Unemployment has become an increasing problem in the recent past. What factors contribute to an increase in unemployment and what steps can be taken to solve the problem?

Over the past few decades,

unemployment

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in many countries

have

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has

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been skyrocketing

due to

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various reasons.

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essay will discuss the fundamental issues that

increases

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increase

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the rate of

job

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losses and potential solutions that can be implemented to mitigate these problems. One major concern that has boosted the rise of

unemployment

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is the globalization of technology. Throughout the years, electronics

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vastly evolved and

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are

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replacing human occupations at an alarming rate. Professions like teaching, programming and engineering are at risk because they can be taken over by machines easily.

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recent research conducted by

University

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the University

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of Oxford, over 700 types of jobs

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have been

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at risk since artificial intelligence was introduced.

Thus

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, encouraging many organizations to lay off their staff which ultimately leads to a depression in employment.

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, the lack of employee benefits and insufficient wages

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also

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supports the rise in

unemployment

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rates

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. To

further

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elaborate,

COVID-19

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pandemic led to immense inflation

rates

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which crushed the economic status of

a

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the

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country.

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, middle to low-income families were unsatisfied with their monthly income since they found it difficult to buy groceries and other basic necessities to provide for their family. In fact, many companies stopped providing transportation for their workers because of the hike in fuel costs,

hence

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, soaring employee turnover

rates

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.

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, strict measures can be taken to control the amount of

job

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losses.

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, the use of automation can be limited and companies can create other career opportunities for skilled people. Even though

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the usage of machinery is efficient and less

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time consuming

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time-consuming

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, it can be very costly. If a machine malfunctions, it will lead to more expenses and a waste of

time

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.

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, businesses can focus on retaining their staff members by providing

a

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higher compensation and numerous

labor

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labour

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rewards,

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as

,

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commissions and events. As a matter of fact, Google has executed a rule called “20%

time

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policy”, where their staff members are allowed to take 20% of their working

time

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to do any kind of activity they prefer.

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has tremendously helped them to reduce their underemployment ratio. In conclusion, machinery taking over human tasks and inadequate salaries are leading reasons for

job

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displacement.

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, before

unemployment

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rates

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further

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escalate, companies should focus on

job

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creation and keeping their

laborers

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labourers

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by issuing a lot of advantages.