单词 | internal labour market |
释义 | internal labour market The system by which recruitment for senior appointments in an organization is mainly from existing employees in lower-grade jobs. It is contrasted with an external labour market, in which recruitment is mainly by open competition. The main merits of internal labour markets are that a firm is likely to know more about the strengths and weaknesses of existing employees than outsiders, and that a reputation for internal promotion as its preferred strategy may assist in recruitment and retention of staff. The main merits of an external labour market are that open competition provides a wider choice for senior appointments, and that outsiders may bring new ideas to an organization. |
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