Changing workforce levels can be cost efficient in businesses where positions have minimal skill requirements.
Wage rates are under pressure to fall as labor supply expands. Wages often decline when employers' demand for labor does not keep pace with worker supply.An oversupply of workers is especially destructive to workers in businesses with minimal barriers to entry for new employees, such as those without a degree or any specialized training. Industries that need more knowledge and training, on the other hand, tend to offer greater earnings. The higher salary is owing to a limited labor supply capable of functioning in certain industries, as well as the large expenditures of necessary education and training.
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