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Topic - Trends of Labour Market in Australia
Labor market refers to the rate of supply and demand of jobs in a certain country or organization according to Charles, Hurst & Notowidigdo, (2018). There are two main participants in labor market. There are employees and the job seekers. The employers demand the labor while the employees supply the labor on the other side. Labor market is a crucial component in any country's economy as it is part of capital in a market together with goods and services.
On the other hand, trends refers development in a certain field for instance in labor market. The development in labor market may be positive or negative. However, the changes in the labor market depends on the status of the economy. The direction in which the labor market depends on what makes it favorable for the participants in the economy.
Motivation behind choosing the topic
The reason why I chose the topic, trends labor market in Australia is because, the Australian labor market have been changing quickly in the recent years. The population of Australia is increasing day in day out. It means that many people are in need of employment. Apart from that, several people are trying to come up with new ideas which assist them to create employment to the rest of the citizens.
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Recent labor trends in Australia.
For the past twenty years, Kalleberg, (2018) argues that the Australian labor market have undergone several significant changes. One of the reasons for these new trends is because of the introduction of new government directives. These government policies have brought about changes in the nature of the labor force and the demand of various employers. Some of the things that the government have done include the following:-
a. Improvement in the field of technology and the globalization of the nature of the labor market.
b. Change in the organization of the labor force. For instance, the government have improved the opportunity of young people and men in the labor force.
c. The government have also decentralized the negotiations of the wage. For instance there is the collective and individual bargaining.
Some of the trends in the labor market that has come about due to the above policies include:
a. Increase in unemployment.
Many people have starved for a long time due to lack of employment. There are several changes that have taken place in the labor market causing unemployment. For instance, the government have embraced technology in many operations thus machines are taking part of human labor.
b. Many employees are looking for part time employees instead of full time. The reason for part time employment is because employers do not see the need of keeping employees for a long period of time while they only need them for few days in a month.
c. Another important trend is that, many employees are multi-tasking, whereby one employee has multiple skills. Therefore, when there is inadequate employment in one field, he she can shift to another field. The reason for multi-tasking is that, the number of employees are many compared to the available jobs, hence those who have double skills have high advantage according to Murtin & Robin, (2018).
d. Lastly the Australian government is spending more money to train many people before absorbing them to the market.
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