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understanding of the external labor market

1. Explain why an understanding of the external labor market is important to organizations.

2. Explain how the supply and demand of labor is related to the overall strategic plan of an organization.

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The understanding of external labor market is very important for organization to decide on an effective compensation and rewards/ incentive plan, so that it can retain the best talent in the industry and avoid high employee turnover or in other words, lose its best employees to competitive firms.

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Explain why an understanding of the external labor market is important to organizations.

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