YOUNG PEOPLE SEGMENT OF LABOR MARKET IN THE NATIONAL ECONOMYJournal: Academic Bulletin "Economics and Region" (Vol.5, No. 48)
Publication Date: 2014-11-26
Authors : Lyubov M. Titarenko; Sergiy V. Malyuga;
Page : 34-40
Keywords : ;
Problem. The youth segment of the labor market is an important factor in ensuring socially-oriented development of the country. Young people are a strategic resource for society and determine it in the context of socio-economic and technological progress. Youth provides political, economic and social future of the country. The problem of imbalance of youth segment in the labor market has repeatedly arisen in leading foreign and national journals. Currently, the labor market and rising youth unemployment is a very topical issue in the today’s national economy. The present paper gives a detailed analysis of the market equilibrium capacity and suggests the improved state regulation model to reduce youth unemployment in future. The purpose of the article is to study the specific features of modern youth segment of the labor market, and to generalize the economic factors affecting its balance. The main material. The labor market is considered to be the most important part and the special subsystem in the overall structure of the market economy, that performs organizational, economic and social functions. However, it creates a market mechanism of self-regulation through demand and supply of labor, the price of labor and competition. Imbalance in the labor market leads to negative social and economic situation in the society, increasing the number of unemployed. Some people are unable to exercise their right to work and to receive wages for existence. In Ukraine the highest unemployment rate among young people is fixed in the age group of around 16-24 years. The causes of youth unemployment have a specific character and differ in their age groups. Socioeconomic impact of young people unemployment is more complex and profound than that of adults. Conclusion. Ukraine has a significant potential to tackle the problem of youth employment. In general, the entire system requires activation of the labor market regulation mechanism. This includes continuous improvement of national and regional employment programs. Their funding opportunities will improve the efficiency of career guidance at employment centers, that provide assistance to young people in choosing their career. It needs more active involvement of enterprises, institutions and organizations into the state youth policy. Operation of the State Fund for youth employment and vocational training, advanced training and retraining of unemployed citizens is of top necessity nowadays. It needs providing compensation to citizens who lost their jobs or are retraining. Also it needs control of public authorities for compliance. The system monitors the youth segment of the labor market, which should provide stability in youth employment, and promote organic unity of education and the labor market.
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