Unemployment in an Emerging Economy

Posted on March 30, 2018 by Cheapest Assignment

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Introduction

Growing unemployment rate can be regarded as a critical economic challenge for a country. The growth in the unemployment rate actually can affect the economic sustainability of the country. Australia is an emerging economy according to the several economists and sociologists. This is acceptable that the trade activities and technological environment have experienced significant growth since last few decades. Hence, this will be important for the researchers to determine the actual reason behind the economic growth of the country. However, this is important to state that the growing unemployment rate in Australia can affect the economic growth of Australia. There are different types of unemployment characteristics, such as cyclical unemployment, structural unemployment, fictional unemployment etc. Different unemployment types have different characteristics and different natures. Overall, the individuals, who do not have any intent to do a job, can be termed as unemployed. The measurement of unemployment rate can be considered through the consideration of this particular nature and characteristics of the individuals.

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Despite the positive economic growth, the country is facing problems related to growing unemployment rates since last few decades. It can be several reasons behind this. First of all, the consideration of the poor control and monitoring of the federal government of Australia can be regarded as the major reason. In addition, lack of effective awareness programs also can be considered as the major reasons behind the growth of the unemployment rate in the country. Technological advancements and changes in different societal structure can assist a country to overcome the growing unemployment rate.

Unemployment in an Emerging Economy

The country is strongly focused on the development and initiation of the effective social and economic approaches, but failing to overcome the growing challenges related to the growing unemployment rate. This assignment will focus on the identification of major causes behind the growing unemployment rate. In addition, different types of important facts regarding underlayment in Australia will be discussed.

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Discussion

History of Unemployment

Fig 1: Unemployment rate from the year 1978- 2005

The overall history of employment and unemployment rate of Australia has experienced volatility. It has been identified that the majority of the nations after the Second old War have experienced challenges regarding the high unemployment rate. However, the Australian states have experienced low unemployment growth rate during this period of time comparing to the other nations. The unemployment rate accounted for one to two percent during this time period. In addition, this is also acceptable that the federal government of Australia along with the state government of different states across managed the unemployment rate quite effectively. This is essential to mention that the governments have succeeded to maintain the low employment growth rate until 1978. However, the considerations of the effective technological advancements along with the adequate automation process in the business management activities emerged right after 1980. Therefore, the requirements of the recruitment of the skilled human resources started to get reduced due to the emergence of the advanced technological applications within the companies. It actually affected the employment aspects of the organizations during these time periods started to terminate the underperformed employees. Moreover, the consideration of the Automation in the workplaces actually reduced the percentage of the recruitment activities. Hence, it has been identified that the consideration of the low recruitment activities and high termination of the employees caused the growth in the high unemployment rate.

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The unemployment rate started to get improved in the later part of the 2000s and it started to get sustainable until 2016. However, the closing down of several companies along with the poor government control and monitoring approaches also affected the employment activities. Overall, this can be stated that the scenario has improved from early years, but in the year 2017, the unemployment growth rate increased little bit comparing to the year 2016.

Performance of US dollar since Financial Crisis 2008

Fig 2: Australian Unemployment rate for the period 2016-2017

Major Causes of Unemployment

There are different reasons behind the growing unemployment rate in Australia. First of all, growing technological advancement and automation can be regarded as the major reason behind the growing unemployment rate. Several Australian firms are focused on the utilization and application of the different unique and advanced technological resources in the business management activities to improve the competitive advantages. In addition, the companies are also eying on the cost reduction and efficiency approaches through the integration of the advanced technological applications in the business management activities as the consideration of the advanced technological approaches can significantly assist the majority of the organizations to cut down additional cost associated with the business management activities. Overall, it can be accepted that the consideration of the advanced technological applications in the busine4ss management activities actually reduces the necessity level of the skilled human resources (Shan, 2011). Therefore, the majority of the leading Australian firms are going for the employee termination activities to improve the cost reduction process. This can be considered as the major reason behind the growing unemployment rate n Australia.

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The majority of the notable firms are going for the automation processes in the workplace in order to improve the efficiency aspects. Overall, this is also essential to state that different notable firms are also experiencing different types of challenges. The major critical consequence of these particular challenges is the shutdown of the organizations. It has been identified that several notable organizations have been shut down since last two decades due to the growing problems (Solomon, 2013). It has affected the industry growth. On the other hand, some other economic challenges also have been developed due to the consideration of these particular challenges. The consideration of the company shut down has created several problems including the growing job loss of the common individuals. The growing unemployment rate also can be regarded as one of the major consequences of the shutdown of different organizations. In addition, the federal government of Australia along with different state governments are also failing to take important initiatives to re-open the companies and improve the employment rate related growth and other types of economic growth.

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Apart from the automation, technological advancement and shut down of different companies, the outsourcing of human resources also can be regarded as the major reason behind the growth of the unemployment rate within the Country. Majority of the leading Australian firms are going for the outsourcing of the human resources from the emerging nations. It has become an important policy for the majority of the companies. This is acceptable that the consideration of the outsourcing of human resources from China, India, South Africa and other emerging nations actually reduce the business operation cost behind the human resource management activities. This is also important to accept that the consideration of the outsourcing of employees motivates the companies of Australia to offer limited salary and reward compared to the common Australian employees (Yan and Gray, 2014). Therefore, the common Australians are losing a job. Moreover, this is also acceptable that the common Australians are finding it really difficult to gain effective employment opportunity in the reputed organizations due to growing demand for outsourcing among the employers. The majority of the individuals in Australia are trying to set up their own business. On the other hand, this is also notable that some individuals are also trying to visiting foreign developed countries to get effective job opportunities. Hence, these are considered to be the major challenges. The Australian federal government along with the state government of different states across Australia needs to focus on these approaches for the better economic sustainability. Overall, this is also an important thing to take into account that the organizational leaders of Australia should develop some important strategies to give the job opportunities to the Australians as it has become a serious problem since last two decades. The governments along with the industry leaders need to adopt some effective policy development approaches to overcome the associated problems.

Economic Growth of Australia in last 3 to 5 years

Current Scenario of Unemployment Rate

It is already discussed that Australia has experienced high unemployment growth rate since last two decades comparing to the post Second World War era. This is acceptable that the consideration of the growing unemployment rate is regarded as a major problem to the economy of Australia. The Australian federal government, as well as different state governments, used t experience low unemployment growth after the Second World War. However, the consideration of the effective industrialization, automation, and technological advancement affected the sustainable employment growth. Recently, the unemployment rate has increased in Australia in this contemporary era comparing to the unemployment growth rate of the post Second World War era. It is a diverse scenario, whereas several other emerging countries are improving their unemployment rate quite effectively. Some critical aspects are highly responsible behind the growth of this unemployment rate (Shan, 2011). Consideration of the advanced technological applications in the business management activities actually reduces the necessity level of the skilled human resources in this contemporary era. Therefore, the majority of the leading Australian firms are going for the employee termination activities to improve the cost reduction process. This is the major reason behind the growth of the unemployment rate. Apart from it, consideration of the company shut down has created several problems including the growing job loss of the common individuals in Australia in this contemporary era. This is also considered to be the major reason behind the growing unemployment rate. Lack of government control on the growing unemployment rate in this contemporary era also can be considered as the major reason behind the growth in the unemployment rate in this present era of the technological advancements and globalization.

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Youth Unemployment

The youth unemployment rate can be regarded as the major issue for the developed, underdeveloped and emerging countries across the world. This is acceptable that the consideration of the recent financial crunch in the European countries and economic recession across the world have affected the economic sustainability of the developed, emerging and several underdeveloped countries. Moreover, this is a common fact to share that the economic recession across the world has critically affected the employment growth aspect as several leading companies across the world along with the small and medium scaled companies across the world experienced this heat (Previte, 2012). The organizations started to terminate employees as the organizations are suffering from huge business losses. Overall, the companies also reduced the recruitment activities. These are considered to be the major reasons behind the growth of the unemployment rate across Australia. This is also acceptable that the Australian leading companies, as well as the medium and small scaled firms across Australia, suffered from this particular approach. This has affected the business growth of the companies as well as economic sustainability of the company.

The young generation individuals can be considered as the individuals aged between 22 and 35. On the other hand, these economic slowdowns, financial crunch as well as financial crisis happened in the year 2008, which has a long-term impact on the Australian economic sustainability (Park and Ungson, 2016). The common young Australians faced it difficult to get effective employment opportunities in this recent era. Moreover, this is also important to accept that the Australians employers are really finding it difficult to give effective job opportunities to the young job seekers. Hence, the unemployment rate of young Australians is increasing significantly. Overall, this is acceptable that the consideration of the strong financial slowdown has affected the job sustainability and stable employment approaches of the young Australians.

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Long-Term Unemployment

The long-term unemployment activities also can be considered as the major challenge for the federal government of Australia as well as different states of Australia. It is already disused that Integration of the advanced technological applications in the business management activities as the consideration of the advanced technological approaches can significantly assist the majority of the organizations to cut down additional cost associated with the business management activities. These are actually forcing the contemporary organizations in Australia to limit the number of the employees. Actually, the organizations are going for the termination of the underperformed employees. These are considered to be the long-term unemployment problems of the company (Park and Russo, 2016). Overall, it can be accepted that the consideration of the advanced technological applications in the business management activities actually reduces the necessity level of the skilled human resources. Apart from it, the closing down of the several organizations across different industries are also creating employment problems for the permanent employees of the organizations. These also can be considered as the major organizational long-term unemployment challenges for the different states across Australia. The long-term unemployment rate has increased since the year 2005. It can be considered as the major challenge for the Australian government and the government needs to focus on the consideration of adequate policy development approaches to improve the growing unemployment rate related challenges.

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Under-Employment

The underemployment rate across different states of Australia is increasing significantly. This is acceptable that the underemployment rate growth can be considered as the real challenge for the countries in this contemporary era. The term underemployment can be considered as the efforts of employees of an organization for more than the agreed hours in the workplaces at the same wage rate. This particular term of employment can be regarded as the unethical approach for a nation, which needs to be overcome through the consideration of the effective policy development process by the federal government as well as state government of several states across Australia. The consideration of globalization and technological advancement has increased the volume and percentage of the under-employed employees across Australia. This is acceptable that the consideration of the under-employment growth rate is also affecting the economic sustainability of the country (Morrison, 2016). Overall, this is acceptable that the growing underemployment approaches have significantly increased over last few decades. Hence, it is acceptable that the consideration of the growing technological advancements as well as shut down of the companies can be considered as the major reasons behind the growth of the underemployment rate. The governments of all the states along with the federal government of Australia are also failing to control these growing challenges.

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Conclusion

Australia is an emerging economy according to the several economists and sociologists. This is acceptable that the trade activities and technological environment have experienced significant growth since last few decades. Despite the positive economic growth, the country is facing problems related to growing unemployment rates since last few decades. It can be several reasons behind this. First of all, the consideration of the poor control and monitoring of the federal government of Australia can be regarded as the major reason. Consideration of the advanced technological applications in the business management activities actually reduces the necessity level of the skilled human resources. Apart from the automation, technological advancement and shut down of different companies, the outsourcing of human resources also can be regarded as the major reason behind the growth of the unemployment rate within the Country. Lack of government control on the growing unemployment rate in this contemporary era also can be considered as the major reason behind the growth in the unemployment rate in this present era of the technological advancements and globalizations.

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