Introduction to HRM Interventions and Management
The 21st century has seen a huge increase in the demand for a skilled human resource but at the same time, some regions continue to experience high unemployment and economic crisis. This has forced economies to change their strategy towards handing the unemployment crisis which has been blamed on the weak economy. Companies, managers, and individuals that have retained autocratic managerial approaches have experienced negative effects in recent years due to them growing dependent on employment. This was the situation facing which has seen a major turnaround on its unemployment rating and began seeing and improving economic status despite the economic crisis facing the European Union. The main issues related to the rising unemployment and economic crisis facing Europe has been the inability of many people to look outside the box and focus on income generation rather than employment. Income generation should not be limited to employment and individuals should be able to also consider self-employment and other income generation options as long as they generate income.
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Key Issues and Recommendations
Spain has been facing serious economic and growth concerns in recent years. This has been linked to the recession being experienced in Europe, but there have also been some internal factors influencing the rising unemployment and low economic stature among Spaniards. During this economic downturn, the Spanish population has been hard hit and this has resulted in disorientating them from their economic priorities and income generation. Rising inflation and competitive international economies in Asia and the Middle East have delivered a serious blow to the Spanish businesses and industry as a whole. While high-quality workmanship comes at a high cost, emerging nations are now capable of delivering highly competitive terms to customers at lower costs which are affecting income generation in many European nations. Spain has managed to secure customers looking for unique high-quality products but has also lost many who are turning to emerging economies who also offer similar facilities. This has had a direct effect on the nation’s unemployment rates and economic stability which has thrown the nation in to turmoil since the turn of the millennium. But hardship and proper guidance has also helped the nation turn its population’s way of thinking and reverse the rising unemployment rates. Since 2010 Spain has been registering a reducing unemployment rates of around 1% per annum which is c9onsdered a huge achievement. This has also resulted in kick stating an unemployment revolution in the region as more countries look at Spain for inspiration on reversing unemployment.
Issues that Were Facing Spain
In order to understand the success and rebound but unemployment rates being experienced in Spain a professional survey must be conducted to determine the problem facing the nation. This requires a close analysis to be conducted on the issues triggering the rise in unemployment rates in the region so as to understand the sudden reversal being experienced in the region. Today Spain has managed to reduce its unemployment rate from 27%v in 2010 to 21% in 2015 which is a remarkable achievement few nations have managed to achieve. These are encouraging statistics that can be used to present even more ideas to the unemployed populations with the goal of eradicating unemployment in Spain and the entire region altogether. But all too often an initiative is started with the goal set but as the population grown more confortable they begin relaxing which slows the process. This makes it important to relentlessly emphasis on the problem and continues educating the public on approaches to uproot unemployment.
Competition from Emerging Economy
The first factor linked to the economic crisis facing Europe is linked to the intense competition being presented by emerging economies. Two to three decades ago emerging economies where synonymous for mass production of low-quality products and this was a strategy many of the economies used to enter new markets. Quality has always been an important element linked to any product or services but presenting this during their market entry would result in many economies resisting the products from emerging markets. But the past decade has seen a sudden revolution linked to emerging market product and service quality where many match the best brands on the globe. With the emerging markets already well-established in most nations, many economies have found their industries facing imminent collapse due to their inability to deliver the same quality at the low rates offered by the emerging nations. This in term has resulted in destroying local industries resulting in mass unemployment in many nations.
Economic Crisis Shock
The Economic crisis caused by the rising unemployment and reducing income has also further helped fuel the crisis with consumers now opting to purchase the cheaper products from emerging markets. The emerging economies can be identified as important contributors towards the crisis but at the same time, they have also helped reshuffle the product and service manufacture and delivery strategies thus helping improve the overall economic status of the business environment and for the consumer. In Spain, this has taken 4 years which can again be considered a short period as compared to the projected 6-10 years it would take an economy and its people to slip out of an unemployment and economic crisis.
Lack of Practical Knowledge and Experience
One of the main issues linked to the sudden rise in unemployment rates in Europe is the recent focus towards securing employment in one’s field of expertise. Many people have graduated and hold degrees but are unable to think out of the box and focus on income generation rather than wait for employment as a source of income. This has resulted in slamming many European countries like Spain in a devastating economic and unemployment crisis where the majority of people are waiting for others to offer employment. With manufacturing crippled by emerging economies, many of the industries are facing serious issues and many are turning to automation to help reduce manufacturing costs. This has left highly qualified professionals jobless and unable to generate income to sustain themselves or families. This has gradually resulted in devastating the nation’s economy which has also slipped into an economic crisis and requiring urgent intervention.
Ability to Identify Income Generation Ideas
The turnaround in Spain has been the intervention by the government and professionals towards re-educating the public and skilled professionals to changing their way of thinking. Today most people in sprains urban cities own a smartphone but many only own the smartphone to share their moments with their friends. Many are accessing the social media to gossip and a minority are capable of using the smartphone to its full potential. This is a clear indication linked to how people have limited their knowledge and unwilling to consider alternative options. The main objective linked to employment is to generate and income but one should not limit income generation only from employment. Instead, people need to broaden their way of thinking and focus more on income generation which is more important. How you generate finances don't matter and what matters at the end of the day is that you have the money to spend.
Recommendations - Think Outside the Box
The global recession experienced in 2008 helped open Spaniard's eye as they had been experiencing financial, economic and unemployment issues for many years. During the global economic crisis in 2008 and 2009, emerging economies like India, China, Brazil and South Africa were continuing business as if nothing happened. This triggered Spain to reconsidering the issue and start a campaign to re-educate the public is reversing the problem. Rather than the only cry over spilled milk, it was not the time to guide willing people to rooting themselves out of the comic turmoil.
Education Delivers Knowledge Not Limitations
During the campaign, it was observed that a large percentage of skilled professionals in countries plagued by high employment tend to limit themselves to employment and within their own field of expertise or qualification. This effectively turns once education from an asset to a liability and likely to see the professional experiencing serious economic problems in their career. This is because employment stability cannot be guaranteed in the private sector and the government sectors only offer a limited number of positions to the highest qualified. Economic turmoil is also seeing an increased number of business closures in developed economies which are the hardest hit with regards to unemployment and the economic crisis. To overcome this crisis one must consider rethinking how they pursue education since one must focus on gaining knowledge and experience which can be used to assist them to generate income. Presently people pursue education to secure a good job rather than to help them develop the fundamentals needed to generate an income.
Think like an Entrepreneur
Change how you look at things and situation and focus on how they can be converted to much-needed income and finances. What do you see in a smartphone and the social media? Well, I see a huge array of modes of communication on different platforms on mays smartphone which I can use to access the social media websites to build an important connection with clients searching for my skill. Are you an Accountant or HR manager? Well, today companies prefer hiring freelance professionals on a contract basis to perform their work. Virtual employment is the latest trend in the 21st century and many freelancers only work from their smartphone and laptop which deliver unlimited earning, freedom and self-employment all in one solution. Change your thinking and always consider the economic benefit linked to everything you see, even rocks have an economic benefit.
Be Diverse and Ready To Take Up Opportunities
It’s also important to be diverse and prepared to take up opportunities when available. In Spain, a serious problem linked to this was a financial limitation by many of the people but their way of thinking had to be changed. First one needs to bring themselves down to their own level and affordability and only after this can steps be taken. Avoid waiting for an external source to provide the funding to start your venture if you don’t have money consider you as the first invest towards the project. Use your knowledge first then turn to gadgets, equipment, and tools around you. Consult an experienced person and friends who will provide more insight on the subject. Start small and gradually expand your operations.
Reversing Unemployment in Spain
Spain is proud to classify itself as being among the only countries which have managed to reverse unemployment in recent years and this too with the economic crisis still looming in Europe. This has only been achieved thanks to the involvement of the government and senior officials towards changing how the public thinks and helping them help themselves. Today rather than the unemployed professionals applying for standard jobs in their respective fields they have turned to starting their own ventures which specialize in the respective fields and offer their finished products to the consumer. This has helped effectively convert the employee to an entrepreneur and business owner who is capable of generating income from the sale of his or her products or services.
The reversal of unemployment rates in Spain has been identified as an impressive move but it’s important to retain focus so as to boost the trend in future. As the ventures grow larger they will require expansion and this will see the gradual demand for skilled professionals increasing but again professionals must not limit themselves to employment. It is more beneficial to remain open towards harvesting natural resources and skills which can be very important towards generating income during times when employment is scars. Having an alternative option is very important as this ensure an individual develops financial and income security which is critical towards retaining their focus. Focus retention is very important towards economic development and growth since it ensures an individual retains their focus on the work thus allowing them to concentrate on expanding their focus and increasing their income sources further thus increasing stability and income rates.
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Expand one's knowledge well
One must continue increasing their skills so as to deliver more income generation opportunities in different fields. This is critical since they will be effective be changing their income generation source from employment to freelancing which can be even more volatile if not managed correctly. Building a strong portfolio with different knowledge and skills is critical towards the individual’s success as they can turn to a different field if required. This also delivers different options income sources which result in delivering more stability over the long term perspective.
Spain has managed to reverse their unemployment rate by 6% over a 5 year period but it’s still important to remember the unemployment rate is still high and requires reduction. To achieve this it is vital to ensure continued emphasis is delivered on providing the public with the desired knowledge and skill which will help them establish their own income generation ventures which will ultimately help reverse unemployment. In the modern world, one must learn to be versatile and capable of generating finances on their own since employment continues growing increasing volatile and unpredictable thus it's critical to master alternatives one can turn to if required.
- Bermeo, N 2001, Unemployment in the New Europe, Cambridge University Press, New York.
- Garrett, P 2005, A Dynamic Approach to Europe's Unemployment Problem: Policy Report, Centre for Economic Policy Research.
- Hall, R & Lieberman, M 2007, Macroeconomics: Principles and Applications, Cengage Learning, Mason.
- Jones, B 2016, Think Like an Entrepreneur, Act Like a CEO, Jaico Publishing House, New Jersey.