Labor Market​

Introduction

The labour class plays a very vital role within any organization irrespective of its sector, industry or any geographical region.In the general context, the labour market refers to the present availability the employment workforce and labour. This availability is in respect with the demand as per the industry requirement and the supply for the same. The entire market can either be within the global boundary or within the national boundary. In this assignment, there is the in-depth discussion of the labour market with the help of research in respect with the shipping industry. Further, the topic is about labour market through which the factors and the changes that this industry has faced due to the workforce of a leading firm Austal are being stated.

Part 1. Examination Of The Industry With The Help Of Data

The workforce is very important as the manufacturing process cannot be carry forward without them. In this sector, there lies a huge employment opportunity for the skilled set of individuals.There is an increase in huge demand of the shipping as its increase in the dependence on the economy. Docquier, Ozden & Peri, (2014) have said well that this increase is due to the fluctuations in the trade that are held globally in the trade. Often it is found that there is always equilibrium maintained both in a case of supply of labour according to the demand. However, according to the latest statistical reports in recent, there is a slight difference caused by 2 percent

Challenges

There are numerous challenges that the industry has faced in the past and is continuing facing some of them. The major ones are getting the ports ready especially for the mega ships, as they need extra space and other facilities. Another major hindrance that comes is the repeated disputes and the negotiation of the same with the workforce working in it (Hollifield, Martin &aamp; Orrenius, 2014).

Various Changes That Took Place

With the changing time, the business has also undergone a variety of transformations. The important ones are in the terms of globalization, structural changes in the economy, innovation, the technology and even the disruption with the time.

Globalization

This word is described as the free movement at today’s time of both the people and the goods. With the rapid expansion of both the demand for the shipping has widely increased. This has caused a huge number of shipping both of the people as well as the goods for the purpose of trade.

Economic Structural

The major factors that lead to a change in the sector are categorized as due to the impact of the economy. The economic crisis, the change in the tariffs structure and the rules and regulations keeps on changing as per the nations and international boundaries (Cassar, 2014). At presently, there is a situation of struggle undergoing due to the constant change in the macroeconomics.

Technological Advances

There have been some famous and very important advances made in the field of technology in the marine. The introduction of the network that comprises of the communications that ultimately leads to the tracking of the information. The easy accessibility of the communication leads to the transparency of information. The ships can be easily tracked and if any problem they face can be looked and solved easily.

Disruption

Off late there is been digital disruption experienced by all the companies. Internationally due to the globalization, there is one language served by all as a common mode of understanding. Even shipping has been both in the terms of the accordance of the digitalization and simultaneously the disruption of the same.

Innovation

The advancement has broadly been seen especially in the terms of the safety. With the departure of the large ships with the huge number of passenger front, the safety concerns have also increased Dorn & Hanson, (2015). There are numerous rescue operations that are designed and applied well. Based upon te operations the ability to tackle the emergencies if any during the sail, have become better and improved.

Part 2. Research Of The Industry

In accordance with the research to continue ahead, the Austal, one of the leading manufacture firms in the business. The company till date is able to maintain a lead position and its headquarters established in Australia. As the firm being a large scale organization the entity possess a huge number of graduate employees working together.The chosen firm specializes in the construction as well as the designing. The entity has undergone various changes as functioning within the industry norms (Austal: Corporate | Redefining Maritime Excellence. 2017).

Factors That Cause Impact In The Industry In Previous 5 Years

There are plenty number of factors that are relevant to the impact and its causes. Firstly, there are various skills in the individual that are concerned with the performance as an overall. The skills set such as sense-making, for example, the sense or the presence of mind during the emergencies are the utmost important and those are completely based on persons and not on the technological updates. Wanberg, et al. (2016) has said well that the narrative and adaptability involved in making the decisions with respect to the problems. With this skills and its betterment has to lead the industry to take important changes which have to lead to growth in the number. The change in the macroeconomic factors has also lead to a lot of changes in the industry. The changes in the legislation such as the former federal and the labour government in order to guard the coastal area involved in the shipping sector. The legislation is changed to maritime.