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HI5003 Economics for Business - Labour industry Assignment, Holmes Institute, Australia

Purpose: This assignment aims to enhance students' research and analytical ability through the application of their economics knowledge learned in the course unit to compose a company report.

Topic - Labour industry

The market report should, as a minimum, address the following key issues:

1. A description of your company and the industry your company

2. An analysis of the market structure the industry

3. A discussion about the demand and supply conditions for your product(s) or service(s).

4. A discussion about the demand elasticity for your product(s) or service(s)

5. An analysis of a recent event that has (or is likely to have) substantial impacts on your industry/sector.

Answer - Labour Industry of Australia

Executive Summary

The report is about the labour market in Australia. The prepositions of the labour market in the country are discussed with particular focus on the factors that impact the demand, supply and other elasticity factors. Also there is considerable discussion on the factors that affected the labour market in the country. The principles of the demand and supply in the labour market and their variations as per the environmental conditions are presented in the report.

Introduction

Labour industry is one of the several industries made in the Australia and Newzealand standard industrial classification (ANZSIC) portfolio. Approximately the employment rate in the labour industry of the country has increased by about 12.3% in the recent years. The median age of the people of Australia is about 36 years and the actual earnings per week as median for the people of Australia is about $1066(AUD) per week. The work force percentage in the total employment labour is slightly more for male employees when compare with the female employees and however there is no very much difference. But the employment growth rate for the coming five years till 2023 is more likely to reduce to about 7.1%. Average full time hours the people work in the Australia per week is about 39 hours and the full time workers do make up about 68.3% of the total employment members in the country. Major labour in the country makes up from the professions like sales assistants and the least number of labour can be seen from the professions like commercial cleaners. Among the total employers, the health and social services sector of Australia recruits maximum number of employees in the country and the retail and construction industry of the country will recruit the next highest number of employees in the country. As of now the unemployment rate is more or less stable around 5.2% inspite of increase in the number of jobs the country floated. The increase in the number of jobs does not have much impact over the unemployment rate, as there is increase in the working population too in the country (Allan L., 2018). In any case the current reflection is from classical perspective; Australian labour market is analyzed for its prepositions, trends in the demand and supply elements, impact of diverse factors on the demand and supply of the labour market, the trends of elasticity. The recent events that created substantial impact on the labour market in the country presented. The discussion is provided from the perspective of functions of a labour hire company in Australia with broad consideration to the labour market in the country.

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Introduction to the Company

The current company under focus in the labour hire company located in Australia and is under the labour industry sector of operations. The key operations of the company in this sector lie in providing the employment services to the employees. The domain of operations of the company viz., local and international operations will decide the profile and volume of operations and the revenues for the company in this sector in general. The current organization is located in Sydney, Australia and it has branches in the several cities across the Australia. The zonal operations of the company ae being looked by the zonal managers from the six regions of Australia. However the strategic planning and the core directions of the operations of the company will be taken care by the headquarters located in Sydney, Australia.

Labour industry and Background:

Labour industry does include services to the labour for recruiting into diverse sectors and industries of the country. Both the supplementary and the permanent solutions can be offered by labour industry companies in general. Labour services companies do provide services for labour recruitment both in the white collar domains as well as in the skilled labour category of services. They do render services both for the sake of temporary employment as well as for the sake of full time employment as well. In any case, labour industry companies do have specialist companies which will work to supply the labour force for specialized domains of services as well. For example Brix projects private limited is a labour industry company that works on to supply labour force for temporary and permanent hire only for the companies working in the construction domain only. That too its services are mainly confined to the Sydney region only. Hence the impact of different economic factors as they vary from region to region, the implications of these factors will be different for different companies in the country. Also the implications of these factors will be different for different regions as well in the country.

Labour industry is a consolidated labour industry that works at different regions in the country. The key regions that classify the labour industry in the country include regions like NSW & ACT, Northern Territory, Queensland, South Australia, Tasmania, Victoria and Western Australia. The Federal government of Australia has established a separate division to keep observation on the employment trends, factors of impact and other related aspect of the labour industry to take up corrective measures and to implement policies from time to time to manage the situation in the country. Labour industry in the country is well managed to distributed data available for each region of the country and it will be continuously updated by the federal government of Australia agencies. Typical issues like relation between the unemployment rate in the country and the relation of the same with the inflation rates in the country and the wage growth rates are some of the issues of concern for the country. At the same time, other issues like comparison of the unemployment rate in the country and the relation of the same with ht other developed countries makes up important inferences possible from the official agencies working in the labour industry of the country (Mahadevan, 2004).

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The market structure of the Labour industry/Sector: The market structure of labour industry is mainly one of perfect competition type. There are several applicants (applicants looking for the employment) in the region from diverse streams. The demand for these applicants do depend on the demand from the consumers (organizations and entities) seeking the services of the applicants for their employment. Consumers are from different domains, public, private and partnership firms etc. The demand from these entities will decide the overall consumption rate of the supply from the market. However the current labour market is characterized by supply of labour not only from the Australia but from other locations as well in the international perspective. However the service of the labour hire for expatriates will be highly intensive of the skills of the labour. Demanded skills will make the difference in the employment. In any case there is good number of supplier of the service as well there is good number of consumers for the labour service available in the sector. Hence there is no scope for any other market structure except the case of complete competition in the current domain.

Factors affecting the demand for the company product

The current company (XYZ Plc) is a labour hire company and is providing services for range of industries from health care, minining, public administration, construction etc. As there are several industries that are closely related with the Australia economy, any change in the economic conditions of these industries will directly impact the conditions of the Australian labour market. One of the key factors that do impact the Australian labour market is the employment rate by the key sectors in the Australian Economy. If there is any change in the growth rate of the employment in these Australian companies, they can have direct impact over the Australian labour market. There will be more demand and so the domains of services of the company will be stretched out beyond to include more suppliers (applicants for employment).

On micro level, there are several factors that can impact the demand of the labour sector services.

If there is any advancement noticed in the technological perspectives, then they can impact the overall productivity of employees, if there is any hike in the productivity of the employees, it can impact the fresh demand of labour and hence will restrict the demand of services of the labour market companies. However the changeover of the technology usage does impact the demand for the labour as well. The demand for skilled labour will hike as per the technological advancements.

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Marginal product of labour (MPL) is another important aspect in the national economy that can have impact over the labour market in the country.

Marginal revenue product of labour (MRPL) is another important criteria that do work on to impact the revenues from the labour additions and the change of the same will impact the demand for the labour. The diminishing trend in the MRPL will limit the demand for the new labour in the country.

Other factors that can impact the labour demand include the changes in the prices of the other factors of the production. For example the relative price variations in the capital stock will impact the demand curves and the nature of the demand of the labour in the country.

Changes in the prices of the output entities will also impact the demand nature for the labour industry (Makiw, 2018).

Figure 1 Technology change and impact on labour demand

 

Economics for Business - Labour industry Assignment.png

Fig-1 depicts how the change in the technology of the market will impact the shift in the low skilled labour in the market. High skilled labour and the shift in the wages and the demand is also visible from the same figure. There will be shift towards the hike in the demand for the skilled labour with the changeover of the technology usage in the market.

Government regulations on the labour salaries and the minimum pay structures can have very good impact over the demand trend of the labour market. If the wager rate is increased and if the firms are forced to hike the minimum wage rate of the employees, then it is more likely that the companies will restrict the total labour hire for their organizations. At the same time If the total wage rate of the employees if is decreased by the government regulations or by any other means, it is more likely that the organizations will recruit more labour and it can be seen in the positive hike in the labour demand in the country(Cowen,2015).

Figure 2 Wage rate and Demand trends

 

Economics for Business - Labour industry Assignment1.png

Fig-2 is a particular case where in the change in the wage rates are directly impacting the labour demand in the country. When the wage rate is increased, there will be more supply in the market, organizations declines to take up new employees. The life style of the employees under new market rate and conditions will be better for those who have retained the jobs. At the same time, if the wage rate is reduced it is possible that the organizations can take in more number of employees and it will create increase in the demand. Excess supply in the fig-2 marks the consequences of rise in the wage rates (Nordhaus, 2010).

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Other factors that can impact the demand trend of the labour include, the change in the profitability of the firms, substitutes availability, demand for the products(the derived demand for the labour), the change in the preferences for work by the people, benefits of the work, work-life balances,

On macro level the demand for the labour market in the country will be impacted mainly by the domestic and the international economic dynamics(Martin,2015).

If there are changes in the economic conditions of the domestic and the international market conditions the demand for the labour in the country will also change(Preston,2018).

The age of the population of the country, specifically the age of the working population can have impact over the demand on the labour in the country. If there are more retiring population, then it is more likely that the demand for the labour will increase in the country.

The immigration policies in the country and the inflow of the immigration that meets the demands of the market can have direct impact over the demand on the labour sector.

Factors that can affect the supply of the company product (Labour)

As discussed in the previous case, there is much to do with the actual supply of the labour as well in the market. Supply of the labour which makes up the key element of significance for the company do depend on the government regulations as well.

Migration of the skilled labour into the country like in the current Australian Economy does have good implications to the demand for the labour in the local market.

Working conditions and the luring wage rates do have good impact over the supply of the labour into the market.

Also, if there is good profit making by the companies and if there is need for more products and production, then it will need recruitment of more number of labor and hence wage rates will be hiked, this in turn increases the supply of the labour.

Number of qualified people as well as the number of trained skilled people in the country will impact the supply of the labour in the country.

Non wage benefits of the jobs will impact the supply too.

Figure 3 Backward sloping effect of labour

 

Economics for Business - Labour industry Assignment2.png

Upto certain wage rate standards, as the income increases, more and more labour hours will be availed and beyond certain threshold level, wage shoot up will not impact the labour working hours and there will not be any impact of the same on the number of labour hours. So the labour supply hours will be related to this phenomenon as shown in Fig-3.

Figure 4 Migration and impact on demand and supply

 

Economics for Business - Labour industry Assignment3.png

Australia demand and supply of labour are more sensitive towards the immigration. If there is availability of more labour in the country, the wage rate will fall down. Also at the same time the increase in the supply can create new demand as well, if the new immigrants contribute for the creation of the new demand.

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Elasticity

Labour market demand and supply elasticity are impacted by diverse factors. The typical supply elasticity of labour is impacted by the characteristics of the labour requirements. For example if the wage rate is decreased in elastic conditions there is need for the fall in the demand of the labour. However still if there are other non-wage benefits associated with the job, it is more likely that the demand will be inelastic. Also if the wage rate is increased the supply of the labour also needs to increase. But it need not be necessarily true, as if the skills and training required for the job is difficult to meet, though the wage is increased, the supply remains inelastic. In Australian economy for low skilled labour scenario, with the increase in the wage rates, supply becomes elastic at the same time it is inelastic in high skilled domains. Similarly the demand elasticity will be decided by the market competition as well in the domain. Elasticity of the supply is also depend on the prevalence of labour unions in the country. If there are labour unions there will be scope for bargaining the control of the supply of the labour do exist and this makes the supply inelastic.

Impacts of an event on the labour market of the company

As per the recent observations, the flexibility of the labour market (Lind,2018) in the country has decreased the unemployment rate in the country. Labour underutilization has reduced with the increase in the flexibility of the labour in the country. Labour market regulations in the form of minimum wage regulations, hiring and firing regulations, prevalence of centralized bargaining collection, number of working hours regulations, cost of worker dismissal and conscription etc impacted the unemployment rate in the country. The impact is though less on average, it has more profound impact on the younger labour forces as per the report (Rafi, 2017).

Conclusion

Labour industry is one of the vital sectors/Industries in Australia, which do have economic significance and there is much to do, to keep the sector healthy. Typical provisions to encourage employments may include better employee relationship making regulations, increasing provisions like flexibility of the labour market etc do promote better growth rate of the sector. Continuous upgrading the domain of the operations of the companies in the labour sector with improvements in the functionalities, scope of operations etc will make the sector even more versatile and effective.

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