What is a labor market?
A labour market is a place where workers and employees interact with each other. In the labour market, employers compete to hire the best, and the workers compete for the best satisfying job. Description: A labour market in an economy functions with the demand and supply of labor.
A labour market in an economy functions with the demand and supply of labour. In this market, labour demand is the firm's demand for labour, and supply is the worker's supply of labor. The supply and demand of labour in the market are influenced by changes in the bargaining power.
This report outlines our top five good news stories in the job market over the past year.
- Older workers drive the biggest gain in labour force participation since 1997
- Most Job Gains in Full-Time Positions.
- Fastest Wage Growth since the Recession.
- Women Make Impressive GainHiring recovery in India continues through September.
- Job Gains Widespread across Industries.
What are trends in the labor market?
The evolution of labour markets has been marked by the expanding proportion of workers with secondary or tertiary education, increasing participation of women in the job market, declining participation of men in employment, and the increasing number of non-standard jobs, such as work based on temporary contracts.
How does a labour market work?
The labor market is where people and employers come together to bargain for labor and wages or other forms of compensation. The number of people willing to work is based upon the level of pay that employers are offering. The wage level reaches an equilibrium at the point where the supply of labor equals demand for labor.
Labour market of India 2020
Hiring recovery in India continues through September - November
Competition for jobs is lower compared to several months ago, but still 30% higher compared to a year ago.
After nearly doubling in the middle of 2020, the applications per job dropped down to 1.3 times in August and stayed at a similar level in September.
This analysis looks at the average applications per job this month compared to one year ago - this reflects the competition for jobs in the country. Job seekers continue seeking opportunities in other industries, but under less pressure compared to June 2020.
Compared to pre-COVID, we still see that job seeker who is currently in the badly affected sectors (such as Recreation & Travel) are 4.2 times more likely to look for jobs in a different sector, compared to pre-COVID. But this stress has abated from June 2020, where the likelihood was as high as 6.8 times. Similarly, the stress for the Retail sector has reduced from 2.4 times to 1.1 times. There is not much change in the other sectors.
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The latest report on India’s job market has reflected an impressive recovery post-Covid months as the hiring process in the nation has seen a 14 percent spike in December as compared to the previous month. As per the report by Naukri.com ‘JobSpeak’, the overall hiring at year-on-year level, however, showed a decline of only 10 percent in December.
The hiring in the insurance sector grew by more than 45 percent in December, as Indians felt the need for securing their health and businesses in the post-Covid era. The auto and ancillary sector (33 percent) continued to register growth in sequential hiring with increased consumer demand during the year-end period.
Other key sectors such as BFSI (+18 percent), Pharma/Biotech (+28 percent), FMCG (+21 percent), and IT-Software (+11 percent) too have shown positive growth in hiring. Also Read - Fact Check: Is Modi Govt Giving Rs 3800 as Unemployment Allowance to Jobless Citizens? Here's The Truth
“Key sectors like hospitality, travel, auto, and retail are still bouncing back, and the sequential numbers reassure us of robust recoveries in 2021,” said Pawan Goyal, Chief Business Officer, Naukri.com.
“As we look forward to a brighter year ahead, the overall hiring sets in the right direction for the closing month.”
Within metros, Pune and Delhi led the sequential recovery at more than 18 percent and 16 percent increase in hiring, respectively, followed by Kolkata (+14 percent) and Mumbai (+10 percent).
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