BU4101 Labour Market Economics Assignment Sample
Here’s the best sample of BU4101 Labour Market Economics Assignment written by the expert.
Introduction
Rise of employment is one of the major reasons, due to which UK labour markets are coming up with several changes (OECD, 2019). Therefore, this study objective is “to analyse different factors of employment, due to which labour productivity is achieving influential outcomes in markets of UK”. This study discusses different approaches based on changes on part of labour productivity in UK regions. In this study, recognition of reasons takes place for involvement of changes in UK labour markets. Additionally, this study provides analysis on the impact of changes and issues taking place in labour markets in regions of the UK.
Description of changes labour productivity in markets of UK
Labour productivity majorly depends on involvement of employees in an organisation, which refers to signify rate of employment. However, as per statistical reports, it has been found that influential growth has taken place on part of labour productivity, which has risen by 0.4% and manufacturing operations have decreased by 1.1% (ONS, 2019). Moreover, it has been observed that productivity since 2019 is increasing due to proper management of working hours for hired employees in an organisation.
Projection of “Compendium of Productivity Indicators” helps in analysing the rate of employment-based on level of productivity, low wage salary (OECD, 2019). From these collaborative factors, labour productivity is well analysed as per “investments on productivity growth” (OECD, 2019). The changes of productivity are shift of salary scale for hired employees, unequal distribution of wages as per working hours that presents gross domestic productivity in organisations. Economic output comes up with an evaluation of manufacturing services followed by productivity of employees in an organisation. Thus, it has been understood that specification of employees’ involvement refers to development of an organisation, which indirectly results in a positive outcome on labour productivity in UK markets.
Changes in labour productivity have been affected overall performances in organisations that also affected rate of services based as per index of 101.8 of 2019 (ONS, 2020). According to 2020 reports, it has been noted that the rate of 100 has increased and this has been announced by the end of October (ONS, 2020). This has helped in acquiring knowledge based on changes on part of labour productivity in regions of UK markets.
Growth in labour productivity is associated with changes in a positive way that lead to an increased rate of employment in UK markets. Through the help of statistical reports of 2018, UK has been obtaining a rise of 2.5% on part of employment (BBC, 2018). This helps in analysing shifting on part of labour productivity, due to which it becomes easier for companies to manage employee’s involvement. Due to these factors comprising productivity, salary scale according to working hours, Compendium of Productivity Indicators are well understood. Apart from this, gross domestic productivity as per working hours helps to maintain cooperativeness and developing management in corporate sectors in UK. The output of work has increased from 15.5% in 2015, which has reduced by 15.4% in same year (ONS, 2020). This helps in analysing that productivity performances drop down by 15.8% in previous years, which has been changed by 8.8%. Hence, output of working hours plays an important role in proposition of changes in labour markets in regions of UK.
Reasons behind changes in labour markets
“Annual Labour Force Statistics (ALFS)” that helps in measuring employment of workers in specific regions (BBC, 2020). From this, productivity of labour can be effectively managed by tallying present wage amounts, which has led to significant changes on part of labour markets in UK. This would significantly help in mitigating issues like unequal distribution of wages to employees as per working hours and improve productivity of labours in companies. Financial reports of 2020 explained that employee turnover has taken place by 220,000, due to which labour markets in UK have been negatively affected (BBC, 2020). Turnover of employee’s involvement in organisations is one specific reason behind the occurrence of changes in labour productivity and seeks for further development to make positive results. It has been found that the UK government initiated working strategies like zero-hours, due to which labour productivity has increased by one million in 2020 (BBC, 2020). In addition to this, self-employment has resulted in an increase of annual income of UK by £40bn, which leads to make changes in labour productivity in workplaces.
The Department of Work and Pensions plans to take initiatives for increasing employment rate, which has decreased due to job cuts with 140,000 redundancies. Apart from this, companies spend over £5,000 for provision of training and mentoring sessions (BBC, 2020). Since 2008, productivity growth has been stalled in labour productivity of UK markets. However, it has been observed that Standard Toilet helps in an association that aids in managing stress management, which leads to improving estimation of per annum for coffee breaks to employees. According to reports, it has been observed that involvement of coffee breaks tends to adjust working hours by 1%, which helps in managing labour productivity in UK regions (Theconversation, 2020). From this, it has been observed that involvement of working hour extension has resulted in changed factors in labour productivity in regions of UK (Theconversation, 2020).
Boosting confidence in employees helps in managing recognised issues in workplaces. For instance, Japan comes up with 80 hours of working that lead to boosting participation of employees in companies and results in positive approaches towards labour productivity (BBC, 2019). Microsoft presents summer experience activities that have helped in analysing “Work-Life Choice Challenge”, due to which labour productivity has increased by 92% and supported entrepreneurs to achieve market demands in an effective way (BBC, 2019). In this manner, probability of positive approval helps towards an increase in labour productivity in UK marketplace. Additionally, it has been noted that in UK, the working department has come up with “Four-day working challenges” that are based on imposition of concepts related to cap working hours. This resulted in reducing rate of unemployment as recruiters opted for hiring of employees in part-time job conditions. This has helped in analysing that change of working hours is an influential reason, due to which changes in labour productivity have taken place. According to Microsoft, 23% of electricity consumption has been reduced followed by lower-level use of paper prints, which indirectly conveys shifts in employees in companies.
Involvement of employee’s help in improving overall productivity in organisations and due to this, profit margins of companies majorly enhances. Similarly, the presence of a number of labourers helps in increasing possibilities to develop profit margins for companies. According to 2019 reports, it has been noted that “National Statistics” conveyed that labour productivity reduced by 0.4% as compared to 2018 statistical reports (BBC, 2019). Additionally, it has been understood that ONS explained the growth rate of 2% would be effective in resolving issues regarding changes taking place on part of labour productivity in UK regions. On the other hand, it has been understood that “productivity puzzles” relate to a necessary changes of pay scales that are inefficient to meet objectives of higher living standards. Due to this employee layoffs take place at a higher than employee retention rate and affect labour productivity in marketplaces of UK (BBC, 2019).
Influence of identified changes and issues of labour market
The primary issue that has been identified involves long working hours that tend to improve employees participation in companies and this triggers employee turnover due to work pressure (Crafts and Mills, 2020). Similarly, this leads to present issues based on qualitative approaches of employees in organisations and affect organisational development negatively. Secondly, it has been found that changes in productivity output are another reason behind reduction of labour productivity. This provides a negative impact as a lower level of labour productivity tends to restrict growth of businesses and makes it difficult to retain in stiff competition. Crafts and Mills (2020) asserted that estimation of GDP relies on overtime, which helps improve labour productivity by 2.0% to address a crisis of economic structure in UK firms. From this, it has been understood that a change of working hours would be helpful to increase outcome of labour productivity in markets of UK. Thus, proper estimation of GDP helps in resolving issues related to low rates of labour productivity in terms of meeting requirements of markets.
Engagement of employees explains for making positive changes in organisational performances and therefore, it is taken as a necessary activity to make effective involvment of qualified and suitable employees. According to statistical data of 2017, it has found that 20% potential of bottom of employees is being wasted, due to which working performance of companies reduces (BBC, 2017). Additionally, this results in creation of disadvantages towards labour productivity in regions of UK. This helps in analysing that improper utilisation of employee’s help in increasing possibility for lowering down the output of labour productivity. In this regard, it can be stated that provision of training and mentoring sessions to employees would help in increasing working quality. Due to involvement of training and mentoring sessions would help in addressing issues in a convenient way and help in improving possibilities of labour productivity for companies in UK marketplaces.
Brexit is one of the effective issues that lead to providing shifting changes in GDP of UK, due to which labour productivity gets negatively impacted. Moreover, “ The Office for National Statistics” comes up with a report that conveys that increase of working hours tend to affect labour productivity by reduction of productivity by 2.0% has resulted in an increase of negative aspects (BBC, 2018). From this, it helps in acquiring knowledge that fixed working hours would help in balancing work pressure for employees. In this way, peaceful working environment would be maintained by addressing internal issues appropriately within working firms. Due to which other issues like employee turnover can be addressed in an organised method. In accordance with corrective decisions, organisations in UK regions would be able to resolve identified adversaries and help in boosting output of labour productivity. On the other hand, it can be stated that development of employee performance would focus on presenting positive approaches based on labour productivity and this would help in preventing falling situations of labour productivity. Thus, it is important to improve performances ability of employees to increase positive outcomes on part of labour productivity in UK regions.
Disagreements made on part of Brexit have been affecting performances of labours in companies. Similarly, it has been found that in 2018, existence of immigration of businesses due to Brexit, companies have faced issue like change of working conditions as per new policies and regulations tends to affect output of labour productivity (BBC, 2018). From this, it has been analysed that higher numbers of business immigration have affected labour productivity in a negative way. Due to this, it can be conveyed that permanent settlement of businesses helps in managing operations based on labour productivity. This leads to improved employee’s performances, which can be developed by conducting training and mentoring programs. In this regard, improvement of labour productivity would emerge, which would also focus on the development of annual economic structure in regions of UK.
Conclusion
From this broad discussion, it has been understood drop-down of labour productivity leads to affect economic conditions of UK in an adverse manner. However, this study has helped in analysing specific changes that take place due to an increase in working hours, followed by differences in pay scale of employees. In addition, it has been understood that the increase in employment rate in companies is determined to result positively towards growth of possibilities of a company’s revenue, due to which market sustainability also increases. In this study, it has been found that fluctuations in labour productivity can be equivalently managed by imposing an advanced form of working strategies based on coffee breaks, zero-hours that compensate employees separately from regular salary scale. Thus, it can be validated that different factors of labour productivity help in managing employment rate in marketplaces of UK properly.
References
BBC (2017). Firms are ‘wasting potential’ of a fifth of workers. Available at: https://www.bbc.com/news/business-41301659 [Accessed on: 3 November 2020].
BBC (2018). ‘Productivity puzzle’ weighs on UK growth. Available at: https://www.bbc.com/news/business-44735417 [Accessed on: 7 November 2020].
BBC (2019). Microsoft four-day work week ‘boosts productivity’. Available at: https://www.bbc.com/news/technology-50287391 [Accessed on: 5 November 2020].
BBC (2020). Boris Johnson warns ‘long, long way to go’ for UK economy. Available at: https://www.bbc.com/news/business-53733440 [Accessed on: 5 November 2020].
Crafts, N. and Mills, T.C., (2020). Is the UK productivity slowdown unprecedented?. National Institute Economic Review, 251, pp.R47-R53.
OECD (2019). Productivity statistics. Available at: https://www.oecd.org/sdd/productivity-stats/ [Accessed on: 3 November 2020].
ONS (2019). Office for National Statistics. Available at: https://www.ons.gov.uk/economy/economicoutputandproductivity/productivitymeasures [Accessed on: 3
ONS (2020). Office for National Statistics. Available at: https://www.ons.gov.uk/economy/economicoutputandproductivity/output [Accessed on: 4 November 2020].
ONS (2020). Office for National Statistics. Available at: https://www.ons.gov.uk/economy/economicoutputandproductivity/productivitymeasures/bulletins/internationalcomparisonsofproductivityfirstestimates/latest [Accessed on: 3 November 2020].
THECONVERSATION (2020). Companies target toilet breaks to improve productivity – it’s wrong and it won’t work. Available at: https://theconversation.com/companies-target-toilet-breaks-to-improve-productivity-its-wrong-and-it-wont-work-130275 [Accessed on: 7 November 2020].
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