What are the most widespread methods for eliminating labor shortages? Group of answer choices downsizing and merging with other organizations overtime and retrained transfers overtime and new external hires retrained transfers and turnover reduction hiring temporary workers and outsourcing work

Hiring temporary workers and outsourcing work

Explanation:

Labour is a factor of production responsible for mental and physical efforts directed to production.

Labour shortage occurs when the demand for labor exceeds the supply. Labor shortage could lead to an increase in wages following the theory of demand. When demand exceeds supply, price tends to go up.

Labor shortage could be solved by hiring temporary workers or outsourcing work.

Temporary workers are workers that are employed for a specific period of time. Temporary staff are ad-hoc staff whose services are only needed at a particular time.

Outsourcing work is a situation where a company will hire another company or person to perform a task on their behalf. E.g, outsourcing the job of cleaners and security personnel to another company. It mean the company will bring its own staff to work in your company.

Temporary employment, whereby workers are engaged only for a specific period of time, includes fixed-term, project- or task-based contracts, as well as seasonal or casual work, including day labour.