Can you see through these real-life optical illusions? Labor market analysis is the economic study of the dynamic relationship between workers and employers in the regional, national, or global labor market. It involves a variety of factors from employment rates to wages, per capita income, and education levels. While governments use the practice of labor market analysis to gauge the effects of economic policies, it is often also used by business and academia from a human resources perspective, to see how well the conditions of benchmark jobs match those of competing businesses or employers.
English UK Labour demand and supply The companies that sell products to end users based on the laws of supply and demand in the market become the purchasers in the labor market since they require employees to design products and do other sorts of things to ensure that the finished products meet the requirements of the end-users.
Since no employee can render a free service, companies are compelled to go into the labor market so as to purchase labor according to their considerations.
Virgin Blue Airline determines the number of workers it demands based on some considerations. These are the costs it will incur on the labour based on the Australian market wageand the number of workers it needs to meet the current and predicted demands for doing business.
The supply of labour in the Australian airline industry is determined by the amount of wages, salaries, as well as other benefits provided by the potential employers, and skilled workers tend to move from one employer to the other based on these influences.
To make the conditions of work attractive, Virgin Blue Airline offers competitive pay, performance based rewards, travel allowances, study assistance, and many other benefits to potential employees Virgin Blue Airlines, For example, in the past one year, it has carried about This increased growth implies that it will need additional employees to serve the increasing number of its customers.
In this regard, the company will need to hire culturally diverse employees for it to succeed in doing global business.
This will make it possible for the diverse workforce to bring different points of view in tackling issues in the airline company, which are invaluable for its success internationally. More so, since the success of a modern organization requires different inputs from people with diverse skills and experiences, recruiting such people will ensure that Virgin Blue Airline benefits from the different range of experiences that they will be bringing along for its eventual success in the international market.
Since doing international business normally encounter several restrictions, for example, acceptance of the airline by the customers in another locality and customer-handling issues, Virgin Blue Airline will need to surmount these obstacles by hiring employees who are up to the task.
In addition, another associated labour requirements in this new market is to hire employees who can speak fluently other languages, apart from English.
This will ensure that the company confronts the language barrier problem that can make it lose its customers if not properly addressed. Analysis of Virgin Blue Airline existing workforce to determine areas of excesses and shortages Virgin Blue Airline, launched on 31 August with less than three hundred employees, currently employs about three thousand workers, and the number is still growing.
However, until recently, the company had been concentrating on employing younger workers who were below thirty-five years of age. For example, a group of eight mature former flight attendants sued the company for discrimination. They accused the airline company for not giving them jobs because they were above thirty-five years of age Weller, The company lost the case and compensated the former flight attendants.
This implies that there are shortages of mature employees in the company and an excess of younger employees. It is important to note that experienced workers bring in the skills and attitudes that a company can utilize for its success, especially in the international market.
Another area where there is shortage is in the number of female employees that the airline has. This shortage has arisen because of the increased requirement to travel to other countries around the world.
Since it becomes difficult to strike a balance between work and family commitments in such situation, a number of females have stayed away from working with the company. Analysis of Virgin Blue Airline current workforce suitability to meet current and predicted demands for labour In as much as Virgin Blue Airline had been concentrating on hiring younger employees, its current workforce has the capacity to meet the current and predicted demands for doing business in the aviation industry.
The company has established an effective culture that ensures that its operations run smoothly. The company has a top management team consisting of twelve professionals who have served in various capacities in the company since its inception ten years ago.
Even though it has established a cohesive management team, the company goes at great lengths to recruit competent workers who are able to preserve its unique culture as well as meet its current demand for business and future expansion. Besides the thorough recruitment process, the company ensures that its workers remain motivated and committed in accomplishing their duties by properly assigning tasks, carrying out employee appraisal programs, meeting their expectations, and involving the employees in different aspects of decision making within the company.
Moreover, this labour supply growth rate may fall further if there will be no international migration. Recommendations for workforce planning Virgin Blue Airline has experienced incredible growth within a short time.
Therefore, to ensure its continued success it should develop a workforce planning tool that ensures that its objectives are matched with the needs of the employees.
It can achieve this by identifying the key abilities of its potential future workforce, engaging in an accurate analysis of its current workforce numbers and capacity, carrying out a gap analysis to make a comparison between the projected workforce supply to the workforce demand forecast, developing workforce strategies and projected funding impact, and implementing and reviewing workforce plans.
References Australia Bureau of Statistics, Labour Force, Australia, Sep Demographic and Labour Futures for Australia. PPS Publications Ltd, The Reed Group Ltd, Breaking in a new culture:The Labour Market Analysis Guidance provides guidelines on how to conduct labour market analysis for food security assessments and public works programming.
Written by Dr. Rizwanul Islam, Consultant. Labour Market Cambridge business dictionary () examines that the labour market is ‘the supply of people in a particular country or area who are able and willing to work, in relation to the amount of jobs available’.
The office for National statistics () examined that ‘ The economy has shrank by % in the second quarter of the. Labour Market Cambridge business dictionary () examines that the labour market is ‘the supply of people in a particular country or area who are able and willing to work, in relation to the amount of jobs available’.
The office for National statistics () examined that ‘ The economy has shrank by % in the second quarter of the. Demand Report — Heating up: The Sweltering Demand for Heating, Ventilation, Air Conditioning, and Refrigeration Workers, prepared by Burning Glass Technologies Canadian Report — A Labour Market Investigation of the HVACR Sector in Canada, prepared by Prism Economics and Analysis.
Labour demand and supply. The companies that sell products to end users based on the laws of supply and demand in the market become the purchasers in the labor market since they require employees to design products and do other sorts of things to ensure that the finished products meet the requirements of .
Executive Summary This report aims to investigate the Graduate Labour Market within my chosen sector of the employment market.
The pathway I have selected is to work in is Human Resources within the tourism and hospitality industry.