The Labour Market Sector UK Essay Example | Topics and Well Written Essays - 3500 words

The Labour Market Sector UK - Essay Example From the research it can be comprehended that the demand for labor in the United Kingdom is influenced by the availability of skills, expertise, and knowledge in the country. Different types of labor are required in the country to meet the demand of labour in various sectors. According to HRM in context, a labour market can be described as a mechanism through which labour is purchased and sold as a commodity. Labor demand is the number and types of jobs available in a country, whilst labour supply is the number and types of employees available. Therefore, the labour market of a country consists of a relationship between workers and work. The marketing intelligence of the labor market is important in that, one is able to relate the labor supply and labor demand of a country, and determine how the two aspects correlate with each other. Internal labor market refers to an organization’s internal supply of labour, whereby, employees are assigned specific roles in an organization. T he human resources in that particular firm concerns itself with the needs of employees such as training and development, retention, and job security among others. The external labor market represents the external supply and availability of labour. A country’s eternal supply of labor could be regional or internally, which may involve immigrants relocating into the host country. The main methods that will be used in this report are secondary and primary methods; however, secondary sources are most preferred, as they give accurate data, which cannot be found in primary sources. They are also less expensive compared to primary data that involves questionnaires and interviews. Secondary data already exists, for instance, Euromonitor and UK government statistics will offer genuine information regarding the labour market for several years. It also saves on time and assists in improving primary data by making it more specific; such sources include Euromonitor, keynote, national statistics, and the guardian and other academic sources, which will be applied to this report. According to FAO (N.d), secondary data availability contributes to the fast way of reaching to conclusions due to the quality of information these sources contain. In addition, secondary data is effective in solving problems by assisting the researcher to understand the actual problem. Reid and Bojanic (2006 p209) argue that the advantages of using secondary data sources include less cost, timeliness whereby an individual can access information very fast as opposed to waiting for weeks for the data to be collected and analyzed. In addition, frustration is reduced as the researcher can access the required information from appropriate sources. Primary data collection sources are advantageous, as data is collected straight from the population, for instance, with the use of questionnaires and interviews, hence providing original data and unbiased information. According to Goeldner and Ritchie (2009), primary data sources are original as they involve the actual collection of data; however, secondary data needs to be collected first before collecting primary data. Therefore, secondary data should be exhausted first before opting for primary data collection. According to Weinreich (2006), quantitative research techniques produce quantifiable reliable data especially when generalizing larger populations. Therefore, quantitative research provides a clear picture of the expectations of a research. This