CONCEPTUAL PROVISIONS FOR ENSURING BALANCED DEVELOPMENT OF THE REGIONAL LABOR MARKET

Abstract

In this study, the focus is placed on the issues of shaping and implementing an effective policy for the development of the regional labor market. The conceptual foundation and guiding vector of such a policy is defined as the formation of structurally balanced labor market development. Therefore, the purpose of the research is to elaborate methodological and applied provisions related to the establishment of institutional support for the development of the regional labor market. The author provides a definition of the concept of institutional support of the regional labor market as a set of formal and informal institutions, the existence, interaction, and cooperation of which create socio-economic instruments and institutional mechanisms that influence the nature, intensity, and quality of regional labor market development, regulate and sustain the functioning of its elements, transform its structure, meet the interests of its stakeholders, and guide the processes of socio-labor relations’ impact on the development of regional economies and communities. The structure of institutional support is identified as comprising such elements as institutional and legal, regulatory, institutional and organizational, infrastructural, formal (legal and regulatory), and informal (family, religion, culture, traditions). The key strategic and operational objectives of institutional support for regional labor market development are substantiated, including balancing supply and demand; establishing an effective system of social and labor relations regulation at different levels of governance; stimulating employment and reducing unemployment; improving labor quality and productivity; ensuring efficient use and distribution of resources; coordinating the interaction of labor market participants; attracting investments; modernizing educational programs; and involving both formal and informal institutions in the processes of balancing the regional labor market and enhancing its contribution to socio-economic development.