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Assignment on Graduate Labor Market in Singapore

   

Added on  2020-04-15

10 Pages2451 Words424 Views
Professional DevelopmentHigher EducationGrammar and Writing
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Running Head: GRADUATE LABOR MARKET 1GRADUATE LABOR MARKETAUTHORS NAMEUNIVERSIT OF AFFILIATION
Assignment on Graduate Labor Market in Singapore_1

GRADUATE LABOR MARKET 21.0 Graduate labor market in SingaporeBased on statistics on employment released by manpower ministry in Singapore, the job marketin 2016 was unwelcoming particularly for graduates, majorly degree holders. There have beenmore employees layoffs since 2010, with the total layoff of 19179 in 2016 as compared to 2015,which had a total of 15580 (MOM.,2012c).The report on the ministry of manpower made it clearthat graduates who have been long-term unemployed in 2016: This to mean that they wereunable to find work for at least 5 weeks, was highest in from 0.8 percent in 2015 (Loh,2017).According to experts in Singapore, given the country economic situation that is consideredweak, the trend is no surprise at all. Expert in human resource said that the rate of unemploymentgraduates curtailed from the increase in the rate of layoffs (Loh, 2017).1.2 What will be the Salary range for graduates in Singapore?Based on a survey conducted by National University of Singapore (NUS), SingaporeManagement University (SMU) and Nanyang Technological University(NTU) (YANG,2017),the graduate salary ranges from $3360 per month from $3300 from 2015.89.7 percent ofgraduates found employment within the six months of completing their study.80.2 percent of thegraduates safeguarded jobs as full-time workers, this was a decline from 83.1 percent in the year2015 (YANG, 2017). 1.3 What will be the unemployment rate in Singapore?The graduate unemployment rate has shown a decline in the year of 2017 in June by 3.3 percentcontrasting that of March 2017 of 3.5 percent. However, the unemployment rate still remainshigher than the previous year. The cutback of employees has shown a decrease as opposed to theprevious year (SEOW, 2017) with the fluctuation of the economic condition in Singapore that isuncertain; this poses a threat to the employment of graduates. This is because companies tend todownsize during slow economic growth as they are not ready to incur losses through extraexpense. A contrast statement from the ministry is that, despite the dip in permanent employmenton a full-time basis, the rates for employment for the graduates remain healthy, though theministry will still keep a close eye on the situation (Mokhtar, 2017).1.3.1 What is the employment rate?
Assignment on Graduate Labor Market in Singapore_2

GRADUATE LABOR MARKET 3Based on a survey conducted on the employment of fresh graduates from the universities inSingapore, there has been an increase of 50 % in the unemployed graduates preferring part-timejobs in order to make ends meets. The percentage of the graduates taking the part-timeemployment has increased to 9.5% in 2016 as opposed to 6.4 % in 2015.Singapore Institute oftechnology has registered an increase of 12 % in 2017 from 7.6% part-time graduates employees(Statestimesreview.com, 2017).After growth of 2300 total employment in labor market, it decreased by 6800 in the first quarter of 2017.This has been caused by the decrease in the workforce by a foreigner since they have less work permit holders in the construction and production industries. Nevertheless, there has been an increase in the employment of the following sectors, personal services and community, insurance services and financial services (MOM.,2012c).1.4 How many University in Singapore and each University got how much graduates and which Universities is bigger? Singapore has a total of twenty two universities. Six public universities and sixteen privateuniversities. The national university of Singapore is accorded the oldest and the biggest nationaluniversity in Singapore. The university has a great history of development. The university hasalso been ranked the top in the university 2017 rankings (Times Higher Education (THE), 2017).Singapore has graduates from the university and polytechnic each year. Based on 2015 statisticaldata the university graduates sum up to 15510 and polytechnic graduates sum up to 26,010.Thissum up to a total of 41520 graduates each year (Singstat.gov.sg, 2017).2.0 Ways of seeking job2.1 Job fairsJob seekers should use job fairs so as to create a first impression that is positive and learn moreabout the organization and what it takes to work for the organization. Face to face meeting withthe recruiters plays a critical part in the process of searching for a job. The career fairs do offerjob seekers the opportunity to make connections that are personal which are impossible to makeduring online submission of the resume. Job fairs in some organization do require a little
Assignment on Graduate Labor Market in Singapore_3

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