INTERPRETATION OF UNEMPLOYMENT – An Alternative Perspective.

In the previous edition of Moment of Interpretation (MoI), Volume 1 Issue 2, I examined the topic of unemployment, including its definition, the statistical calculation, and its application in assessing unemployment globally. You were encouraged to consider the implications of unemployment and its relevance to your circumstances. In this edition, I will explore unemployment from a new angle, focusing on the challenges of job creation and the importance of employability skills for job seekers. An individual is classified as unemployed if they are actively seeking to be engaged in paid employment or gainful occupation. The process of job creation begins when a need is identified within society, leading to the development of a product or service and the formation of an organization to produce or deliver it. Specialists in organizational structure determine necessary roles and responsibilities, then assign corresponding job positions, which are advertised to attract suitable candidates. Employers, as entrepreneurs and solution providers, seek candidates with the necessary knowledge, skills, attributes, and competencies to assist them in providing products or services that meet societal needs. In other words, entrepreneurs or employers look for ‘employable’ candidates to fill positions necessary for the accomplishment of their organizational goals. For instance, when I founded Modu Mall over ten years ago, we required candidates for responsibilities such as inventory management, retail accounting, customer care management, and operations coordination. These positions are core to the smooth running of Modu; therefore, the right candidates had to possess the right knowledge, skills, and attributes. Employability refers to the extent to which you possess the skills and attributes necessary to secure positions with organizations seeking candidates in your field. For instance, in Modu, an analysis of the annual ratio of processed applications to successful candidates suggests that unemployment is driven not just by job scarcity but, more significantly, by the employability of applicants. As a job seeker, you must demonstrate both technical expertise and soft skills, as well as the ability to integrate seamlessly into organizations dedicated to creating value for clients and customers. View employment not merely as an entitlement after school but as an opportunity to contribute meaningfully to problem-solving eAorts and to lay the groundwork for a fulfilling career. Therefore, it is important to develop soft skills and key personal qualities in addition to your technical knowledge and skills. These attributes will ensure eAective and rewarding collaborative interaction within your current or prospective organization. In summary, getting out of unemployment requires you to enhance your employability. Employment is not just in numbers but in building an organization capable of providing solutions. This means shifting your focus from simply seeking jobs to actively developing the skills, attributes, and competencies necessary to address the needs within your field. Until the next edition of MoI, keep focusing on solutions to unemployment. Deepest Regards, Steve Idowu.