Topic :
Although they often hold higher qualifications than previous generations, current graduates face difficulties starting a career and have consistently high unemployment rates.
What causes this phenomenon? Suggest possible solutions that would resolve this issue.
Answer :
In modern society, the problem of youth unemployment has been getting more serious even though most young candidates in the labor market hold higher qualifications than previous generations. However, this phenomenon can be resolved by the constructive employment policies introduced by the government.
Above all, a low economic growth in the globe has caused the problems that current graduates struggle to find their jobs. Due to the difficult economic status around the world nowadays, many businesses have lost capacity for hiring new employees within a limited budget scale. As a result, the unemployment rates of young people has gradually increased. For example, Korean labor market cannot avoid this phenomenon as well. According to the well-known book called ‘2019 trend Korea’, the authors predicted that the economic productivity in Korea would be negatively influenced by the diplomatic conflicts between China and Russia in the near futures. For these reasons, most corporates, particularly small-medium companies in Korea reduced their expenditures for hiring workforce.
Although the unemployment matter for current graduates is quite serious, it can be solved if the government develops constructive employment policies for the business sector. In fact, small-medium corporates are most likely to be susceptible from the global economic changes, meaning that they may have more difficulties with hiring new employees compared to bigger corporates. The government should focus on how to empower small-medium companies’ capacity so that they are willing to bring a large portion of young employees. To be specific, the Canadian government can be a prime example. The ministry of labor of Canadian government has implemented several labor policies in order to provide benefits with the small-medium corporates, including tax reduction policy. These new approaches have helped small-medium companies to hire more young people.
In conclusion, while is apparent that current graduates face difficulties developing a career in the labor market nowadays, it can be certainly resolved with the well-developed labor policies introduced by the government.
