Human Resources

Employment of the population over 50 years

Employment of the population over 50 years in 2020 is an important topic that needs focus from every business and organization — 5 minutes of reading.

The employment rate of the population over 50 is usually lower than the population of the previous age groups. For the 50 55 age group, it is predominantly determined by the relatively wide range of retiring men.

Over 55 years, employment rates have fallen significantly

Over 55 years, employment rates have fallen significantly due to the massive retirement of women who have reached the statutory retirement age.

It should be emphasized that the population between the ages of 50, 60 and 65 is of relatively high working capacity, with accumulated experience and in most cases with high qualifications, which renders its early retirement ineffective.

Unemployment in Western European and other developed industrial countries like the USA, Japan, and Canada

In most Western European and other developed industrial countries (USA, Japan, Canada) the retirement age is the same for men and women. From this point of view, our country has a considerable reserve of potential labor resources, of the active population, which could be actively involved in the production and other types of economic activity.

It is true that in periods of economic recession and prolonged depression, the employment rate of the population over 50 has been steadily falling, the share of the working-age population in the total number of unemployed has increased. Unlike other groups, this group of unemployed people has much smaller job opportunities and much greater chances of remaining in a situation of long-term unemployment.

Therefore, in a number of countries, special safeguards are in place against the dismissal (dismissal) of employees of the higher age groups, who are highly productive and productive, with extensive professional experience.

Various factors and conditions affect the employment rate of young people

Various factors and conditions affect the employment rate of young people of working age (up to 25 years). First and foremost, the development of the education system, its scope and the duration of education in the different types and grades of educational institutions are crucial.

Another important factor in their professional preparation and the situation on the labor market. A significant proportion of young people in this age group are entering the labor market for the first time.

The launched a Global Campaign for Management Certification of the Unemployed as a global strategy to increase the employment chances of the people in many countries.

The opportunity to find a suitable job, in this case, is determined by the nature of the economic development (boom or recession and depression), by its needs for a workforce with some vocational training, and last but not least by the government’s policy to stimulate and encourage employers to hire young people, to train them in enterprises or in special schools, to hire them temporarily or permanently.

Other factors, different for young people and girls, predetermine their participation in production or in the potential economically active population. For young people, this is the length of their regular military service, and for young women, the rate of marriage and birth rate is generally the highest between the ages of 20 and 25.

Therefore, in addition to the age and gender structure, the labor force participation of the population also determines the labor supply. Employment of women and men in general and by age group is different in all countries. It is determined by the current labor legislation, household incomes, the level of education and professional qualification of women, the birth rate, the state of the labor market, etc.

Usually, the decrease in the employment rate of the population is faster for women who form the majority of the unemployed, including the long-term unemployed.

Potential labor resources

Potential labor resources or the economically active population as a population of the working-age population of different age groups, as well as the employed, ie the employed economically active population, may have a higher, equal or lower growth rate compared to the population of the country, respectively. of the population to be more or less significant for economic development.

In cases where there is a tendency for aging, potential labor resources, and the economically active population are increasing at a slower pace and even reducing. All other things being influenced by the structure of the population, labor activity and individual sex age groups, reforms in the education system, and in terms of employees and economic development, the state of the labor market, etc.

The level of employment of the economically active population and of potential labor resources is of more immediate interest in the development of the economy. This level determines the number and structure of the employed population.

In turn, it depends, on the one hand, on the demographic structure, the educational and vocational training of the economically active population and its desire for employment, and on the other, on the needs of the economy at a given stage of the labor force in the appropriate quantity, structure, and preparation.

In general, the employment rate of the economically active population (in general and in individual regions) is determined by the dynamics and structural changes in the economy, by the technological level of production and the degree of development of services, etc. In the end, this also determines the degree of equilibrium in the labor market.

Quantitative and qualitative characteristics of the economically active population are of particular interest in the economic development and the balance of the labor market. The demand-supply ratio is not a matter of quantitative and structural equilibrium, but of equilibrium, first and foremost, in terms of the qualitative characteristics of the workforce and jobs.

Labor resources as a factor of economic growth

Labor resources as a factor of economic growth are quantified, which is reflected in the number of employees actively involved in economic activity and is related to the nature of population reproduction, its demographic structure, the development of education, etc.

Labor input has a bearing on the number of goods and services produced. But the more developed the production and it’s material and technical base, the higher the level of technologies used and the needs of the market, the more important are the qualitative characteristics of the factor of labor resources level of education, vocational training, and qualification, possession. additional knowledge and skills that make the workforce potentially more productive, more adaptable to changing conditions of production, more initiative and creative.

That is why very often the labor market imbalance is a mismatch between supply and demand for staff with certain qualitative characteristics.

And for the development of the economy, for its dynamism and efficiency, there is a negative impact not only on the lack of labor supply with the necessary qualitative characteristics but also on the supply of one which outperforms the needs of the economy qualitatively, whereby there is an inability to effectively harnesses this potential of the economically active population.

In view of the above, we can summarize that the population, or more precisely the part of it, which determines the current state of the country’s labor resources, is an important factor for the development of the economy and economy as a whole.

At present, the global economy, and in particular the labor market, do not provide the best conditions for the employment of those employed in the various spheres and branches of the National Economy.

The resolution of this problem requires the intervention of many instances, both in the governmental and non-governmental sectors, in order to improve the conditions of employment, use of labor, remuneration, qualification, and improvement.

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