please tell me your thoughts on this Discuss possible solutions (private and/or

Question

please tell me your thoughts on this Discuss possible solutions (private and/or government) to cyclical, frictional, and structural unemployment. Please note that this question requires you to read ahead, and it might require a bit of outside research. Unemployment has been a major issue since the great recession since 2007 (Mateer, 2014). This occurs when the when a person actively looks for work and cannot find work, because the economy is not willing. Three types of unemployment are structural, frictional, and cyclical unemployment. The solutions to these types of unemployment are provided both privately and through the government. First, in an evolving economy creative destruction leads to structural unemployment. Creative destruction when out dated products and or technologies become obsolete. This causes structural unemployment which is changed by developmental arrangement of the economy. A way the government can help is by giving tax breaks and subsidies to people that are trying to reeducate themselves for the new work force. Companies can also, retrain their employees with new skills so that they can keep the jobs that they have. Those are ways that the government and private companies can help with structural unemployment. Next type of unemployment is frictional unemployment is the time delay in which a qualifying person finds a matching job available in a healthy economy. Hiring companies can help this type of unemployment can help by setting up local job fairs. Many people qualified will come with resumes looking for employment and the companies can interview, and also pick and choose. It is a win- win situation for both employers and the people seeking employment. Companies can also post jobs online. The government offers unemployment insurance (unemployment benefits), in which unemployed workers can receive a percentage of their pay during this transitional phase of unemployment. These are the ways private companies and the government can help frictional unemployment. When cyclical unemployment occurs, an economy cannot support full employment, because of a recession or slowed economic growth. Jobs just are not available for people seeking employment. Unlike frictional and structural, cyclical is the worst kind of unemployment. One way that the government can help with this this type of unemployment is by slowing inflation. When slowing inflation, it gives the economy time to recover from a recession. All people can do is really wait until jobs are available.

Explanation / Answer

Offering employment to all eligible persons in the economy is one of the biggest challenges for any government. Thus, it needs a forward and proactive planning from the government side that also need to be supported by the private sectors. As discussed, there are three forms of unemployment, it is structural, frictional and cyclical unemployment. Any government can formulate policies to mitigate the negative effects as well as the time span of such unemployment factors, so that the employment rate is improved progressively over a period of time.
For example, the effects of structural unemployment can be reduced by systematic change from one technology to another as well as upgrading the skill sets of employees so that they can be fitted to the new technological requirements. Here, private companies should come ahead with training and development programs for their employees to update them as per their requirements.
Frictional unemployment can be taken care off by developing suitable career plans by the companies for their employees. Presence of suitable jobs as per the professional courses is mandatory to reduce the impact of frictional unemployment.
Cyclical unemployment takes place due to the industry/ economy going through different stages such as recession, growth and recovery. A good policy planning can reduce the length of the recession and increase the span of economic expansion. It will increase employment opportunities.
All three types of unemployment phenomenon exist in parallel and their impact can be managed to improve overall employment opportunities.

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