This week’s Discussion asked to discuss the relationship between how these markets determine the wage rate and the quantity of labor that should be employed. In a competitive market, firms can determine how much input they should demand. They have the option to choose to demand various kinds of inputs. The main two are labor and capital. law of demand applies in labor A high salary or wage that is high in price in the labor market can lead to a decrease in the quantity of the labor demand by the employer, while a low salary or wage can lead to an increase in the quantity of the labor demanded. Your participants in this labor market are your workers and firms. Your workers will supply labor to the firm in exchange for wages for their service.
An example that demonstrates this relationship is my current job. Since co-vid hit, there have been a lot of team members, supervisors, human resource workers, and many others in the automotive industry who have reached a point of tiredness and left, and many are planning to leave due to a lot of added mandatory overtime or mistreatment from the upper heads. Many others have left for higher-paying positions with less over time and others took paying options just to have a piece of mind. without the worries of having to work two to three workstations. others just left and started working for themselves until they can find a job that offers good benefits without the need of having to work weekends and unwanted overtime. Every week this company brings in over thirty people and by the end of the week, there are one or two people who are willing to stay.
In a healthy, competitive labor market there is a balance between demand for labor and supply of said labor. However in reality, markets are constantly fluctuating based on any number of events; such as an increase in popularity for the product or service that company provides leads to higher sales. Higher sales lead to excess revenue that can be put towards hiring quality candidates. The labor market in turn is fluctuating with the market industry it is related to. Candidates are free to leave their current job in order to find a better opportunity. Potential employeesâ€™ study average wage for the position they are applying for and compare the nominal wage offer with the real wage of living in that area to see if the offer aligns with their true expectations. Companies must be competitive with offers in order to be worth applying for, but they are also looking out for their bottom line and if revenue does not align with the salary in question, then the position and or price must be modified in order to be worth the companyâ€™s time and money to hire.
Example: Within the last 2-3 years, many health professionals, nurses, and others in the medical industry have either hit burnout and left or left the hospital to work for a private company with better pay, better benefits and were sometimes even contracted to work in the same hospital they were in before. The issue with the health industry actually runs deeper than wage issues as medical school is very expensive, there are not as many bonus incentives for nurses and technicians as there are for say those in the tech industry. When issues grow to this proportion often times there is government intervention with tax breaks or other incentives for employers and universities, but currently this policy has not been enacted to a notable extent that would warrant the change currently needed in this specific labor market.
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