Labour Market Flexibility

Labour market flexibility includes areas including wages and unions. A flexible labour market is just one where firms are usually under fewer regulations regarding the labor force and can therefore set income, fire employees from will and transform their work hours. A labor market with low freedom is bound by rules and regulations such as lowest wage restrictions as well as requirements from business unions. Labour market flexibility is the term for the speed using which labour markets adapt to fluctuations and alterations in society, economy or generation.