Job market is a market where employees and employers meet and interact searching for jobs and for employees respectively. Inasmuch as job market demonstrates the competition concept and interplay between labour forces; it is not a physical place though. Changes in the job market are influenced by demand and supply of labour in the overall economy and other sectors like specific industries or specific education levels needed for a job. The economy’s unemployment level dictates the labour demand and supply of a country. Salaries and wages are affected directly by the demand and supply of employment opportunities.
There is the hidden job market where people seeking jobs tap them from networking connections since jobs in this market are not advertised or posted online. Some employers create a professional network to avoid the lengthy processes involved in advertised jobs or choose to hire employees internally. As another way of avoiding the lengthy processes, employers seek referrals from their employees or get employees from recruiting firms.
Requirements in the job market
There are things that an ideal job seeker should be equipped with when looking for any job which are used as a measure of their qualification for the job. Those seeking jobs present the requirements through application letters. There are specific skills required for certain jobs and the job seeker is required to match their skills with the requirements in order to qualify for the job.
Types and amounts of work experience relevant to the jobs being sought are a vital part of job requirements and enhance the chances of qualification for a job. Educational credentials and professional certifications count when an ideal candidate applies for a job.
Job analysis and its relevance in the job market
The potential employer and the human resource manager in this case will carry out a job analysis which is a tool of collecting job-related data. Analysis of the data comes up with the job description and job specification.
Job description is information like the job title and its location, tasks and responsibilities and environmental factors of the potential worker is likely to face. It points out what is expected out of an employer and is used in marketing the job.
Job specification is the detailed information about the job tasks. It is the most selective and determines the most appropriate candidate for the job. It’s also useful to an organization’s recruiting team as it guides them on the desired set of characteristics.