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.
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.
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.
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.
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.
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