The labor market, also known as the job market, refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand.
The labor force population, applicant population, application pool, and the individuals chosen make up the four parts of the labor market.
The people who are applying for a certain job that fits their knowledge and skill set are referred to as the applicant population.
Prior to looking for candidates who meet the requirements for a position, recruiters first assess the labor market.
The labor force population or labor force participation refers to the number of individuals who are available to work in a labor market.
Regardless of the sector they operate in, it examines all employees who are offering their talents and services for employment.
The term "the individuals picked" refers to the person or persons who have been hired for the position after successfully passing the screening process.
Of course, this is evaluated based on a variety of criteria, and the applicant is scrutinized against a carefully crafted list of requirements.
The exact number of people who initially expressed interest in applying for a particular job by putting in their resumes is known as the applicant pool. When the recruitment department of a certain business receives applications and
screens them to determine which candidates move on to the next level of screening, it may very well be called the initial stage of the selection process.
An organization's recruitment strategy must include labor market analysis since it not only enables it to identify the most suitable candidates for the open positions but
also helps it make sure that its employees receive a competitive benefit package. This is crucial if a business wants to retain its skilled staff and maintain its productivity.