Final answer:
The term a)'applicant pool' refers to the subset of the labor force that is available for selection using a specific recruiting approach. Demographic shifts and various circumstances can impact the labor market and influence who is considered part of the labor force or out of the labor force.
Step-by-step explanation:
The subset of the labor force population that is available for selection using a particular recruiting approach is called the a) applicant pool.
This term refers to the group of individuals who have applied for a particular job opening and from whom the hiring organization may select a candidate.
The labor market can be affected by various factors, including demographic changes such as an aging labor force or a youth bulge, leading to labor shortages or surpluses in different areas.
Furthermore, the labor force can be divided into several categories: those who are employed, those who are unemployed, and those who are out of the labor force.
To be considered unemployed, a person must be without a job, willing and able to work, and actively looking for work.
Conversely, individuals who are not in the labor force are not working and are not seeking employment due to various reasons like retirement, childcare responsibilities, voluntary breaks, or discouragement from prolonged joblessness.
In the context of personnel selection, companies often seek candidates who not only have the required skills but also have a personality that fits within the organization's culture.
Since skills can be taught, companies may prioritize hiring for personality and cultural fit, planning to invest in training for skill gaps as needed.