The Role of Business in Addressing the Challenge of Unemployment Essay

The Role of Business in Addressing the Challenge of Unemployment - Essay Example Technological Advancements Progress in technology is one major cause of unemployment that the world faces in this century. Most of the things done today are simply done at the click of a button. The emergence of technology has rendered many people unemployable due to the fact that what they used to do manually can now be done faster and more accurately using computer programs developed for the purpose. No single economy would want to remain behind in terms of technology and thus this poses a big challenge to many people today. Computers have literally replaced men thereby rendering man unnecessary in the workplace. This challenge is addressed when businesses diversify into other areas or fields that do not entirely require the use of technology or computer programs. This has given some employees a lifeline to continue in employment. Lack of the Required Skills or Experience Many people especially the young people have been rendered jobless due to the fact that they do not have the skills or experience that is required for their roles. As technology grows, people also need to upgrade themselves to match the technological trends and the competition that has seen many CEOs spend sleepless nights trying to think on how to be better that their competitor. Without proper skills, one ceases to be an asset to a company as one ought to be but a liability. To address this challenge and to bridge the knowledge gap, many companies spend millions of money to train and expose their staff members on the emerging trends.