Unemploment Problem

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Unemployment Problem
Over the past several years, unemployment has been one of the problems that have continuously affected the society. According to Wisestep.com (1), unemployment regards a state whereby people are willing to work, but they have no jobs. There are many forms of unemployment such as frictional, cyclical and structural. While frictional unemployment refers to the time lag between jobs when an individual is switching between jobs or searching for new work opportunities, cyclical employment results in an economy when full employment cannot be supported by the overall demand of services and goods. Structural employment, on the other hand, is as a result of a mismatch between employers’ needed skills and the skills possessed by the employees (Wisestep.com 1). Therefore, in light of the above information, this paper seeks to discuss unemployment, its effects and the various possible solutions to curb the problem.
Unemployment is a global phenomenon that does not affect a particular location but affects many places around the world. The problem does not only affect individuals but also the economic and financial conditions of a nation. Some of the effects are as discussed below. First, it negatively impacts a country’s economy. Notably, the global economic crisis is both a significant cause and effect of unemployment. For countries with high rates of unemployment, they tend to provide people with facilities and amenities they cannot afford. Recession therefore results.

Secondly, unemployment leads to the reduced spending power. Naturally, due to lack of sufficient purchasing funds, the unemployed are unwilling to have purchasing power. The employed on the other hand due to fear of losing their jobs are reluctant to spend their money (Wisestep.com 1). Additionally, unemployment slows down a country’s development due to reduced spending. More importantly, the problem leads to increased criminal activities as the unemployed struggles to survive.
There are various measures which when implemented would considerably reduce the rate of unemployment. However, the two leading solutions to the problem of unemployment include the creation of more jobs opportunities and encouraging individuals to enter diverse fields. Creation of more job opportunities will ensure that all the individuals who are willing and able to work become employed and are well-paid (Wisestep.com 1). The measure will also promote the development of a country as more people will have higher purchasing power. Not everyone needs to be a pilot, a lawyer or even a doctor. In this sense, there is the need to encourage individuals particularly children and the students to diverse their horizon to avoid flooding a particular profession.
Conclusively, from the discussion, it is apparent that unemployment is a significant problem that not only affects individuals but the society at large. There are various types of unemployment however regardless of the model the effects of unemployment are the same. They range from reduced purchasing power to increased crime rates and slowing down the development rate of a nation. Therefore, to solve the problem governments and the societies should create more employment opportunities and also encourage people to enter diverse fields.
Work Cited
Reddy, Chitra. “What Is Unemployment? Its Main Causes, Effects, And Solutions – Wisestep”. Wisestep, 2016, https://content.wisestep.com/unemployment-causes-effects-solutions/. Accessed 20 Aug 2018.