How to solve the problem
The way to overcome unemployment problem is depending on the superiority of the
government. Firstly, the expansive monetary policy is one main solution which can help avoid
unemployment. There should be expansive monetary policy from Federal Reserve since it’s
quick, effective, and powerful. When there are lower interest rates as mentioned above, they
allow individuals to borrow in a cheap manner to purchase a car, consumer goods, and more.
By this way, the interest rates allow business to borrow money at lower rates which also offers
them with capital to hire employees in order to meet rising demands. These are few aspects
that need to be followed in cooperation with the people and government in order to solve
unemployment. National Unemployment rate can be decreased from the nation when planned
and implemented in the right manner. Natural unemployment is a major concern in any country
and hence focusing on it is important in order to save the nation from economic decline.
As unemployment affects every individual in the nation, there needs to be proper
economic conditions and maintenance by the government. The government should be
prepared in order to take the right steps at times of recession which leads to unemployment.
The unemployment solutions to the unemployment problem are also mentioned and hence
unemployment is an aspect to be concentrated by all citizens of the country. Unemployment
is a major crisis and may bury the economic condition of the complete nation and hence be
following the right procedure is mandatory. People who are unaware of unemployment and
not sure about the inner details can run through these points and get benefited. Work towards
developing a nation free from unemployment.
Secondly, the other policy to reduce unemployment is fiscal policy. According to The
Free Dictionary, fiscal policy describes taxation and spending that the government pursues in
an effort to influence the overall state of the economy. Two common goals of fiscal policy are
to reduce unemployment and encourage economic growth. Taxation is one of the primary
fiscal policy tools the government has at its disposal to reduce unemployment. High taxes
mean consumers have less disposable income, which results in less consumption. When
consumers buy less, business take in less revenue and are less likely to hire new workers or
may even lay off workers to reduce costs. Cutting taxes is a common method the government
uses to spark economic growth and reduce unemployment. Tax cuts put more money into the
hands of consumers, which can lead to increased revenue for business and expansion and
hiring.
After that, the government needs to urgently solve the problem of the mismatch of
supply and demand of labour force and skills. The allocation of scholarships as well as the
intake for different courses in universities and vocational schools should reflect the estimation
of what the economy needs in the medium term of two to four years. The curriculums of the
courses at tertiary institutions should be more industry-driven. In addition, technical and
vocational education and training (TVET) should be rebranded as an attractive pathway for
secondary school leavers, just as it is in countries such as Germany. It is better to be a TVET
graduate armed with skills that are in high demand (and thus be paid for that) by the market,
such as an aeronautical mechanic, oil and gas technician or crane operator etc, than to be a
university graduate with no job prospects.
Then, youths graduates must be empowered to venture into entrepreneurship. Only
2% of the nation’s graduates are running their own businesses upon graduation. Small and
medium enterprises create more than 70% of the jobs in Malaysia, thus more jobs could be
created for youths if the young start their own businesses. Therefore, there should be special
incentive programmes for youth entrepreneurship. In fact, exposure to the internet from a
young age can be this generation of Malaysians nowadays has a much wider worldview as
well as greater creativity and potential to think outside of the box than previous generations.
The government must formulate an incentive system that can help youths with extraordinary
ideas turn these ideas into products or services via youth entrepreneurship. Additionally, the
finding of the study shows that majority of the students agree that entrepreneurship can help
to reduce unemployment. This finding supports the work submission from the Office of the
Secretary-General’s Envoy on Youth (2014) which states that entrepreneurship is a lasting
solution to unemployment issues in societies, rural communities inclusive.
Next, unemployment problem cannot be overcome as long as government do not do
their policy because they are superior to solve this problem. However, there are ways to
reduce the unemployment among graduates is from the attitudes of the graduates themselves.
Attitude of graduates themselves have to think professionally and not being negative about
something. As a process of finding a variety of experiences ranging from a subordinate
management enable graduates to learn basic things that you want to venture into the field In
addition, a person graduates also need to improve communication skills, especially fluency in
English and a variety of skills Soft Skills. Graduates need to take the initiative to learn various
skills Soft Skills that are not taught directly in the study. Self-confident attitude will gain
knowledge and skills of graduates into a work area. Through the experience gained graduates
need to think solving a problem efficiently and increase productivity. The government should
raise the level of education and also continue to promote the importance of English among
graduates.
Besides that, partnering employers and universities to enhance graduate
employability is ways to reduce the unemployment. Talent Corp’s initiatives in the area of
graduate employability aim to achieve three main objectives: increase awareness, provide
exposure, and increase the employability of graduates. These programmes work hand-in-
hand with employers and universities, ultimately with the aim of equipping students to prepare
them for work. Institutions, particularly trainers need to understand and apply the soft skills
that are very important to the industry now. Based on the findings, it is suggested that the
problem-solving skills and communication in English will be given significant emphasis in the
teaching and learning process. Graduates should also have a positive attitude towards work
and the environment, innovative and creative. The ability to meet the challenges and take risks
to challenge should also be applied to the students. Cooperation between colleagues and
understand the goals and demands of employers and able to work independently and
producing quality workers is also an industrial use. One of the steps to reduce graduates
unemployment is by promoting a conducive environment for the development of
entrepreneurship among graduates, hence less graduates will be looking for paid
employment.
As a mention above there are many solution to overcome the unemployment from
the government, youth graduates etc. Therefore, the parties involved need to initiate each
initiative them in solving this problem because Unemployment is a serious issue for any
economy. It creates negative affects to unemployed as they are jobless and suffer from worse
prospects to find new job and those who are employed feel less secure to keep their jobs in
future.
References
Ministry of Higher Education. (2006). Development of soft skills for Institutions of Higher
Learning. Serdang: Universiti Putra Malaysia. Malaysia’s August jobless rate rises to 3.1 %.
(2013, October 23). The Star Online, Retrieved April 08, 2019 from
[Link]
[Link].
Singh, G. K. G., & Singh, S. K. G. (2008). Malaysian graduates employability skills.
FMT News. (2018). Government can help youths to get jobs, achieve potential.
Office of the Secretary-General’s Envoy on Youth. (2014). Entrepreneurship provides an
answer to youth unemployment in South Africa.
Gamed & Chinaza Uleanya (2018). Entrepreneurship: Solution to Unemployment and
Development in Rural Communities. Journal of entrepreneurship education.
