What You Should Know About The Labour Market

Grace Christos

3 years ago

For anyone looking to climb up the corporate ladder, upon completing their education, it is often said that they are proceeding into the LABOUR MARKET. In this stage, one is expected to look out for jobs and internship opportunities.

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According to Investopedia, the labour market is also referred to as the Job market. It is the place where workers and employers interact; this interaction has to do with the supply and demand of labour. Employees/workers supply labour- Employers provide the demand. Evidently, It is a market because the employer is seen as the buyer, and the worker, the seller. The Labour force is characterized by the number of people available to work according to their age, ethical background, and educational skills. Labour is a measure of work done by human beings; It exists in 3 types;

Unskilled labour that involves no special training or experience, anyone can do the job.
Semi-skilled labour involves jobs that require specific abilities and training beforehand.
Skilled labour refers to highly trained, educated, and experienced segments of the workforce.

Unemployment happens when there is a greater labour force (people ready to work) than jobs. In Nigeria, the labour market is said to be deteriorating. It gets worse by the day. It is estimated that Nigeria’s working-age population will have increased by 125% and 30 million additional jobs will be needed by 2030 to keep the employment to population ratios at current levels.

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Those with unskilled or semi-skilled labour are soon finding themselves jobless. Low skilled labour is cheap and its income is almost not sustainable. Technology seems to be replacing several jobs. The COVID-19 pandemic is proof of the fact that technology can solve many problems. Searching for job opportunities without skills or a low skill set is a futile search because they are no longer in demand. The labour market is more competitive than ever. It is not as linear or flexible anymore. In-demand skills are taking over the conventional routine and professionals should join the train early enough to attain relevance. A few things to note about the labour market while starting a career include:

Employability in this age and time is a very important skill to take on.
Soft skills are vital as it gives you an upper hand in the workforce.
Technology is the future so find the way that makes you relevant in the industry.
Acquaint yourself with tools that can aid your search.
Build a personal brand and online portfolio that makes you stand out.
Share knowledge in your field as much as you can to build a community.

The future of labour is slowly moving digital and the workforce is at the core of refinement. As a professional, entering the labour market will require you to garner the necessary skills needed to obtain relevance as opposed to just the conventional setting. Featured Image Source: Accelerate TV

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