Abstract

The main mission of institutions of vocational education is to provide the regional labor market with the necessary personnel, and this is possible only if the network of educational institutions and the list of specialties for which graduates are prepared will be brought into line with the needs of the local labor market. That is why the basis for reforming the system of financing the vocational education institutions in the region should be based on scientifically based forecasts of demand and supply for the relevant working professions. In many countries of the world, funding of colleges, technical col-leges and other vocational education institutions is entrusted to local budgets. That is why before allo-cating funds for the preparation of skilled workers of a particular profession, one must clearly under-stand the need for these specialists in the regional market. Therefore, the issues of material and tech-nical and financial support for regional institutions of education are directly related to the monitoring of the needs of the regional labor market, the definition of rare occupations.

The article analyzes the existing methods of research and forecasting the labor market, identifies their main advantages and disadvantages. The author’s model is proposed, which is based on the evaluation of supply and demand for the relevant category of labor. Both for demand and supply, the study ini-tially set the indicator, which is the basis for calculations (the calculation base), and then this figure was multiplied by a number of correction factors to take into account factors that affect their change. The mechanism of their calculation and the correlation mechanism for each type of economic activity are proposed.

Keywords: demand, supply, labor, labor market outcomes.

JEL Classification: J2, J23.

Cite as: Vasilyeva, T., Lyeonov, S., Lopa, L. (2018). Forecasting Supply and Demand In the Regional Labor Market: In Search of Optimal Proportions of Financing Vocational Education Institutions In the Region. SocioEconomic Challenges, 2(1), 69-84. DOI: 10.21272/sec.2(1).69-84.2018

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