This is a significantly lower unemployment rate which is one of the lowest globally (see figure 3). In 2019 before the COVID-19, Statistica (2020b) noted that the unemployment rate was at 2.64% of the overall labor force. As a consequence, the Airline sector has retrenched or made more than 500,000 jobs redundant in the first quarter of 2020. As of 2019, air transportation contributed to approximately $19.3 billion, which is around 5% of the overall UAE GDP. This is affirmed by FXEmpire (2020) report that has noted that air transportation in UAE, which accounts for the significant employment in UAE has primarily been affected. Also, in the UAE context, the COVID-19 pandemic has negatively affected their unemployment rates and their economy. In an event the total lockdown would proceed and end in three months, the unemployment rate is expected to fall gradually throughout late 20. Nevertheless, it is noted that the unemployment rate of the UK will be affected by upto 10% in the second quarter of 2020. As illustrated in figure 2, apart from several recessions that have been in place in the early 1980s, 1990s and credit crunch in 2007-8, the growth of UK economy has been consistent which is also an indicator of improved labour market opportunities.įigure 2: Consistent Growth in the UK Labour MarketĪs illustrated in Statistica (2020), it is evident that in the first quarter of 2020, the unemployment rate was at 3.8%. In this program, the employers in the UK have access to the government support for paying part of the furloughed employee’s salaries and potentially protecting the employees from any redundancy. As a result, as noted by CIPD (2020), the UK government has put in place a Coronavirus Job Retention Scheme. Prior to the COVID-19 in early 2020, there has been a slowed growth in the UK economy similar to the global economy. Through a focus on the different factors in figure 1, there is a possibility of identifying the possible achievement and adapting to immense changes with increased agility. The characteristics of contemporary labour markets are grouped into the political, economic, social, technology, legal, international, environmental, and demographic, as illustrated in figure 1.įigure 1: Characteristics of the Labour Market Factors Labour market can be identified as a real or a nominal place where demand forces and power of supply in active practice with the buyers and sellers in dynamic interaction in trade (Business dictionary, 2020). Major Contemporary Labour Market Trends in UK and UAE.
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