, Functions, Types, Advantages and Disadvantages – What is the meaning of the labor market? On this occasion, Se regarding the knowledge.co.id will discuss it and of course about other things that also cover it. Let's look at the discussion together in the article below to better understand it.
Labor Market: Definition, Benefits, Functions, Types, Strengths and Weaknesses
The Labor Market is a market that brings together sellers and buyers of labor. As sellers of labor in this market are job seekers, while as buyers are people or institutions that need labor.
The labor market is a place where the demand for and supply of labor interact. This is an example of a factor market, namely the market for transactions on factors of production.
The labor market is held with the intention of coordinating meetings between job seekers and people or institutions that need workers.
Understanding of the Labor Market According to Experts
- Suroto
The labor market is the entire supply and demand for labor, or the entire demand and supply in society as a whole a mechanism that allows for productive transactions between people selling their labor and employers who need labour the.
- Payaman J. Simandjuntak
The labor market is a process of placing or working relations through the supply and demand for labor.
- Rachmawati, SE, MM
The job market is all activities that bring together job seekers and job vacancies, namely entrepreneurs or producers, job seekers, intermediaries or third parties where it is easy for the two parties to communicate with each other relate.
Third parties can be government, informal or formal institutions, consultants, and private bodies.
Labor Market Benefits
- To be able to assist job seekers in getting a job so as to reduce unemployment.
- To be able to help people or institutions that need workers to get workers.
- To assist a government in overcoming employment problems.
Functions of the Labor Market
- As a means of distributing labor
- As a means of obtaining information about employment
- As a means of meeting between job seekers and job seekers
Labor Market Advantages
- To help reduce unemployment.
- To help job seekers and employers or companies that need workers.
- To increase the country's foreign exchange.
- To easily get information about job vacancies both domestically and abroad.
- To help quickly fill job positions with workers according to their abilities.
Labor Market Weaknesses
- The emergence of a labor brokering activity.
- The emergence of an act of fraud and violence against prospective workers.
Types of Labor Market Types
Educated, Trained, Uneducated and Unskilled Labor Market
Educated workforce, namely a workforce that requires special education such as doctors, accountants, teachers, and others.
The trained workforce is a workforce that requires training and experience such as mechanics, drivers, cooks, and so on.
Characteristic features :
- The educated labor market is a market that brings together the demand for and supply of educated labor.
- The skilled labor market is a market that reconciles the supply and demand for skilled labour.
- The uneducated and unskilled labor market is a market where demand and demand meet supply of uneducated and unskilled labor, such as porters, bricklayers, and others etc.
-
Main and Usual Labor Markets
Characteristic features :
- Occurs in a large corporate environment.
- The management of the company is very good.
- The level of education and skills required is very high.
- High salaries and wages.
- Good social security.
- Employee discipline is very high.
- The number of employee turnover is small.
-
Ordinary Labor Market (Secondary Labor Market)
Characteristics of the Ordinary Labor Market (Secondary Labor Market)
- Occurs in a small company environment.
- Poor company management.
- The level of education and skills required is low.
- Low salaries and wages.
- Social security is not good.
- Low employee discipline.
- There are frequent staff shifts.
-
Internal and External Labor Market
The internal labor market is a market that prioritizes existing employees to fill the required job vacancies.
This relates to the provision of promotions (raise positions) for the employee concerned. The external labor market is a market that welcomes outsiders to fill the required job vacancies.
Domestic and Overseas Labor Markets
The domestic labor market is the labor market that occurs in the country. Overseas labor market, namely the labor market that occurs abroad.
Indonesia as a country that has a high population (approximately 220 million) with a large number of unemployed due to the crisis a prolonged economic crisis and the rise of layoffs (Concentration of Work Relations) urgently require the services of an external labor market country.
With the existence of a foreign labor market, Indonesia can reduce the number of unemployed as well as increase the country's foreign exchange.
Perfect Competition Labor Market
In a perfectly competitive labor market there are many firms. Therefore, workers can offer their services individually to the company they want.
In this market, each worker acts in their own interests and does not form associations such as trade unions to represent common interests.
Monopoly Labor Market
In contrast to the perfect competition labor market, in this market all workers unite, unite their strengths and interests by joining trade unions or labor unions.
Trade unions are tasked with representing workers in demanding wages and other facilities from companies in order to improve workers' welfare. Because they join one force, namely the labor union, the workers have monopoly rights in selling or offering their labor.
Monopsony Labor Market
This monopsony labor market occurs if in a certain area there is only one company that willing to ask for labor, while the workforce does not have an organization such as a union worker.
This means, the strength of the company is far greater than the workforce. As a result, wages that occur are generally below the equilibrium wage or balance wage.
Bilateral Monopoly Labor Market
Bilateral monopoly labor market occurs when there are two opposing forces.
The first power comes from workers united in labor unions, and the second power comes from one company which is the only company that uses labor.
Unions that offer labor have the same strong position as companies that do demand for labor, so that there is a state of mutual monopoly, which is called monopoly bilateral.
In a perfectly competitive labor market there are many firms. Therefore, workers can offer their services individually to the company they want.
In this market, each worker acts in their own interests and does not form associations such as trade unions to represent common interests.
Thus the review from Seputarknowledge.co.id about Labor Market ,hopefully can add to your insight and knowledge. Thank you for visiting and don't forget to read other articles
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