Combating unemployment: 5 steps how it might be possible
Youth unemployment has been rising since the early part of the last decade – well before the recession started. It’s probably the most challenging part of thelabor market legacy.If the word demands a definition, unemployment may be elaborated as a state of not finding work by an individual who is fit and willing to work. It is usually measured in percentage; the number of individuals without work out of the total ‘labor force’ of the country or specific social groups. Although literacy rates have risen in the last few decades, there still remains a fundamental flaw in the education system. The curriculum is mostly theory-oriented and fails to provide vocational training required to match up with current economic environment. The degree-oriented system renders itself redundant when it comes to producing human resources adept at fitting into specific profiles within the economy. Let’s see how unemployment can be battled:-
- Increased industrialization: Oneof the most sure-shot remedies of the unemployment situation is rapid industrialization.Increased number of industries translates effectively into increased number of employment opportunities. Due to the emphasis put on agriculture in the economy, industrialization still takes a backseat, with farmers not ready to give up land for establishing industries.
- Emphasis on vocational and technical training: The curriculum pursued in universities should be altered to focus more on practical aspects of learning. More institutions need to be established that offer vocational courses that will translate directly into relevant jobs.
- Encouraging self-employment: Self-employment should be encouraged more with introduction of liability free loans and government assistance for funding. Incubation centers need to be promoted to cultivate original business ideas that will be financially viable.
- Inviting larger capital investments: Although the economic market is seeing increased investments from private investors; a lot more is still needed to bridge the gap of unemployment. The government as well as leading business houses of countries should seek to invite more foreign collaboration and capital investment in every sector.
- Focused policy implementation: Subsequent policies have focused on the issues like poverty and unemployment, but the implementation leaves a lot to be desired.The government should seek to streamline its implementation strategies so that the benefit from such schemes may be maximized.