Tööküllus

Tööküllus, often translated as "work abundance" or "labor surplus," refers to a labor market condition where the supply of available workers significantly exceeds the demand for labor. This imbalance means that there are more people seeking employment than there are job openings.

In a state of tööküllus, employers typically have a wider selection of candidates for each position, which can lead to lower wage growth and a decrease in bargaining power for employees. The unemployment rate is usually high in such an environment, and job seekers may face prolonged periods of unemployment or be forced to accept jobs below their skill level or desired wage.

Factors contributing to tööküllus can include economic downturns, rapid population growth, technological advancements that displace workers, and structural changes in the economy. Conversely, a healthy labor market is characterized by tööpõudus, or labor shortage, where demand for workers outstrips supply, leading to increased wages and better working conditions for employees. Understanding the dynamics of tööküllus is crucial for policymakers aiming to promote full employment and economic stability.