Trends in the development of the labour market in the context of economic modernization

Abstract

The labour market is the main factor of production in a market economy. Its participants are the economically active part of the population, public and private economic entities. The main mechanisms of the functioning of the labour market are the creation of labour force and jobs, through which the demand, supply and distribution of labour force, employment levels of the population are regulated. It is obvious that the efficiency of the economy, as a rule, largely depends on the labour resources of the state. The factors determining the growth of the national economy are labour productivity, labour potential and the level of expertise of the workforce. The paper examines the main trends in the labour market in the conditions of economic modernization, for example, the forced transition from the production to the demand sector, the increase in the vertical and horizontal gap between supply and demand. The labour market of the last decade has been characterized by a worldwide increase in the level of qualification of employees due to an increase in the number of specialists with higher education. This trend can be traced according to the requirements of employers about the availability of the necessary skills of applicants depending on the area of responsibility. The paper analyzes the dynamics of the main indicators of the labour market in modern economic conditions. The problems of functioning of the Russian labour market are revealed.