Tööturg

Tööturg (Estonian for "labour market") denotes the system of interactions through which labour is supplied by workers and demanded by employers. It encompasses the processes that match workers' skills, availability and preferences with employers' needs, and determines employment levels, wage rates and working conditions.

Participants include job seekers, employed workers, employers, recruitment agencies and institutions such as public employment services and training providers. Key functions are allocation of human resources, wage formation, skill development and transmission of information about vacancies and candidates.

Common indicators used to describe the tööturg are the unemployment rate, employment-to-population ratio, labour force participation rate, vacancy rate and measures of underemployment and long-term unemployment. Labour market segmentation can occur along lines of skill, sector, contract type (permanent, temporary), and formality.

Public policy influences the tööturg through labour law, minimum wage policies, social protection, taxation, education and active labour market measures such as job counselling, wage subsidies and retraining. Employers and unions also shape conditions via collective bargaining.

Challenges faced by modern tööturud include technological change and automation, skill mismatches, demographic shifts like aging populations, and cyclical economic shocks. Effective labour market functioning depends on flexible matching mechanisms, adequate social protection, and policies that support training and mobility while balancing equity and efficiency.