Analysis of labor market

Analysis of labor markets is an important aspect especially in the modern economy where globalization and competition are on the rise. Both developed and developing countries are working hard to ensure that they have enough labor to meet the demands of the country. Most of these countries have strived to ensure that they have a stabilized labor markets that fulfill productivity demands of their respective countries. The realization of the stabilization of labor markets has resulted in the introduction of labor standards and labor market institutions that provide guidelines for achieving the desired levels of productivity (Watson, Johnson and Webb, 2006). To meet the required levels of productivity, the labor market requires that the people seeking employment must possess certain skills. Skills are recognized as key drivers of productivity and a critical source of competitive advantage (Gregg and Wadsworth, 2010). It has been noted that people equipped with special skills are in a better place to negotiate for positions with better payments in the competitive labor market.

As a result of the increased demand for skills, most countries are investing in education to equip their citizens with necessary skills. Most world economies have realized that increased investment in search of skills will have a positive contribution to the development of the economy. Employers have also strived to enhance skills through workforce training thus leading to increased productivity. It is, however, prudent noting that the labor market is in constant look for the skills that match the labor market. This implies that an employer will always employ the people who meet the labor requirements (Pollmann-Schult, 2005). It is on this note that functional skills in numeracy and literacy are becoming increasingly critical in the modern labor markets.  In case the employees lack the desired levels of ambition, and then it there are high chances that the economy will lose a great opportunity for growth. It has been proved  that  graduates and post graduates continue to have higher employment rates especially to jobs that requires high skills as opposed to non-graduates (Yasir, 2011).

The sectoral profile of the workforce has also shifted significantly in the recent years. The labor market has registered increase growth in some people employed in the financial sectors such as banking and insurance. However, manufacturing, agriculture, construction, transport and fishing among other critical areas have performed poorly especially after the great economic recession (Thune and Støren, 2015).  Advance in technology has resulted in automation of several functions thus reducing the number of employees in certain administrative roles. It is, however, imperative higher skilled roles in management and other professional occupations have been on the rise thus forming the great employment base.

Additionally, the employment rate for the employed graduates has also increased substantially since the global economic recession.  Over the same period, the unemployment rate for the young graduates also decreased substantially over the same period. It is also worth noting that the post-graduate earnings within the same period have also been on a tremendous rise during this period. It is, however, imperative understanding that that those with post-graduate education have recorded better employment credentials that those with bachelor’s degree (Wilton, 2011). In essence, the higher the qualifications, the better the payment terms and higher the chances of employability.  According to the previous studies, it has been noted that graduates and post graduates have higher employment rates and have more chances of working in high skills jobs as compared to non-graduates. It has been noted a tremendous increase in the number of graduate employees in the modern labor market as opposed to the non-graduates. As of 2013, most graduates had higher chances of getting employment chances as opposed to their counterparts who had lower academic qualifications. Most of the non-graduates aged between 21-30 years have remained unemployed while graduates secured most lucrative jobs with better earnings (Full Report – Graduates in the UK Labour Market, 2013). In essence, the rate of employment is directly related to the levels of skills at the disposal of the employees. Additionally, it has been noted that the employed graduates earn slightly higher than the non-graduates and their earnings have also been on a steady rise over the years.

Analysis of extracurricular activities on employment

Over the years, it has been noted a positive relationship between the graduates’ employability as related to the co-curricular activities.  It has been noted that most employers have looked favorably to graduates who had experiences adapting representative roles at the university level. Despite the graduates skills and qualifications, the employers are always after other experiences that the employees have realized during his or her education career (Uribe, 2014). It has been noted that most of the employee with co-curricular activities have been confirmed to be better equipped with employment skills as opposed to graduates with n experience in co-curricular activities. It is imperative noting that the employers view these people as capable of thinking outside the box and reason as per the demands of their working schedule.

On this note, employers have over the time classified graduates with experiences in the extracurricular activities of not having desirable characteristics essential for optimum productivity. Essential characteristics such as effective communication, motivation and leadership skills are mostly acquired through non-curriculum activities and essential employability skills (Walker, 2011).  In essence, the employer requires increased productivity from the employees. With this in mind, skills and attributes attained through extra curriculum activities are considered to b value adding to the productivity of employees in the labor markets. This explains the long unemployment duration to graduates with no co-curriculum activities as compared to fellow graduates with experience in extra curriculum activities.

Literature review

Several studies have been carried out to ascertain the labor markets and how the graduates and co-curriculum activities have influenced the labor market. Most of these studies have strived to define the co0-curriculm activities that to a great extent influenced the modern labor markets (Hardgrove, Rootham and McDowell, 2015). Co-curriculum activities have been defined as the activities that students get involved in after class hours. It has been noted that co-curriculum activities play a significant role in developing students’ soft skills by getting involved in formal and informal activities. The studies have noted a positive development in graduates who participated in co-curriculum activities as compared to students who never participated in such activities (Lau et al., 2013).  Essential skills such as leadership, communication, and teamwork are essential employability skills that graduates derive from co-curriculum activities.

It is on this premise that most research has confirmed that students who participated in co-curriculum activities such as sports and club activities are at an advantage in matters relating to employment after graduation. These studies define employability as a set of achievements-skills, understandings and other attributes that makes graduates more likely to gain employment in their chosen careers (Lau et al., 2013). According to these studies, a student with exposing to co-curriculum activities have access to avenues that lead to personal; development and gaining of soft skills that increases their chances of employment. With the increased competitiveness in the labor market, it is essential for the graduates to have additional skills that make them more competitive in the labor market. It is imperative for a job seeker to possess essential knowledge and soft skills that meet the employers demand as well as the organizations requirements. In essence, the extra curriculum activities offer the graduates with the necessary work experience thus enhancing their employment chances as compared to fellow students who never participated in the co-curriculum activities.

Previous studies also assert that employers have found a positive relationship between high performance, fast learning and adaptation to graduates with co-curriculum activities as opposed to their counterparts who never participated in these activities. Most employers will look for these traits thus making employment chances for graduates with experience in such activities.

Further studies have proved that the co-curriculum activities have a positive relationship to academic excellence. Most employers are always after those people with excellent academic results thus giving people with co-curriculum activities an upper hand in the job search exercise. The studies further assert that graduates have an opportunity to accumulate new skills that would be essential in the job searching exercise in the labor market. These experiences keep the job seekers in a better chance to gain personal success that is a good approach in a successful labor market. On this note, participation in co-curriculum activities can help graduates to accumulate essential social capital can be very helpful in the realization of desired career outcomes (Branine and Avramenko, 2015).  Despite the numerous researches on the relationship between employment and participation of graduates in the co-curriculum activities, it is imperative to promote further research since the information is very crucial to scholars, employers, and policymakers. The diverse, competitive and complex modern labor markets call for extensive research in this field to ensure that all the involved parties are up to the task.  The concept of co-curriculum activities is even more essential, and it is imperative that we encourage all institutions of higher learning to invest heavily in equipping their student with necessary skills as well as co-curriculum activities to enhance competitiveness in the labor market.

References

Branine, M. and Avramenko, A., 2015. A Comparative Analysis of Graduate Employment Prospects in European Labour Markets: A Study of Graduate Recruitment in Four Countries. Higher Education Quarterly, 69(4), pp.342-365.

CIRIACI, D. and MUSCIO, A., 2014. University Choice, Research Quality and Graduates’ Employability: evidence from Italian national survey data. European Educational Research Journal, 13(2), p.199.

Full Report – Graduates in the UK Labour Market 2013. (2013). Labour Market, Children, Education and Skills.

Gregg, P. and Wadsworth, J. (2010). THE UK LABOUR MARKET AND THE 2008-9 RECESSION. National Institute Economic Review, 212(1), pp.R61-R72.

Hardgrove, A., Rootham, E. and McDowell, L., 2015. Possible selves in a precarious labour market: Youth, imagined futures, and transitions to work in the UK. Geoforum, 60, pp.163-171.

Lau, H., Hsu, H., Acosta, S. and Hsu, T., 2013. Impact of participation in extra-curricular activities during college on graduate employability: an empirical study of graduates of Taiwanese business schools. Educational Studies, 40(1), pp.26-47.

Thune, T. and Støren, L., 2015. Study and labour market effects of graduate students’ interaction with work organisations during education. Education + Training, 57(7), pp.702-722.

Thune, T. and Støren, L., 2015. Study and labour market effects of graduate students’ interaction with work organizations during education. Education + Training, 57(7), pp.702-722.

Uribe, A., 2014. Market watch: Upcoming catalysts in Q1 2015. Nature Reviews Drug Discovery, 14(1), pp.9-9.

Walker, G., 2011. Developing financial statistics for policy – Progress report January 2011. Economic & Labour Market Review, 5(1), pp.46-58.

Watson, D., Johnson, S. and Webb, R. (2006). Employer perceptions of skills deficiencies in the UK labour market: a subregional analysis. Environ. Plann. A, 38(9), pp.1753-1771.

Wilton, N., 2011. Do employability skills really matter in the UK graduate labour market? The case of business and management graduates. Work, Employment & Society, 25(1), pp.85-100.

Yasir, S. (2011). Labour Market Flows April‐June 2011 (Experimental Statistics). Economic & Labour Market Review, 5(9), pp.1-13.

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