Labour Market Statistical Analysis, once the domain of Human Resource departments and recruitment organisations for the purpose of identifying, exploring and capturing talent, to structure remuneration (pay) and benefit frameworks to obtain and retain talent; to identify current and emerging labour market trends to navigate an organisation forward in an ever-changing workforce. Labour Market knowledge and the application of same was and still is an imperative functionality of the recruitment, selection and talent management process.
WHY IT’S IMPORTANT FOR YOU TO UNDERSTAND
Thus, it is imperative that individuals particularly job seekers understand the fundamentals of labour markets in order to effectively identify and capture opportunities and negotiate the terms and conditions of their employment.
Whilst many may be aware of the current national unemployment rate, 5.4% (June 2018), and that currently more jobs are been created thus consistently decreasing the unemployment rate over a period of time. That is usually where the average individuals’ knowledge stops with respect to labour market knowledge.
AVAILABLE LABOUR MARKET INFORMATION
Did you know that it is possible for the average individual to source and review a wealth of labour market statistics at the click of a mouse for example it is easy for you to:- Continue reading “Career Counselling – Understanding Labour Markets in the Job Search Process”