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:
“One’s stomach is one’s internal environment.”
—Samuel Butler (1835–1902)
“When my hoe tinkled against the stones, that music echoed to the woods and the sky, and was an accompaniment to my labor which yielded an instant and immeasurable crop. It was no longer beans that I hoed, nor I that hoed beans; and I remembered with as much pity as pride, if I remembered at all, my acquaintances who had gone to the city to attend the oratorios.”
—Henry David Thoreau (1817–1862)
“It is a sign of our times, conspicuous to the coarsest observer, that many intelligent and religious persons withdraw themselves from the common labors and competitions of the market and the caucus, and betake themselves to a certain solitary and critical way of living, from which no solid fruit has yet appeared to justify their separation.”
—Ralph Waldo Emerson (1803–1882)