Essentially,labour market competition is the amount an organization must pay to compete against other companies that hire similar types of employees.

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Labour market competition refers to the competition an organization faces from other companies in terms of hiring similar types of employees. To attract and retain talented individuals, organizations may need to offer higher wages, benefits, and other incentives in comparison to their competitors, which can ultimately lead to labour market competition.

Essentially,labour Market Competition Is the Amount an Organization Must Pay