The uttering of the world “unemployment”
sounds itself perilous, because it can be a reason of numerous ills in society.
Unemployment is a curse, it blights talent youth and it is a great economic problem. Unemployment
is a serious hazard for the development of humankind. It is an ultimate result of the failure of
state, society and their political and economic systems. By definition,
“Unemployment occurs when a person continuously searching for employment unable
to find work”. Unemployment can be divided into two parts voluntary and
involuntary. If unemployment is voluntary it means that economic sustainability
is fading, if it is involuntary than it is a failure of the state and its
institutions. However, it is decided that in both cases it can be lethal.
Globally speaking, increasing population, and
augmenting diversity, limited resources, excessive dependence on technology and
the accumulation of wealth in fewer hands are major factors that nurture
unemployment. Corruption, nepotism and excessive influence of business people
in the affairs of state and policy formation also contribute to unemployment.
In addition to this, cyclic, structural and seasonal issues are long lasting
causes of unemployment.
In developing countries, insatiable desire to
increase profit and flawed/outdated management structures causing unemployment for
labor class. Small business people try to exacerbate their profits by reducing
costs through taking extra work from fewer workers. They depend excessively on
fewer workers and do not want to delegate responsibilities.
Unemployment is continuously rising, especially
in developing countries and multiplying economic vows of people struggling for
bread and butter. An ILO report highlights some statistics about this alarming economic
menace that “The final figure for unemployment
in 2015 is estimated to stand at 197.1 million and in 2016 is forecast to rise
by about 2.3 million to reach 199.4 million. It is an alarming, record high
rate expected to raise multiply problems for nations already suffering.
The direct results of unemployment are
poverty, decreasing living standards of people, weak economies, falling national
income and eroding the social fabric by an increase in crime rate. It also damages
self-respect of youngsters. Many youngsters grow serious mental disorders
because of the continuous lack of opportunities.
To restrain the increasing slope of
unemployment on the graph, serious steps are needed to be taken. Equal
distribution of wealth must encourage through progressive taxation system.
Corruption should be tackled through rule and law. Investment should be
encouraged by creating new opportunities. Governments should also mobilize
dormant resources for the use of public. Guidance, training and counseling
programs must be initiated to groom talented workforce.
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