labour market

labour market
The processes by which workers and employers are brought into contact, and wages and conditions of work are decided. Some of these involve formal institutions: contacts between workers and employers may be arranged by employment exchanges or agencies, either public or private. Wages and conditions of work are frequently decided by negotiation between trade unions respresenting workers and associations representing employers. The hours and conditions of work, and the rules about hiring and firing, are frequently subject to legal regulation. Much of the labour market, however, does not involve formal institutions or negotiations. Jobs are filled by press or other advertisements, or informal contacts via other present or past employees. Where trade unions are absent or weak, wages, hours and conditions are settled by individual haggling. Work for private households and small employers is largely part of the informal or [The entire page is 187 words long]

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