Financial Growth

Unemployment Identification: A Measure to Secure Financial Growth

Unemployment Identification: A Measure to Secure Financial Growth: Individual, who is ready and is willing to work at the prevailing rate of wages but does not find work, is considered to be unemployed.  The work force is made up of those people who wants to work. However, it does not include people who are retired, disabled, and able to work but not currently looking for a position. The government determines the number of people currently unemployed through a monthly survey called the Current Population Survey.  

On one hand we may consider a beggar who gets money out of sympathy and on the other hand, we may talk about a person who works hard and makes money for his boss and gets a wage. Both their incomes cannot be included in national income accounts and they both are not registered as ‘employed’ in the national statistics. They are providing income for many people further and getting a part of it themselves. But they are not selling any output to the public. The concept of employment is related to some notion of the ‘value’ of the work. It may vary depending on persons from whose point of view the work is evaluated.  

The gross financial security relies on creating more and more employment in each and every sector to secure better financial growth and a dynamic economy.

A person can be unemployed for many reasons. He may have quit his position and is looking for a new one. He may have been laid off due to lack of work and haven’t yet been rehired. His company may have reduced the work force, and he is seeking a new position. This can be due to a local condition, when the company closes a plant or division, or a national condition, when the economy slows and many companies reduce their work force. 

One may have recently returned to the work force – perhaps from pregnancy or attending school – and haven’t yet located a position. The need for their skill set has gone down, and there are limited positions available, which may lead to unemployment until get a new position. Technology has reduced the need for their type of position. 

Employment can be a factor in self-esteemed and indeed in esteem by others, mostly, depending from one class to other. To the member of leisure class the fact that one does not work for one’s living may be in fact a source of pride but for those who have to work for a living, lack of employment is not only a denial of income but also a source of shame. In the same way if a person is forced by unemployment to take a job that he thinks is not adequate for his purpose or not commensurate with his training, he may continue to feel unfulfilled and indeed may not even regard himself as employed. Self-employed do not have employment rights in the same way as workers and employees have. Self-employed people can decide for themselves how much they are paid and what leaves to take.  

There can be different kinds of unemployment. Some are not that harmful but few are very risky for the society as a whole. People waiting for their first job come under frictional unemployment, which is not regarded as dangerous and can be improved by creating  awareness regarding new job openings. Seasonal unemployment is specific to certain seasonal industries like tourism and farming. For reducing this, people must take other jobs in off season. The worst type of unemployment is the structural one, which comes into scenario when there is a structural change in the economy. It can be caused by various reasons and is a long term unemployment. Machines replacing human, change in the behaviour of consumer, many more are the causes. Structural unemployment can be reduced to great extent by providing appropriate job training and by making people occupationally flexible. 

The magnitude to capture the unemployed is different in different sources. No doubt the unemployment percentage is decreasing. But in reality many workers remain out of work for at least some months in a year. It is difficult to identify whom we should consider as ‘Unemployed’. To see a bright future in India, the problem of unemployment needs to be solved. If people are jobless and they do not get a proper channel, there will be no peace and prosperity in our country. 

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