Abstract
Purpose – The paper presents the phenomenon of the past decade (2008-2018) that shaped the labour market all over Europe and also points out the differences lying beneath with the changes generated in the post-crisis period. In the context of this study this literature review is intended to provide a theoretical background for the development of a piece of research revealing the new labour market phenomena. Design/methodology/approach – The study first examines theoretical frameworks, solutions, and their practical operation through international experience. Findings – The economic crisis, initially of financial nature, had its percussions felt on the state budget and went on to real economy. Its consequences were also felt on the labour market. According to global experience, modern economies and societies are facing several challenges including unemployment, labour shortage and underemployment at the same time, in spite of the fact that the level of employment has significantly been rising in the past few years. Research limitations/implications – We applied an abductive approach. The reconstruction of past events is based on abduction, as we can deduce the events from their consequences and impacts on the present. Practical implications – Both unemployment, labor shortages and underemployment result in unfavorable economic conditions in a country. It is of utmost importance to effectively address these phenomena in order to reduce and control their negative effects. Originality/Value – Our study deals with the impact of employment on the labour market, the three key phenomena of the labor market: labour shortages, chnages in underemployment and international migration (labour migration) in European Union countries. Analysis is needed because conscious economic policy begins timely preparations for these changes. Keywords: job vacancy, labour market, labour shortage, migration, underemployment Research type (choose one): research paper JEL classification: J24, J62
Highlights
The global financial crisis, which was responsible for the second gravest recession in the economy of the European Union in the post-WWII period, started ten years ago
According to Eurostat data most of them are males aged 18-34. This could be favourable for the economies of host countries but there are no exact statistical data available on the qualification of those arriving in the EU, which forecasts their difficulty in labour market integration
The current labour market situation can be best described by the simultaneous presence of unemployment and labour shortage, which means that the single employees cannot find jobs while employers have difficulty in attracting employees with the right qualifications
Summary
The global financial crisis, which was responsible for the second gravest recession in the economy of the European Union in the post-WWII period, started ten years ago. In the 24 European members of OECD GDP reached a high in 2008, it was continuously decreasing from the following year to a value that was only 0.5 higher than its original 2008 value by 2012. Such a grave downturn in economic activity had serious consequences on the labour market, as well. Who were willing to work more hours increased from 9 percent to 11 percent in the Europe-24 countries between 2008 and 2012 This proportion means more than 3 million employees
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