Lack of economic opportunity and unemployment

Introduction
Unemployment — and the lack of necessary skills for employment, particularly among youth under
age 25 — is one of the issues I hear about most as I speak with world leaders, hotel owners and
employees in the thousands of communities where Hilton operates. It’s no surprise why: The
Economist estimates that there may be as many as 290 million 15-to-24-year-olds not participating
in the labor market. These 290 million bright minds — a group almost as large as the U.S.
population — could be making our communities stronger and bringing fresh solutions to the world’s
biggest challenges. By failing to invest the time, energy and resources needed to help these young
people succeed, we’re jeopardizing the future of the global economy.

This crisis has many roots. In some countries, the reasons are cultural - for instance, girls not
receiving the same schooling or job opportunities. In others, they’re tied to poor economic
conditions or geopolitical issues like the refugee crisis.

There’s also a real skills gap. Even in developed economies, where enrollment in upper secondary
schools is often near 100 percent, nearly one in five students do not acquire a minimum level of
basic skills needed to be gainfully employed. And McKinsey reports only 43 percent of employers
can find enough skilled entry-level workers. Schooling and technical skills alone aren’t enough;
young people also need “soft skills” like communication, problem-solving and cross-cultural
competencies to be successful.

What is the effect of this issue?

Being employed is important for young people in order to feel accepted in the society, therefore
not having job can cause economic, cultural and social isolation. Moreover, studies have found
that youth unemployment has a negative effect on economic growth and productivity. It doesn't
only leads to reduced productivity and gross domestic product (GDP) but also increases the
economic costs for the state, since there are many money to be paid on social benefits and less
money coming from taxes.
 Where is this happening?
The 20 countries with the highest unemployment rate as of 2015 are Zimbabwe,
Liberia, Burkina Faso, Cocoas Islands, Djibouti, Republic of Congo, Senegal, Nepal,
Gaza Strip, Bosnia and Herzegovina, Haiti ,Kenya, Syria, Swaziland, Marshall Islands, Afghanistan,
Grenada, Mauritania, Kosovo, Kiribati but it also happens in many countries.\
 What causes unemployment
There are many reasons why someone who is able to and wants to work may be without a job:

• Performance issues
If a person lacks the skills to perform their duties on the job, is tardy or absent from work
often, or is involved in personality conflicts with co-workers or management, he or she may
be let go from employment.

• Economic conditions
In a situation where a company needs to cut costs, it may decide to offer employees an
incentive to take early retirement or lay them off altogether. A person on temporary layoff
from work and waiting to be recalled back to work can be considered unemployed.

• Mismatch between available workers and positions to be filled

When there are more workers available than positions to be filled, unemployment rates for
will rise. When there are positions waiting to be filled, but available workers don't have the
necessary training or skills to do the jobs, unemployment rates will be higher than when
there is a surplus of available job openings compared to people looking for work.

• Lack of experience
Unemployment rates among young people tend to be higher than for other segments of the
population. This is due to a lack of experience which makes it more difficult for them to
find jobs, and they can't gain the practical experience they need unless they can find
someone willing to hire them.

• Voluntary unemployment
There are some people who are between jobs because of choices they have made. They may
have resigned from a job in anticipation of a move to another location before they have
another job lined up or be planning to return to school.
Consequences of Unemployment
There are several consequences of unemployment that you need to be aware of. They
range from those that affect the individual and his or her family to those that have an
impact on the economy as a whole.

A person who has recently lost his or her job may first be in shock at what has happened.
All of a sudden the individual doesn't have the regular routine they had when they were
working. Unemployed people may have concerns that their current situation may mean that
they will not be able to find another job. Mixed in with the feelings of shock may be
concerns about being able to meet their financial obligations until they are able to find work
again.

If the job search takes a long time or the person doesn't have savings or other resources to
tide them over until he or she is once again in the workforce, the situation may be very
stressful. In addition to going through the steps involved in looking for work, the person must
also try to find a way to meet current financial obligations, often with very limited resources.
Job loss can result in strained relationships and increased stress for the unemployed person
and his or her family.

When there is work available but not enough trained personnel to perform it, then
productivity goes down. Companies may lose money because they are not able to serve
their customers properly. Their clientele will go elsewhere if they feel that their needs are
not being met. The workers that are employed at the company may be overburdened from
excessive employment demands, and be prone to taking extra time off from work or
burnout.

As you can see, understanding unemployment causes and consequences involves more
than looking at the individual who is between jobs. Unemployment has a far-ranging effect
on many parts of society.
 How can we solve this?
We can solve this by ensuring political stability, controlling population growth in a country,
encouraging entrepreneurship (self-employment), improving standard of education,
building more industries so it creates more job opportunities, saying "no" to laziness, trying
to be creative and positively competitive and above all, we must be positive minded in our
goal to stop unemployment around the world.

As we all know, unemployment has become one of the major problems our society facing
today. Graduates are jobless and undergraduates had lost hope. Unemployment has posed a
lot of problems in the world and has resulted to increase in crimes in society. Look around
you, the world is evil. Unemployment has made people educated or not educated to direct
their knowledge and skills to a negative end. These are the consequences of unemployment.
If the world must reduce the rate of crime occurrence, then unemployment must be
permanently eliminated and this can only be achieved if the government and we, people
work harmoniously. In other words, all hands must be on deck to achieve massive success
in this problem.