Question

Like any market, labor market has its own supply, demand and equilibrium. In the United States, there is minimum wage that an employee is expected to be paid. Its effect, however, depend on whether the labor market is competitive. Let us assume that the labor market is in equilibrium, what do you think employers will do to attract new hires?

Answer 1

ask them for recommendations and giving bonus or other benefit to those who make good referrals that turn into new hires.contact former employees who left on good terms to see if they are still happy in their jobs .and get your employees in on the game.before hitting the online job boards,tap into your company's built in chain of connections.all these are required when a labour market is at minimum wage which is the eqilibrium wage and it would otherwise result will reduce the quantity of labour supplied by workers,and cause reductions in employment

answered by: anonymous