The Role of Business in Addressing the Challenge of Unemployment - Essay Example

Unemployment Challenges ID ID Lecturer The Role of Business in Addressing the Challenge of Unemployment Introduction Unemployment still remains the biggest challenge every economy scratches her head to break free from. Every single nation the world over ranging from the developed countries down to the third world developing countries faces this challenge that has persisted for centuries on end. Governments have put up strategies that have been aimed at addressing this challenge. Successive governments in different countries and states have based their agenda on this to woo the electorate but with a deep desire to address the issue once and for all.

Inasmuch as the business sector has its own challenges, its contribution towards addressing unemployment however remains valuable and of much need. A lot has been done, yet a lot more still needs to be done. This article looks at the role of business in addressing this challenge considering the factors that lead to acute unemployment globally. Causes of Unemployment and Role of Business in Addressing It There are various causes of unemployment cutting across various populations the world over.

This article will look at just a few of these causes and see how the business environment seeks to address the particular challenge. Technological Advancements Progress in technology is one major cause of unemployment that the world faces in this century. Most of the things done today are simply done at the click of a button. The emergence of technology has rendered many people unemployable due to the fact that what they used to do manually can now be done faster and more accurately using computer programs developed for the purpose.

No single economy would want to remain behind in terms of technology and thus this poses a big challenge to many people today. Computers have literally replaced men thereby rendering man unnecessary in the workplace. This challenge is addressed when businesses diversify into other areas or fields that do not entirely require the use of technology or computer programs. This has given some employees a lifeline to continue in employment. Lack of the Required Skills or Experience Many people especially the young people have been rendered jobless due to the fact that they do not have the skills or experience that is required for their roles.

As technology grows, people also need to upgrade themselves to match the technological trends and the competition that has seen many CEOs spend sleepless nights trying to think on how to be better that their competitor. Without proper skills, one ceases to be an asset to a company as one ought to be but a liability. To address this challenge and to bridge the knowledge gap, many companies spend millions of money to train and expose their staff members on the emerging trends. This has kept many employees on the job despite the many challenges they face in adjusting to new trends.

Conclusion Unemployment still remains a challenge in the 21st century. Many young people can choose to take life head on by getting themselves to begin businesses that can give them alternative sources of money thereby reducing that population that remains unemployed. Young people by the help of the various governments have decided to get into business and this has helped a lot in reducing the unemployed population. Business therefore should be at the core of every government as an alternative to employment.

References OECD (2006). Employment Outlook: Boosting Jobs and Incomes, OECD Publishing, Paris. Tejvan Pettinger (2014). Unemployment rate: Oxford, UK.