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:
“What makes some internal feature of a thing a representation could only its role in regulating the behavior of an intentional system.”
—Daniel Clement Dennett (b. 1942)
“Such is the labor which the American Congress exists to protect,—honest, manly toil,—honest as the day is long,—that makes his bread taste sweet, and keeps society sweet,—which all men respect and have consecrated; one of the sacred band, doing the needful but irksome drudgery.”
—Henry David Thoreau (1817–1862)
“the old palaces, the wallets of the tourists,
the Common Market or the smart cafés,
the boulevards in the graceful evening,
the cliff-hangers, the scientists,
and the little shops raising their prices
mean nothing to me.”
—Anne Sexton (1928–1974)