Labor Market Tightness Why Workers Have More Power Now
Title: Labor Market Tightness: Why Workers Have More Power Now. In recent history, the power equilibrium in the labor market was in favor of the employers. Employment opportunities were low, and there was competition among employees. Employers established the terms and the ones who were denied could be substituted. The opposite has now changed. In the majority of the world, labor markets have become narrow. Unemployment is low. Opportunities are more than the applicants. Workers now have choices. They are dropping jobs that are under fulfilling. They are seeking higher salaries, arrangements, and conditions. Employers who are accustomed to the past where they have the upper hand are also adapting to this new reality. Knowing the tightness in the labor-market is important to all. The employees must understand their power. Employers should be informed of how to attract and retain talent. It is necessary that the policymakers should realize the forces that determine employment. The tightn...