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The global labour market

As people managers, keep an eye on the political and economic events, social and technological trends that influence the labour market.

The business landscape is in constant change. Many different factors affect the way in which our companies do business. These include political and economic events, social and technological trends, and new laws and environmental concerns.

In the video above we take a look at some of these factors. As people managers, it is important for us to keep an eye on them as they will influence our labour market and therefore affect how easy or difficult it is to find the right people for our team.

If we understand the context in which our business operates it is possible for us to understand:

  • How large or small the labour market may be in our business sector or industry
  • Which skills are scarce and which are readily available
  • What our company may have to offer to attract the right candidates

The labour market and your organisation

Think about the questions raised in the video. Will your region’s economic outlook affect your search for the right candidate? What skills are you looking for and are they readily available? What can your organisation offer to attract new employees?

Understanding the answers to these questions is a key part of becoming an effective people manager.

In the next step we’ll be looking at a system for answering these questions and identifying the factors that will affect your organisation.

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