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Labor markets and its challenges

Introduction:
For an individual finding and getting a job is so much difficult in this modern competitive era.
Labor markets are highly competitive and seeks the services of highly qualified and intelligent
workers. As the dynamics and functions of the labor markets includes workers, employers,
wages, employment and income. When the labor markets offer jobs to the maximum
unemployed people of the economy and the job seekers fulfill their competitive criteria then the
development and growth of the economy increases. So it’s clear that the economic growth and
development of an economy increases if the unemployment rate decreases. But it’s only a
positive approach, the labor markets could not afford to offer maximum jobs to the unemployed
people of the economy due to the lack of income and resources.
Explanation:
As the microeconomic theory deals with the labor supply and demand of an individual
organization, it is compulsory for an individual to enhance his abilities (supply) according to the
criteria (demand) of labor markets. If an individual is intelligent, smart, qualified and his abilities
are relevant to the criteria of labor market then his demand will be high in the markets. It’s very
important to know about all the aspects of the competitive criteria of labor markets. Some of
them includes (i) a college or university degree (relevant to the fields of market jobs) (ii) a strong
and comprehensive resume with appropriate cover letter (iii) some internships in good repute
organizations (relevant to the fields of market jobs) (iv) attended several good workshops,
professional courses and training sessions (relevant fields) (v) skills and abilities related to the
college degree (vi) some experience (exclude the internships). These all are most essential basic
requirements of the criteria of labor markets. As compare to 10 years ago the criteria is less
competitive than now due to many factors such as less population, less demand, less college
graduates and less competitiveness. But now it’s so much difficult to compete in this modern era.
Technology advancements, new measures and techniques of organizations, greater population
and high level of competitiveness create it difficult. By seeing this scenario my future
perspective in this regard is not so much different. In the future the competitiveness is going to
more difficult and almost impossible to achieve because the population increases and the
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resources decreases day by day. I believe that every unemployed qualified individual have to
enhance his skills, capabilities and abilities so that he can compete in the future job markets.

Conclusion:
Unemployment is a major issue of any economy and it has to be resolved by taking initiatives on
the micro level to reduce it. As the dynamics and competiveness of the labor markets is growing
very fast the unemployed individuals have to focus on their flaws and enhance their skills
according to the criteria of job markets. If any individual wants to compete in this world he has
to be competent enough so his demand in the job market will increase.