How can we solve the unemployment crisis?
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How can we solve the unemployment crisis?


Quick Answer

Ways of solving the unemployment crisis are many, and some of them include reducing the benefits of the unemployed, increasing the work benefits, getting rid of the minimum wage and encouraging those who are not employed to take any job. Germany adopted this kind of approach to solve the unemployment crisis in the country, and the rate of unemployment drastically dropped.

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Full Answer

Raising the wages of the employees whose pay is low encourages many people to take any type of job. On the other hand, reducing the wages of the lowly paid employees raises the rate of unemployment.

Many companies have employment vacancies, but the main problem they are facing is the lack of an experienced labor force. Retraining employees is a good way of acquiring a skilled labor force. However, even though it is difficult for the retrained employees to get hired in different industries, retraining helps in creating jobs in that particular line of specialization.

Another major cause of unemployment is the lack of hands-on experience. Though going to school plays a major role in solving this problem, it does not exclusively eliminate it. A nationwide apprenticeship program would be a better way of curbing the problem whereby willing companies are allowed to train apprentices in new skills suitable for the job market.

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