With the continuation of the declining price, Australia would have a difficult struggle to pay for its imports and repayment of loans. Australia was affected so severely as its primary source of income was taken away. Employees in public works, building and construction lost their jobs, as loans were no longer being funded for these projects. This also reduced the demand for goods produced in other industries. Australia's workmen had a severe lost of jobs and wages.
Due to the weak imports caused by soft domestic demand and the reduction in the investment in mining industry, mining companies began to reduce the staff. For example, more than 1300 mining workers at the Forge Group were laid off (Kenny, 2014). In addition, lacking confidence in the future economy, some large companies of non-mining industry, such as Qantas, Toyota and Holden, began to lay off their workers, which aggravated the situation. The high unemployment rate can have negative influence on social stability and ec... ... middle of paper ... ...(Cecioni, Ferrero and Secchi, 2011). Conclusion Employment situation and economic fluctuation can affect the stability of the country.
Employers must be able to identify what is causing their employees to miss work in order for them to find a solution. The reasons for the absences can be divided amongst two categories, internal (within the individual) and external (within the company). Internal causes can include serious accidents and illnesses, transportation problems, stress, low morale, poor physical fitness, inadequate nutrition, and personal problems. External causes range from poor working conditions, boredom on the job, low morale, lack of job satisfaction, guaranteed salary, and workload. As we can see causes of absenteeism fluctuate and whether they are legit or not, they very much carry on.
One quarter of a million people once worked in the south Wales coal industry in 1917. Now there are very few because the demand for coal has declined and the reason for this is that companies are competing with each other, they reduced the price of their coal. The use of coals in people´s houses is reduced because people now use electricity rather that coal. these people who have lost their jobs feel very angry and disappointed, some are now too old to get another job and others have
This shows that the Cook Islands had to employ the workers from outer countries to work. There were many times when the population deterierated in a alarming way for instance on 2003 the population decline was due to the NZ$2.8 million pearl decline because of the unexpected disease broke out. Where the national debt remained at NZ$111 million in 2002-2003 and the cost of substantially exceeds the cost of the import than export. Moreover the income rate of the workers was very low and the communication, shipping, airlines and most merchandising was owned by smaller expatriate businessmen who kept the prices high but the cost of living was
Half of these homeless people are families, forced out in the streets as a result of job loss which as a result increases a feeling of hopelessness because jobs become increasingly hard to find leaving even the most qualified individual without work. This often happens because companies in recession have less money to spend and because of that, are forced to lay off employees in order to survive. Less educated employees are often the target of layoffs. They are more vulnerable compared to those with a good education. And because during recession it is difficult for one to find a new job, those out of employment often stay there sometimes for as long as the recession lasts.
A business report published by business standard under the title “Half of India's top firms have destroyed shareholder wealth since FY08” quoted that majority of listed companies reported a decline in their market capitalization. For most of these companies borrowings exceeded their market value resulting a wide spread debt trap. Banks had a mounting volume of bad debt and the overall sentiment of market had suffered. In bad times such as these, consumers tend to give up their choice of luxury goods and automobile probably becomes first in the list which suffers a loss of sales volume. Amtek Auto being the component manufacturer was affected by the slowdown in the automotive industry.
Since most of the families had no money to buy goods, store owners had to reduce their orders from the factories. Due to this, factories had to fire workers and decrease... ... middle of paper ... ... the effects of the Recession. Many people still believe that we are in a recession today. They are still feeling the effects because they are in upside down home loans, unemployed, and depend on the government to get by in life. In conclusion, the Great Depression and Great Recession were very similar to each other.
Darden et al. argues that causes of employee turnover can be categorized in to three different kinds of factors: 1) work-related factors, 2) personal factors, and 3) external factors (1987). Work related factors include pay, performance, job satisfaction, coworkers; personal factors include level of education, age, job tenure; and external factors include unemployment rates, union presence, and perceptions on employment (1987). Work-related factors tend to be the most obvious causes of voluntary turnover to employees. Factors such as pay, performance and coworkers all lead to the level of job satisfaction for the employee.
The largest cause of unemployment can be attributed to recession. The term recession refers to the backward movement of the economy for a long period. People spend only when they have to. (Nagle 2009). With people spending less there would be less money in circulation therefore, enterprises would suffer financially and people would suffer too.