Prediction of supply and demand for jobs in the Czech Republic

Institute of Technology and Business in České Budějovice, School of Expertness and Valuation, Okružní 517/10, 370 01 České Budějovice, Czech Republic

^* Author’s contact information: machova@mail.vstecb.cz

Abstract

The topic of supply and demand for jobs is a very current and important topic, as their prediction contributes to the future operation of an organization. The base source of data is information and data obtained from online databases of the Ministry of Labor and Social Affairs of the Czech Republic. The aim of this work is to predict the supply and demand for jobs up to 2022, using the method of exponential alignment of time series. With the existence of natural unemployment, not all job positions will be filled. In such a situation, organizations will have to demand labor from abroad. In the event that organizations are unable to secure labor from abroad, they will have to reduce their activities and the associated volume of production they produce. Last but not least, the organization can start going bankrupt. In the forecast, we do not address the structure of unemployment by the highest attained education or by profession. We see the application benefits of the work in companies that manage human resources. At present, the prediction of future development is mostly at the national level and in the Czech Republic it is at the beginning of its journey. The developed methodology will enable organizations to monitor the current situation on the labor market and respond to changes in the short and long term.