Demand and Supply of Human Resource in Australian

Question: Discuss about the Demand and Supply of Human Resource in Australian. Answer: Article Pash, C. (2017). The 6 jobs Australian recruiters say will be in demand in 2017. Business Insider , 1-4. https://www.businessinsider.com.au/the-6-jobs-australian-recruiters-say-will-be-in-demand-in-2017-2017-1 The Essence of the Story The story focuses on the demand and supply of human resource in Australia. It details the particular six jobs that employers will demand in Australia. The article has been released by Recruiters Hay as quarterly report indicating the skills and jobs employees are in pursuit of in Australia for 2017. The six jobs include, payroller, financial analyst, site manager, sales administrator, and development and operations engineer and data analyst. In this article, on the demand side, we have recruiters/employers whereas on the supply side we have Australian laborers and the resource is human resource. In this sense, the article meets the topic chosen of Demand and supply of certain resources in Australia. The most interested parties addressed in the article are the Australian recruiters/employers who are expected to demand certain six jobs and the laborers in Australia who will be selling their labour hours to these recruiters. The article further identifies strong demand for those within renewable energy, human resource (HR) business partnering, and disability case load management. It is acknowledged that relevant experience is never sufficient to secure a job in 2017. A worker is thus required to go above and beyond the mere job description and provide something extra (sustained competitive advantage). Recruiters Hays that compiles the list of skills demanded by employers, a prominent trend identified in the process was the request for recruits capable of adding extra value to the employers. Thus, only employees who have past experience in associated discipline, previous process enhancement or efficiency gains, extra tickets or qualifications or advanced digital or systems skills will be employed to enable them perform supplementary tasks. The bottom line is that only candidates who are capable of offering extra value will be standing out. Put in simple terms, there is apparent shortage of such rare skills or employees and hence wage is expected to be high to compete for the few available workers. The Economic Analysis The above issues can be effectively presented on the basis of economic concepts and theories. The economic theory of demand and supply takes the center stage in this presentation. The demand and supply and equilibrium can be shown in the diagram below: As has been mentioned above, the article identifies laborers on the supply side and employers/recruiters on the supply side. The theory demand states that the higher the price the low the demand and the reverse holds, whereas the theory of supply hold that the higher the price the higher the supply and the reverse hold (Meng, 2017). Plugging this to the issues identified above, the human resource in this represents the supply side, which means that as the demand for the above six selected jobs and skills will rise, their supply will rise too. This means that these six jobs or skills will be priced at higher levels and the laborers will be willing to sell their labor hours to the employers (Bova, Jalles Kolerus, 2017). From the overhead issues identified above, it is obvious that there will be excess demand. This automatically means that there will be shortage in supply of labors. For example, para-planners and financial planners candidates are required to have a degree along with ADFP or CFP who are in in short supply. There is an increase in the quantity of lending along with the shift to online application hence surging demand for quantitative risk analyst as well as modelers especially in credit risk. There is also high demand for candidates for early childhood teachers who are in short supply. Employers further want exceptional verbal as well as written communication skills, ability to engage with clients as well as business acumen among the professional practice accountants (Pash, 2017). Overall, there is high demand for specific skills but there is low supply for the skills or the employees. Where demand is high and supply is short, the price in this case wages and salaries will surge. For example, the National Disability Insurance Scheme (NDIS) is creating a large demand for front line case manager along with qualified childcare staff who are still in dumpy supply in education. View Explanation The recommendations will be specific to each stakeholders. For example, to the employees, there is a need for them to ensure that they watch the requirements of the six jobs highly demanded in 2017. Employees should never focus only on the experience and job description, but go further to create uniqueness individually as employers are looking for those who can perform supplementary work (Williamson, 2017). The employees can upskills in related disciplines to acquire something extra to offer so as to boost their competition. The employees should also watch or focus on such industries as engineering, constructions and property markets that are under skyrocketing drive by the infrastructure projects. Employees should also develop skills in professional services, emphasize on cyber security along with big data that keeps the Information Technology Industry extremely active. Further employees have opportunities to upskill in risk, compliance as well as financial planning that currently the propellers of the banking sector. Further the employees need to upskills in industrial robotics as well as service robotic sectors that are being fueled by the skyrocketing increase in robotics along with automation. There is also opportunity for employees to upskills in front line case managers as well as qualified childcare in education. The labor force participation rate will thus rise as employees upskills and focus on the active industries as given by the above six jobs and skills as shown below: To the employers, it is recommended that they undertake to upskills their internal staff rather than wait for the shortage in labor force. The employers can internally bring trainers and coachers via workshops, seminars and conferences to train employees to offer supplementary task to add value. The employers should also focus on personal and professional developments of their workforce by having them bring trained or attend schools that is paid for by the respective employers to get the required skills (Noone Bohle, 2017). Analysis Supports Conclusion The above analysis supports the conclusion of this discussion that the skills required by the six jobs in Australia are in short supply despite the excess demand by the employers. The reason being that the current crop of employees do not have the required skills to do supplementary task and add value to the employers, which is the main aim of current employers. References Bova, E., Jalles, J. T., Kolerus, C. (2017). Shifting the Beveridge Curve: What Affects Labor Market Matching?. International Labour Review. Meng, X. (2017). The Labor Contract Law, Macro Conditions, Self?Selection, and Labor Market Outcomes for Migrants in China. Asian Economic Policy Review, 12(1), 45-65. Noone, J., Bohle, P. (2017). Enhancing the Health and Employment Participation of Older Workers. In Ageing in Australia (pp. 127-146). Springer New York. Pash, C. (2017). The 6 jobs Australian recruiters say will be in demand in 2017. Business Insider , 1-4. Williamson, J. G. (2017). Australian Exceptionalism? Inequality and Living Standards 1821-1871.