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Negative Impact of Unemployment On Country's Growth & Development

663 Downloads1 I Published: 22 Aug ,2019

Introduction

Unemployment is a major issue which has caused a significant impact on the country's growth and development within the economy. It has created an indefinite impact on demand and supply gap for the organizations and people seeking employment (Feather, 2012). The stated social problem has both personal and social cost within the economy which includes financial hardship, poverty, homelessness, housing stress, family tension etc. The impact of the same is effectively observed on the country's growth and development issues within the economy. The present study will evaluate the common and sociological perspective on the stated factor. The study will also discuss the social policy and implication of professional practices on the stated topic. The extensive research on the stated topic will help in attaining a clear picture of facts and figures related to unemployment in London.

1.1 Discussing common-sense perspective on unemployment

Unemployment is a universally analysed social issue which has created an insignificant impact on the growth and development of the countries. Unemployment rate in the economy represents a considerable imbalance in social and economic development of the nation (Puig-Barrachina and et.al., 2011). Unemployment is termed as a social issue because it has created a significant impact on different problems regarding poverty, debts, housing stress, family tensions etc. The implication of the same is observed on the growth and development of the residents of the nation. International labour organisation as defined unemployment as a percentage rate of people seeking job, without jobs or are switching jobs (Pfleger, Flachs and Koch-Henriksen, 2010).

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Researches revealed that rate of unemployment has a significant impact on the economic conditions of the countries. Becker, (2014) stated that cost of unemployment to an individual is difficult to analyse. It has created an insignificant social impact on economies of the country. The employment rate of UK is moderate however during economic downturn the rate of unemployment significantly raised which created a noticeable imbalance within the country. The economic problems faced during high rate of unemployment were poor economic performance, lack of experience and training among young people, rising youth population, poor employment protection legislations and mismatch between the demand and supply of skills of young workers (Coile and Levine, 2011). Tanveer Choudhry, Marelli and Signorelli, (2012) evaluated that unemployment it the social issue which cannot be erased totally from the society as a whole.

The recent reports of economic recession has mentioned a well evaluated evaluation of social impact of unemployment on societies. The social tension and regarding deprivation, homelessness and mental health issues was effectively analysed in the economy this created a significant impact on social growth aspects in the market. Pelzer, Schaffrath and Vernaleken, (2014) analysed that the cause and effect of unemployment has the ability to cause a long term scar on the society and residents of the nation as well. Unemployment affect purchasing power, crime rates and health inequalities in the society as well. These are the interrelated aspects which are considered as the common perspective of unemployment within the country (Zivin, Paczkowski and Galea, 2011). Moreover, it has also been evaluated that youth unemployment is creating the worst impact on the country's development because it disturbs the growth and development rate of the nation. Moreover, the social pressure and lack of proper employment misguides the youth towards drugs, crime and other illegal activities which are creating a major social issue in the countries presently.

Immigration is another crucial social aspect which is creating social tensions in developed countries. Researches revealed that the impact of immigration on labour market is wide and effective (Blasco and Rosholm, 2011). UK has observed low impact of immigration on the labour market due to some strict regulatory restrictions on the economy. However, the impact of declining wage rates are the issues that the economy has observed to create a significant impact on social development and growth in the economy. Hence, the overall perception for unemployment has revealed a commonly accepted perception in the society which reveals that unemployment as a negative outcome for the economic growth and development of the nation.

1.2 Applying sociological perspective to explain existence of the situation

Unemployment is a major social issue of the societies in the present world economies. The sociological perspective of the issue has created a significant impact on society and individual perception for the countries (Clark, Knabe and Rätzel, 2010). The level of unemployment can be significant treated in the economies however this has created wide sociological effect on the people. Unemployment is a major life event. It has a devastating impact on the lives associated with the person unemployed. The family members, person unemployed and community all are significantly affected by the event mentioned in the report (Prenzel and Vanclay, 2014). The impact of the same is also long lasting. The economic report has revealed that the loss of employment in the rural sector results in forcing the family to cult down the expenditure which results in poverty, hunger and even homelessness. In order to deal with the stated issue people migrate to urban or industrial areas to seek effective jobs and attain sustainable income to survive. The financial and budgetary impact of employment has a lower impact as compared to that of sociological impact (Calvillo–King and et.al., 2013). Countries are regularly developing to create a well defined and significant impact on global competition in the economy. However, the impact of social growth ad development also plays a significant role in analysing the national growth in the economy.

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Knabe and Rätzel, (2011) stated that social cost of unemployment is difficult to calculate for the country, individual or family as well. However, the implication of the same can be effectively analysed and measured by the society. Countries often take well defined and effective actions to rescue the adverse impact of unemployment. Rigid policy development and restrictive immigration policies are commonly adopted by the countries as a whole. Protectionism can not only lead to destructive tit-for-tat retaliation among countries, but reductions in trade harm the economic well-being of all trading partners (SOCIAL IMPLICATIONS OF UNEMPLOYMENT, 2015). The social cost regarding interaction level of people within the society is another significant impact which has effected the work culture and profiles in the market. In has created an indefinite growth impact on business unit and society as well. Elevated crime rate is considered to be a common outcome of high rate of unemployment within the country (Unemployment - Policies to Reduce Unemployment, 2015). It has been analysed that unemployment in youth has effectively increased the rate of crimes in different nations which is considered to be an unacceptable social outcome of the country as a whole.

1.3 Social policies and measures adopted for unemployment in London

UK economy has adopted different measures and strategies to deal with the problems related to unemployment in the country. The government has analysed that unemployment has restricted the development of the nation and country as a whole in a significant manner this has developed a well defined impact on social development and growth in the country (The Cost Of Unemployment To The Economy, 2011). In addition to these policies and procedures has helped the nation in regulating the negative implications. Countries with stronger systems of protection for the unemployed have lower rates of mental health problems among the unemployed than countries such as the United States. These are the significant implications of policies and measures which companies adopt to control the same in the society (Unemployment ratios by borough, 2015). UK government has implemented well designed means of policies to reduce the rate of unemployment in the nation. The major restriction of visa for immigrants was a protective step for the nation to influence national employment and minimise migration in the country. This helped the country in boosting high rate of local employment for the national growth and development. This has influenced the nation in developing well developed impact on social and economic development of the country. In addition to this rate of education and crime has also been regulated in the nation. The policies of the nation focuses on stabilizing the level of inequalities sustaining within the country and people as well. The social support policies focuses on stabilizing demand and supply gap in the economy which creates an indefinite impact on country's development aspects. Reducing occupational immobility is another significant measure that the country has adopted in order to attain high growth and success measures within the market. The country has developed effective schemes and support policies to help the nation in attaining high growth and development measures in the economy. Policies such as apprenticeship schemes aim to provide the unemployed with the new skills they need to find fresh employment and to improve the incentives to find work. Policies regarding work place timings are also well defined measures undertaken by the country which has helped the economic and social development of the country. In a report published in 2011, a trade union reported that 11% of British adults do not have any qualifications. In some areas such as parts of Glasgow and Birmingham, more than a third of people of working age have no qualifications.

Providing tax benefits to the migrants is another significant aspect adopted by the companies which has created a well defined impact on the residents and people surviving in the nation. Proving lower marginal tax rate to the employees of earning below of equal to basic earning levels has helped the society in developing a significant growth aspect in the nation. This has helped the country in creating significant purchasing power for the employees working at different organisational levels.

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1.4 Implications for professional practice

The implication of unemployment on professional practices is high and significant for the country. It has helped the business units in analysing a significant gap between the demand and supply of skilled and qualified employees for different roles and responsibilities. Higher rate of unemployment is observed within the unskilled or employees with low industry experience. Reteaches have analysed than countries in the present era of competition prefer the employees with high rate of experience or qualification. This has widened the demand and supply gap in the economy. Moreover, low opportunities for employment in the market has resulted in higher rate of social issues and tensions. Thus, the policies such as government subsidies, tax redemption and apprenticeship has helped in developing employees with lower qualifications of employments opportunities within the market. This has helped the nation in creating a positive impact on employee development and growth implications within the economy. The country has balanced the demand and supply gap along with it the impact of social tensions has also been minimised within the country. New jobs has been crated within the economy to develop national development aspects for the residents. Encourage entrepreneurship and innovation as a way of creating new products and market demand which will generate new employment opportunities. The impact of economic recovery and development within the nation has helped the residents in contributing towards economic growth and development of the nation. Moreover, this has also developed the economic development aspects for different growth measures for the business unit.

Conclusion

Unemployment is a universally analysed social issue which has created an insignificant impact on the growth and development of the countries. Unemployment rate in the economy represents a considerable imbalance in social and economic development of the nation. Policies and procedures has helped the nation in regulating the negative implications. Countries with stronger systems of protection for the unemployed have lower rates of mental health problems. Different countries has adopted different measures to deal with the sated social issue. UK has created a well defined measure to deal with problem of unemployment within the country. Measures regarding tax reforms, subsidies and apprenticeship has helped the country in creating a significant development measures for the employees and residents of the nation.

References

  • Becker, H., 2014. Social impact assessment: method and experience in Europe, North America and the developing world. Routledge.
  • Blasco, S. and Rosholm, M., 2011. The impact of active labour market policy on post-unemployment outcomes: evidence from a social experiment in Denmark.
  • Calvillo–King, L. and et.al., 2013. Impact of social factors on risk of readmission or mortality in pneumonia and heart failure: systematic review. Journal of general internal medicine, 28(2), pp.269-282.
  • Clark, A., Knabe, A. and Rätzel, S., 2010. Boon or bane? Others' unemployment, well-being and job insecurity. Labour Economics, 17(1), pp.52-61.
  • Coile, C.C. and Levine, P.B., 2011. Recessions, retirement, and social security. The American Economic Review, 101(3), pp.23-28.
  • Feather, N.T., 2012. The psychological impact of unemployment. Springer Science & Business Media.
  • Knabe, A. and Rätzel, S., 2011. Scarring or Scaring? The psychological impact of past unemployment and future unemployment risk. Economica, 78(310), pp.283-293.
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