2. Meaning and Definition
The term has defined differently by several
authors, but in all definition they called labour
market a place where labour services are
exchaned for wages.
A labour market is the place where workers and
employers interact with each other. In the labour
market, employers compete to hire the best, and
the workers compete for the best satisfying job.
According to Bhagoliwal “ a process by which
supplies of particular type of labour and demand
of that type of labour balance or seek to obtain a
balance”
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3. Discription of Labour Market
A labour market in an economy functions with
demand and supply of labour. In this market,
labour demand is the firm's demand for labour
and supply is the worker's for supply of labour.
The supply and demand of labour in the market is
influenced by changes in the bargaining power.
The nominal market in which workers find paying
work, employers find willing workers, and wage
rates are determined. Labour markets may be
local or national (even international) in their scope
and are made up of smaller, interacting labour
markets for different qualifications, skills, and
geographical locations. They depend on
exchange of information between employers and
job seekers about wage rates, conditions ofAT-BSSS, Bhopal
4. Silent features of labour market
Relationships
Terms and conditions
Local character
Low rate of mobility
Imperfect market
Wage differential
Unemployment
Casual labour
Poverty
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5. Profile of indian labour
Most of the labours are from rural
background.
They desired high job security.
They do not like to participate in union
activities.
Indian industries has been hired workers with
high educational qualification compared to
minimum qualification of the job.
The attitude of Indian worker towards
organization does not seem to be influenced
much by the work they do as by the wages
they earn or their seniority in the organization.
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6. Types of labour market
We can categorized labour market on the
basis of their nature and characteristics in to
two broad categories, as they are-
Organised labour market
Unorganised labour market
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7. Organized labour market
Indian economic system has been based on
the mixed economic pattern.
The public sector plays a dominant role.
Government issued different policies for
technology and industry, time to time.
The objective of these policies was job
creation.
Thus, employment generation was the main
objective of government in both public and
private sector.
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8. Organized labour market cont…
Organized labour market consist of public
employment exchange.
Organized labour market are abstract in
nature.
Organized labour market are standardized.
Organizations of this type of market, train and
develop their employees by their own effort.
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9. Unorganized labour market
In unorganized labour market, organisations
normally do not design the job or plan for man
power.
Demand for and supply of labour is mostly
balanced through casual or contract labour.
They do not have trade union.
There is no predefine wage for a particular
type of labour, it is a matter of bargaining.
Labours are usually experienced instead of
qualified.
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10. Charecteristics of labour in
unorganised sector
Casual nature of employment
Contract labours
Superior streanth of employee
High level of mobility
Labour mostly employed in small, tiny or
cottage industries
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