Internal Labor Market
Internal labor markets (ILM) are an administrative unit within a firm in which pricing and allocation of labor is governed by a set of administrative rules and procedures. The remainder of jobs within the ILM is filled by the promotion or transfer of workers who have already gained entry. Internal labor markets are shielded from the competition of external labor markets (ELM). However, competition of ILM exists within the firm in the form of job promotions and pay.
The main reasons why internal labor markets were developed are as follows:
Read more about Internal Labor Market: Skill Specificity, On The Job Training, Analysis, Customary Law
Famous quotes containing the words internal, labor and/or market:
“The burning of rebellious thoughts in the little breast, of internal hatred and opposition, could not long go on without slight whiffs of external smoke, such as mark the course of subterranean fire.”
—Harriet Beecher Stowe (1811–1896)
“Take away from the courts, if it could be taken away, the power to issue injunctions in labor disputes, and it would create a privileged class among the laborers and save the lawless among their number from a most needful remedy available to all men for the protection of their business interests against unlawful invasion.... The secondary boycott is an instrument of tyranny, and ought not to be made legitimate.”
—William Howard Taft (1857–1930)
“At market and fair, all folks do declare,
There is none like the Boy that sold Broom, green Broom.”
—Unknown. Broom, Green Broom (l. 23–24)