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How does external labour market information help to plan human resources within the business?

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How does external labour market information help to plan human resources within the business? Firstly I think I need to explain what the external labour market is before I explain how it helps to plan human resources. Basically External Labour Market is made up of potential employees who have the skills and experience required at a particular time. These employees are usually found to be locally, regionally or nationally. There are a range of factors that affect the size and nature of these labour markets. There are a few things to analyse when looking at the supply of labour in the market: * Trends in the size/characteristics of the working population * Competition for labour * The overall level of economic activity * Education and training opportunities * The effect of government policies When looking at this information you have to look at key figures. ...read more.


There is lots of competition when it comes to employing specific highly skilled staff, I mean it obvious. Wouldn't you like the best of the best when going up against some major company? Employers are continually seeking to offer attractive work packages to ICT graduates in order to attract the best recruits away from the rival companies. This is because ICT in a job nowadays is very essential to modern business due to the growing technological advancements. The economic activity is shown to be quite an important factor when looking at the human resource planning. When looking at the economy you must look at the rise and fall of the economy. These factors help to determine the level of demand for goods and services in the economy and for the employees. ...read more.


Not everyone goes in these courses to achieve these skills. The HR looks for the people that do. There has been a rise in the number of young people attending these courses which to the HR is a plus. The reason there are more opportunities is that young people appreciate that company employer's look for "skilled workers" in order to compete with rival companies. Government policies can affect the labour market in many ways. The government supplies incentives to businesses that train and employ people. When companies are enticed into training people the government will reduce the costs of labour and thus have insinuation towards the HR planning. In recent years the government has also brought out new courses such as AVCE (Advanced Vocational Certificates in Education) and NVQs (Vocational Qualifications) these have led to an increased number of people having the right sorts of skills for the right sort of career choice. ...read more.

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