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Essay on Graduate Labor Market

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Added on  2020-04-21

Essay on Graduate Labor Market

   Added on 2020-04-21

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Running head: PERSONAL & ORGANIZATIONAL DEVELOPMENTPersonal & organizational developmentName of the studentName of the universityAuthor note
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1PERSONAL & ORGANIZATIONAL DEVELOPMENTIntroduction In the current business scenario, more and more job opportunities are being created alongwith increase in the rate of unemployment. Though the increase of unemployment and jobopportunities at the same time is quite contradictory, but the current trend is showing the same.There are various reasons behind this phenomenon such as aging population, rapid change in thetechnology, lack of training and development programs for the employees and difference in theknowledge domain of the would be employees and the corporate requirements (Ayres, 2013).Moreover, in the present era of globalization, inflow of the foreign and updated technologies ismore, which further makes the existing graduates to cope up with the change in the technology. This essay will discuss about the recent trend in the graduate labor market in the globalscenario along with identifying the opportunities and threat. Moreover, the impact of the factorssuch as inflow of the foreign technologies and aging population on the operation of thecontemporary business organizations will also be discussed in this essay. Trend in graduate labor market of Singapore In the recent times, the growth rate of graduate employment in Singapore is going downdrastically. According to the various reports, graduate unemployment is the all time highest inSingapore in 2016 (LOH, 2017). It is being reported that Singapore is having increasing rate ofunemployment among the degree holders is rapidly increasing and it showed the highest rate in2016 with having the most layoffs. The current rate of unemployment is 2.1 percent, which is theall time highest for Singapore in the last few years (Morrison, 2014).
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2PERSONAL & ORGANIZATIONAL DEVELOPMENTFigure: 1Source: (Seow, 2017)From the above figures, it is being seen that, the employment growth is rapidly reducingfrom the last 17 years. Moreover, local employment growth is much lower compared to theforeign employment growth. Thus, the recent trend of graduate labor market is not favorable dueto various reasons. The followings sections will discuss about the reasons of the increase in therate of the unemployment among the graduates. Opportunities From the recent trend of the graduate labor market, the maximum opportunities will begained by the business organizations. This is due to the fact that, the rate of increase in thegraduate employees is more compared to a decade ago. Thus, business organizations are havingmore options during their recruitment process (Green & Henseke, 2014). The available talentpool is more for them. In addition, in the current scenario, graduates employees are not from
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