What is a labor pool?

The workforce or labour force is the labour pool in employment. It is generally used to describe those working for a single company or industry, but can also apply to a geographic region like a city, state, or country. Within a company, its value can be labelled as its "Workforce in Place". The workforce of a country includes both the employed and the unemployed (labour force). The labour force participation rate, LFPR (or economic activity rate, EAR), is the ratio between the labour force and the overall size of their cohort (national population of the same age range). The term generally excludes the employers or management, and can imply those involved in manual labour. It may also mean all those who are available for work.

Formal labour is any sort of employment that is structured and paid in a formal way.^[1] Unlike the informal sector of the economy, formal labour within a country contributes to that country's gross national product.Informal labour is labour that falls short of being a formal arrangement in law or in practice.^[3] It can be paid or unpaid and it is always unstructured and unregulated.^[4] Formal employment is more reliable than informal employment. Generally, the former yields higher income and greater benefits and securities for both men and women.

Informal labour

The contribution of informal labourers is immense. Informal labour is expanding globally, most significantly in developing countries. According to a study done by Jacques Charmes, in the year 2000 informal labour made up 57% of non-agricultural employment, 40% of urban employment, and 83% of the new jobs in Latin America. That same year, informal labour made up 78% of non-agricultural employment, 61% of urban employment, and 93% of the new jobs in Africa.^[articularly after an economic crisis, labourers tend to shift from the formal sector to the informal sector. This trend was seen after the Asian economic crisis which began in 1997.