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Labour Markets in Hrm

In: Business and Management

Submitted By Serenal
Words 1522
Pages 7
As a Human Resources Manager, the level of supply and demand in the labour market affects the recruitment and retention of employees. Before I analyse the impacts of supply and demand in the labour market, I will first define what the labour market is in the context of HRM. According to Wilton 2013, labour markets are “the mechanism by which human labour is bought and sold and how the number and type of available jobs, the labour demand, is matched with the number and type of available workers, the labour supply.” In other words, employers are the buyers of labour with the employees being the seller. Labour markets can be segmented in many different ways, such as geographic location, occupation, or industry but for the purposes of this case study the labour market will be organised along the lines of occupation as I am trying to recruit staff for two different occupations.

The supply and demand for these labour markets differ, as there is a greater supply of catering employees than registered midwives. According to the Department of Employment 2014, there is a shortage of midwives both in Sydney and regional NSW, particularly with experienced midwives as 40 percent of employers unable to find suitable applicants. As of 2014, there has been a 20.1 percent decrease in registered midwives since 2011 (Australian Institute of Health and Welfare 2015) due to the introduction of the new regency of practice standards that require midwives to actively be working in midwifery to maintain their registration.

However, there is no shortage in the supply of workers in the catering sector. As there are no formal qualifications needed for the majority of positions in the catering sector, there is a larger supply of employees in the labour market. This is predominately due to the hospitality sector mainly containing students, as the need by students to gain employment and...

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