Unemployment

Unemployment - Introduction
A phrase used to describe people that are already job-ready and are also proactively looking for employment but are having trouble doing so.
What does "Unemployment" mean?
Unemployment is one of the key measures of a nation's fiscal health and is typically expressed as the unemployment rate. The unemployment rate would be calculated by dividing the total of jobless persons by the number of individuals in the labor force.
Unemployment by Country 2023
The unemployment rate is defined as the percentage of unemployed workers in the total labor force.
South Africa is one of the countries with the highest unemployment rate whereas Qatar with the Lowest Unemployment rate
Various forms of Unemployment
1. Demand-Deficient Unemployment
The main factor behind unemployment that frequently occurs during a recession is a demand shortfall.
2. Frictional Unemployment
When a person is in between job roles, they are considered to be in a frictional unemployment situation.
An illustration of this would be a person who recently left their job or was dismissed and is seeking employment in a market that has not been going through a recession.
3. Structural Unemployment
Whenever an employee’s set of skills falls short of what is required by the positions that are open, structural unemployment ensues.
Conversely, it can also arise when employees are accessible but lack the means to get to where the jobs are located.
For instance, an employee may need to go to India for a teaching position, but owing to visa constraints, they are unable to obtain a work visa.
4. Voluntary unemployment
An employee who chooses to quit their position due to it being no longer financially beneficial is said to be experiencing voluntary unemployment.
Factors affecting Unemployment
A sizable population that ultimately puts strain on the economy.
Complicated legal issues, insufficient government assistance to small firms
Coupled with weak market, financial, and infrastructure links to small firms render those companies unprofitable and subject to costs and compliance overruns.
The manufacturing sector's investment levels are minimal, & infrastructure development is lacking, which limits the secondary sector's ability to recruit people.
Impact of Unemployment
The effects of unemployment can sometimes be experienced within both the workforce and the economic growth of the country, and they can have a ripple effect.
People who are unemployed experience monetary difficulty, which has an effect on their families, interpersonal connections, and communities.
When it occurs, consumer spending, a factor that is among the main forces behind economic development, declines, which, if allowed unchecked, can result in a recession or even a depression.
Long-term Unemployment
Long-term unemployment is defined as being without a job for more than 27 weeks, even if the person had looked for work in the previous four weeks.
Because of obvious factors, its impacts are far harsher than those of temporary unemployment.
How to solve the issue of Unemployment?
A shift in industrial methodology
The nation's demands and resources should be taken into consideration while choosing production methods.
It is imperative to promote labor-intensive technology instead of capital-intensive technology.
Modifications to the educational system
The way that education is delivered has to be radically altered. Admission to universities and colleges needs to be prioritized for students who show an interest in advanced coursework.
The growth of employment exchanges
It is necessary to create more employment exchanges.
The general public should be informed about employment opportunities.
Providing self-employed persons with further support
In Asian countries such as India, the majority of individuals work for themselves.
How to solve the issue of Unemployment?
Decentralization of industrial activity
The industrial sector must be decentralized if unemployment is to be decreased.
Giving job-training initiatives more poundage
The relevance of personnel should indeed be increased in five-year plans.
People may have greater employment opportunities thanks to programs like agriculture, irrigation, flood control, roads, power, and rural electrification.
Control of population
In the interest of tackling the unemployment issue, population growth needs to be restrained.
Widespread and efficient implementation of family planning programs is necessary.
This video is on Unemployment and it has the following sub-topics.
Timestamps
0:15 - Unemployment - Introduction
0:25 - What does "Unemployment" mean?
0:40 - Unemployment by Country 2023
0:51 - Various forms of Unemployment
2:13 - Factors affecting Unemployment
2:44 - Impact of Unemployment
3:26 - Long-term Unemployment
3:42 - How to solve the issue of Unemployment?