What is Workforce ?
The term ‘Workforce’ is used to denote a section of the populace that is either employer in work or are available for work. Although it is traditionally used to denote the populace of a geographical location such as a city or nation, it might also be used to denote the workers in a particular industry or company.
The workforce can be categorized into various ways based on their gender, working capabilities, education, form of labour, etc. These differences also play an important role in the respective industries that these workforce engage in.
The ‘Labour Force Participation Rate’ or (LFPR) is the ratio of the available workforce of a location to the total populace of that location of the same group.