The statement that Supply and demand forces still rule labor issues globally is true.
What is the demand and supply of labor in the labor market?
The labor market determines the supply and demand for labor. Both businesses and employees are parties to the labor market. Employees provide labor to businesses in return for pay. In return for compensation, employers demand labor from their workforce.
The dynamics of the labor market are determined by the availability of labor (supply) and the demand for labor by employers. In a field where there is a shortage of skilled personnel compared to demand, earnings and job possibilities typically rise. On the other hand, salaries and job prospects may fall if there is an excess of labor in a given sector.