Wednesday, May 6, 2020

Free Case Study on The Current Marketplace & Opportunities

Question: Write an essay onthe current marketplace for graduate employment opportunities. Answer: Introduction The aim of this paper is to discuss the current marketplace for graduate employment opportunities. The objective to write this paper is the desire to know the graduate market in Singapore accurately for analyzing the actual situation. Firstly, this paper provides a brief introduction for Singapores graduate employment opportunities. The factors looked by the employers are discussed. A general comment on the target position and career path after graduation is discussed. The skills vital for attaining the target position is also discussed for coping after graduation (Cai, 2012). Graduate Labour Market Labour market is used for describing the interaction between employers who need employees. Labour market is dynamic and complex. The two forces driving the labour market are demand and supply. There is a critical relationship between demand and s/h2upply of labour. The people looking for a job are categorized under supply while the employer offering jobs is the demand. Demand is to let people know that there is a job for people to fill and supply takes the job according to the demand. This essay will focus in the manufacturing industry of Singapore (Tradingeconomics.com, 2016). Singapore Graduate Labour Market The youth unemployment level in Singapore is considered low. The annual average underemployment rate for the people aged 15 to 24 is 6.7% (Worksingapore.com, 2016). The Ministry of Manpower claims that the young job seekers do not experience long unemployment spells. There are a few reasons that could contribute to the favourable labour market outcome. The education system in Singapore is attributed as the cog (Daniels and Brooker, 2014). There is a shortage of staffs in the manufacturing industry in Singapore. In the second quarter of 2015, Singapore experienced decrease in job vacancies and increasing unemployment rate (Ministry of Manpower Singapore, 2015). The business administration possesses wide range of planning, organization, directing, controlling and organizing relevant business operations and behavioural decisions. Graduates have brought more creativity and innovation in the industry. The marketplace for graduate employment opportunities is massive as the labour demand is large. Some parts of the Singaporean economy are facing shortage. The vacancies were recorded as 63,900 per the Manpower Ministry statistics (Ministry of Manpower Singapore, 2015). The manufacturing industries face acute shortage of skilled workers. The people in the economy are not taking courses in applied skills even in the presence of significant training and education faculties. As the local people are getting greater education, they do not wish to work for a lower level job. The Deputy Prime Minister develops an integrated system of education and training for Singaporeans. It must be noted that if the shortage continues then the manufacturing projects would not be able to complete. The expectations of the college students are to get job in good cities because of the intense competition. The small and medium cities have various vacant positions that the students do not wish to accept. The medium-sized city pays attention to manufacturing industry. The graduates do not wish to work in small or medium-sized city (Yeo and Li, 2012). Foreign Talent Singapore has been hiring more number of foreigners. Over 900,000 foreigners are hired in Singapore in all sectors from the construction industry to service work (Elmmagazine.eu, 2013). Singapore offers a highly competitive environment for working. The nation is also known for having the best workforce. The comprehensive influence of economy, society and politics is confronted with a fierce situation in Singapore. There are challenges and unprecedented opportunities in Singapore for the current graduate employment. Singapores economy is growing and holds a strong position in the global market. Singapores market is open to the entire world and has increased trade remarkably. Therefore, the local graduate market is affected as the Singapore experiences high immigration (Yeo and Li, 2012). Aging Population Singaporean government arranges for re-training of older workers. Currently, the Singapore industry is hesitant to appoint older workers as the graduates have fresh ideas and talents. However, the work experience makes the older workers stay in companies as they handle crisis effectively. Therefore, the graduate labour market is affected by the aging population as manufacturing industries require experienced staff (Daquila, 2013). Income The youth unemployment rate in Singapore has increased in the years between 1992 and 2011. The graduates also tend to overestimate themselves and they have high expectations from their jobs. All of the graduates expect high salary and premium working conditions. They prefer working in cities rather than moving back to their hometown. This is a primary reason why employment opportunities are massive but the graduates cannot find a suitable job. There are plenty of jobs available in the manufacturing industry. The labour market is intense and the social environment cannot be changed at once. There is a need to adapt to the society and change the obsolete concepts and adjust psychology in employment. The graduates need to hold a suitable sense of competition and solve the employment problem by themselves. Therefore, the graduate labour market is affected as they have high expectations of income (Finch et al. 2013). Important Factors for Employers The graduates require good employability skills. The employers pay attention on the employability skills. The employers usually seek for motivation, independent work, interpersonal skills, learning attitudes and flexibility. In the competitive market, the graduates require good employability skills. In the manufacturing industry, the graduates who have positive mental attitude, enthusiasm, honesty, integrity, teamwork and management skills shall be recruited. The industry also looks forward for the graduates who have basic knowledge to high technical skills. The Singaporean market is open to the entire world and the industry looks forward to employ graduates knowing foreign language skill (Ertug and Castellucci, 2012). Career Path My intended career path is international business management. The course combines business management, global issue and international trade. The subject provides me with a great opportunity for expressing my idea and enhances my management ability. I wish to become a successful businessman in the manufacturing field someday. I am planning to take the internship in manufacturing industry based on knowledge and lay a good foundation. I would promote my leadership, problem-solving, communication skill and teamwork. References Cai Y, 'Graduate Employability: A Conceptual Framework For Understanding Employers Perceptions' (2012) 65 High Educ Coetzee M, 'Measuring Student Graduateness: Reliability And Construct Validity Of The Graduate Skills And Attributes Scale' (2014) 33 Higher Education Research Development Daniels J and Brooker J, 'Student Identity Development In Higher Education: Implications For Graduate Attributes And Work-Readiness' (2014) 56 Educational Research Daquila T, 'Internationalizing Higher Education In Singapore: Government Policies And The NUS Experience' (2013) 17 Journal of Studies in International Education Ertug G and Castellucci F, 'Getting What You Need: How Reputation And Status Affect Team Performance, Hiring, And Salaries In The NBA' (2012) 56 Academy of Management Journal Finch D and others, 'An Exploratory Study Of Factors Affecting Undergraduate Employability' (2013) 55 Education + Training Ministry of Manpower Singapore, 'Labour Market Report First Quarter 2015' (Ministry of Manpower Singapore, 2015) https://www.mom.gov.sg/newsroom/press-releases/2015/0615-labour-market-q1 accessed 21 May 2016 Ministry of Manpower Singapore, '0203 Job Vacancies 2015 Report' (Ministry of Manpower Singapore, 2016) https://www.mom.gov.sg/newsroom/press-releases/2016/0203-job-vacancies-2015-report accessed 21 May 2016 Tradingeconomics.com, 'Singapore Unemployment Rate | 1986-2016 | Data | Chart | Calendar' (Tradingeconomics.com, 2016) https://www.tradingeconomics.com/singapore/unemployment-rate accessed 21 May 2016 Worksingapore.com, 'Getting A Job In Singapore' (Worksingapore.com, 2016) https://worksingapore.com/articles/whysg_4.php accessed 21 May 2016 Yeo R and Li J, 'Beyond SERVQUAL: The Competitive Forces Of Higher Education In Singapore' (2012) 25 Total Quality Management Business Excellence 'Youth Unemployment In Singapore: An Overview - Elm - European Lifelong Learning Magazine' (Elmmagazine.eu, 2013) https://www.elmmagazine.eu/articles/youth-unemployment-in-singapore-an-overview accessed 21 May 2016

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