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Labour Market

Concept of Labour Market

Introduction

The labour class plays a very vital role within any organization irrespective of its sector, industry or any geographical region.In the general context, the labour market refers to the present availability the employment workforce and labour. This availability is in respect with the demand as per the industry requirement and the supply for the same.

The entire market can either be within the global boundary or within the national boundary. In this assignment, there is the in-depth discussion of the labour market with the help of research in respect with the shipping industry. Further, the topic is about labour market through which the factors and the changes that this industry has faced due to the workforce of a leading firm Austal are being stated.

Part 1. Examination Of The Industry With The Help Of Data

The workforce is very important as the manufacturing process cannot be carry forward without them. In this sector, there lies a huge employment opportunity for the skilled set of individuals.There is an increase in huge demand of the shipping as its increase in the dependence on the economy. Docquier, Ozden & Peri, (2014) have said well that this increase is due to the fluctuations in the trade that are held globally in the trade.

Often it is found that there is always equilibrium maintained both in a case of supply of labour according to the demand. However, according to the latest statistical reports in recent, there is a slight difference caused by 2 percent.

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Challenges

There are numerous challenges that the industry has faced in the past and is continuing facing some of them. The major ones are getting the ports ready especially for the mega ships, as they need extra space and other facilities. Another major hindrance that comes is the repeated disputes and the negotiation of the same with the workforce working in it (Hollifield, Martin & Orrenius, 2014).

Various Changes That Took Place

With the changing time, the business has also undergone a variety of transformations. The important ones are in the terms of globalization, structural changes in the economy, innovation, the technology and even the disruption with the time.

Globalization

This word is described as the free movement at today's time of both the people and the goods. With the rapid expansion of both the demand for the shipping has widely increased. This has caused a huge number of shipping both of the people as well as the goods for the purpose of trade.

Economic Structural

The major factors that lead to a change in the sector are categorized as due to the impact of the economy. The economic crisis, the change in the tariffs structure and the rules and regulations keeps on changing as per the nations and international boundaries (Cassar, 2014). At presently, there is a situation of struggle undergoing due to the constant change in the macroeconomics.

Technological Advances

There have been some famous and very important advances made in the field of technology in the marine. The introduction of the network that comprises of the communications that ultimately leads to the tracking of the information. The easy accessibility of the communication leads to the transparency of information. The ships can be easily tracked and if any problem they face can be looked and solved easily.

Disruption

Off late there is been digital disruption experienced by all the companies. Internationally due to the globalization, there is one language served by all as a common mode of understanding. Even shipping has been both in the terms of the accordance of the digitalization and simultaneously the disruption of the same.

Innovation

The advancement has broadly been seen especially in the terms of the safety. With the departure of the large ships with the huge number of passenger front, the safety concerns have also increased Dorn & Hanson, (2015). There are numerous rescue operations that are designed and applied well. Based upon the operations the ability to tackle the emergencies if any during the sail, have become better and improved.

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Part 2. Research Of The Industry

In accordance with the research to continue ahead, the Austal, one of the leading manufacture firms in the business. The company till date is able to maintain a lead position and its headquarters established in Australia. As the firm being a large scale organization the entity possess a huge number of graduate employees working together.The chosen firm specializes in the construction as well as the designing. The entity has undergone various changes as functioning within the industry norms (Austal: Corporate | Redefining Maritime Excellence. 2017).

Factors That Cause Impact In The Industry In Previous 5 Years

There are plenty number of factors that are relevant to the impact and its causes. Firstly, there are various skills in the individual that are concerned with the performance as an overall. The skills set such as sense-making, for example, the sense or the presence of mind during the emergencies are the utmost important and those are completely based on persons and not on the technological updates. Wanberg, et al. (2016) has said well that the narrative and adaptability involved in making the decisions with respect to the problems.

With this skills and its betterment has to lead the industry to take important changes which have to lead to growth in the number. The change in the macroeconomic factors has also lead to a lot of changes in the industry. The changes in the legislation such as the former federal and the labour government in order to guard the coastal area involved in the shipping sector. The legislation is changed to maritime.

Factors That Might Cause Impact In Upcoming 5 Years

In order to acquire growth in the terms of the rising demand, there can be certain factors that might lead to enhanced improvement in the upcoming five-year time frame. As said, the entire industry is widely dependent on the workforce. Therefore, the adaptability of the essential skills such as the computational thinking is utmost important. The folks should be prepared in order to achieve the level of the computational thinking.

In the general terms, this is an ability in order to decode the huge amount of the data that are involved on the day to day basis during operations. This decoding is further done to simple language for easy accessibility of all. With the adaptability of this skill, the marine industry can benefit largely as the operational language can easily be understood and adapted by everyone across the globe (Schmutte, 2014). Another important aspect is the social intelligence.

The social intelligence relates well to the coordination of the people amongst the ships during the sail as well as those sailing in different ships. For example, with the help of this attributable technique, the choice can easily make such as the choice of the navigation route to take or not.

Further, the shifting, For example, emphasis as an aspect of the human performance can help a lot. As with the core aspect of stress on the performance of the folks or the human being together can cause the decrease in the number of accidents. In addition to the stated factors, the advancement in the technology and its characteristics will lead to better human performance as well as the safe shipping can be ensured well (Hanushek, et al.2016). The assurance of the safety in shipping can lead to driving more number of passengers and better trade and increase in the same for the individual companies as well as the entire business.

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Part 3. Investigation

In case of continuance of the study ahead, an interview with the manager of the stated firm was taken. The main purpose of this entire interview process was to develop the better understanding of the changes the industry experience. Apart from the ideal industry changes such as the change in trend, the business has experienced. Further to even see the depth of the change in the trend of the labour market.

Even to analyse out how these changes have created an impact especially in the chosen firm and the other firms. The trends in the labour can easily impact the industry. As it truly, depends on the production as the core factor. Apart from the production, the shipping business also deals in the service provided to the passengers, the trade practices etc.

On the investigating the main reason the chosen firm looks while selecting its employees are the employability skills. The essential ones are the critical thinking which in general terms comprise of the ability to think and take decisions accordingly (Noe, et al. 2014). This critical thinking and analysis are necessary especially at the time of the emergencies which is a usual scenario for any industry.

Another one is looked as the self-management, as the challenges the entire market face along with the change in trend ultimately it effects on the labour working there (Brandenburg, et al.2014).As in the ship once sail at times might take more time than usually expected. Thus, in order to create an equilibrium balance as per the review obtained it is necessary for everyone to create a balance both in one professional and personal life.

Additionally, it is mandatory and in much requirement of the graduates globally which is termed as the global graduate. The global graduate is referred to those folks who broadly cover various competencies in order to escalate the productivity levels. The important ones such as teamwork, strong communication attributes in fulfilling the terms of the professional and effective network channel. Even the global graduate is expected to posse's Trans disciplinary skill (Hall & Rusher, 2013).

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This refers to an activity which includes as per the situations the crossing of the disciplines if required to achieve a common goal or objective without following unethical means.

In sequence with the qualities, the trend of the workforce can easily be interpreted as from the graph. The labour workforce undergoes various changes in both the demand as per the different industry in the entire Australian economy. The entire economy is expected to create the rapid amount of jobs. The net jobs that as per the reports released by the government to the public review highlights well the net jobs is around 2898 employees.

The workforce in the economy as an overall comprise of both the male and females in equal ratio. However, the shipping industry as it faces various challenges in past its workforce earlier comprises of mostly the males. This scenario in recent times is changing as the more number of female number employees are also increased as in all the roles. The chosen entity being a manufacturing unit its manager has acclaimed well that there is an increase in the women labour workforce in their production unit too (refer to appendix 1).

Further, from the investigation, it was also found that the technology is playing a major role in the transformation of the jobs. As it helps in increasing the knowledge, the knowledge worker is also one of the commonly used terms while doing employment. This ideally means that the workers to enhance the qualities go to the university, for core industrial training. The professionals working in the marine sector also need to undergo the technical training.

As in both of those folks concerned, to the board during the time of sail of ship as well as those concerned with the production of the equipment for the same. Even the competencies with the graduate differ in the industry they work as per the expertise skills one particular sector demands. The stated sector demands of the experiential learning. This learning includes the ongoing job learning as while in the job as well as outside the job.

Conclusion

It is concluded that in the assignment, that there exists a huge impact of the workforce in meeting up the productivity levels in any sector. The entire class that compromise of this skilled individuals are utmost important and besides that it undergoes various challenges also. In addition to the workforce, there are other factors that are equally important in causing change within the stated commerce. Then the factors that have affected the change in the past five years are also covered well. The factors on which the business might experience and the impact of the same in the upcoming five years.Then to continue with the study ahead of the research the interview of the manager in order to acquire the information in relation to the numerous changes that undergoes. It is concluded that all these changes are well acquaintance with the employment marketplace change and latest trends.

Reference

  • Austal: Corporate | Redefining Maritime Excellence. (2017). Austal.com. Retrieved 23 January 2017
  • Brandenburg, M., Govindan, K., Sarkis, J., & Seuring, S. (2014). Quantitative models for sustainable supply chain management: Developments and directions. European Journal of Operational Research.
  • Cassar, G. (2014). Industry and startup experience on entrepreneur forecast performance in new firms. Journal of Business Venturing.
  • Docquier, F., Ozden, Ç., & Peri, G. (2014). The labour market effects of immigration and emigration in OECD countries. The Economic Journal.
  • Dorn, D., & Hanson, G. H. (2015). Untangling trade and technology: Evidence from local labour markets. Economic Journal.
  • Hall, C. M., & Rusher, K. (2013). Risky lifestyles? Entrepreneurial characteristics of the New Zealand bed and breakfast sector. Small in Firms Tourism, Michael, HC and K. Rusher (Eds.). Elsevier Publishing Company, Amsterdam, Netherlands.
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