Part of forecasting a firm’s labor supply requires an understanding of current and future skill and competency trends in the labor market. Compare and contrast forecasting the internal labor market and the external labor market. Be certain to discuss key components used within each process. Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

 Phillips, J. M., & Gully, S. M. (2015). Strategic staffing (3rd ed., Pg. 125-131). Upper Saddle River, NJ: Pearson.
 
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