High unemployment is one of the biggest challenges that have significant impacts on the state’s economy in general and the living standards of the people in particular. This type of challenge can only be solved by means of several approaches that imply high innovative policies, proper investments, and collaboration between different sectors. In both, state and national levels, there are ways to develop targeted policy approaches to make sure that the labor market will be more appreciable and comprehensive.

Investing in education, STEM fields, and skill development ensures a competitive workforce prepared for global economic demands.

Education and skill development of a nation’s human capital is therefore a crucial development factor. Both state and national governments urgently need to allocate resources into education and training that will address the changing needs of workplaces. Business, skills training, practice, and attachment with training institutions could prepare people to fit and compete in the current global economy. Besides, the reinforcement of access to cheap college education and encouraging STEM fields can help workers to embrace strong fields like technology, healthcare, and renewable resources.

Concerning structural unemployment, the governments must ensure human capital development and retooled human capital is enhanced for workers. Online learning systems, that are driven through public-private partnerships, can generally offer opportunities for learning for all ages. There is therefore the need to extend equal opportunities for such programs to the special groups of people including women, minorities and the disabled.

Small business and start-ups for instance can be charge of employment generation and hence would contribute to economic growth and development. Promoting policies in the country can also addressed unemployment issue by boosting employment through new companies’ formation. This includes offering tax credit, cash subsidies, and cheap credit to small business owners. Simplification of procedures and rationalization of regulations can also help to minimize the hurdle rate that new would-be entrepreneurs face.

In addition, there is still a significant potential that incubators and accelerators are fulfilling the functions of a catalyst and assisting startups in finding a mentor, partners, and financing. Supporting cases for taking entrepreneurship courses at secondary and tertiary stages of learning motivates upcoming innovators. Additional community-based strategies like ‘buy local’ can help local economies develop jobs and build such economies’ resistance to shocks.

Supporting startups and small businesses through tax credits, subsidies, and incubators can drive employment growth and innovation.

Investment in infrastructures has been confirmed as an effective tool of creating new jobs and increasing demand. Infrastructure investment involving roads, bridges, rail, power and other sectors on one hand generates direct employments in the initial stage of the project and on the other hand builds up a strong base for future prosperity. Policy makers can use the current conditions of infrastructure projects in line with the level of unemployment in each region to balance geographical inequity.

Thus, funding in green infrastructure including use of renewable energy and energy conservation in buildings, can solve environmental problems while fostering employment in environmentally innovative industries. PPP can help to generate appropriate financial and non-financial resources for these projects and encourage the innovation and high performance at the same time.

Labor market policies should be used to help fight unemployment and to promote reasonable wages and suitable working conditions. Employment promotion can be achieved through providing incentives to employers by the state and national government including wages subsidies and tax credit. Besides, compliance with labor laws and labor force governorship and extermination of exploitative practices improve job quality and satisfaction.

Labor market policies need to be developed and extended to provide a temporary assistance for job seekers while effectively encouraging them in the job search process. Employment assistance and training, vocational guidance, and an effective internship system thus creates a link between the employee and the employer. There should be careful selection and provision of these services by type of service consumer, employing age group, or category including youths, veterans, and older workers.

Infrastructure investment creates immediate jobs while laying the foundation for long-term economic prosperity.

Technological development, rising at an alarming rate, has had impact on industries and markets for employees and business. Self-employed people can reduce high levels of unemployment through the use of technology across various subsectors. Some good examples include the roll out of smart cities, e-governance, and digital skills training which create a prepared workforce for the demands of the digital economy.

Subsidizing innovation through R & D budget, tax credit, university partnerships will induce high paid employment opportunities in fields like Artificial intelligence, biotechnology, and cybersecurity. To counterbalance this, necessary action can also be taken to develop approaches that would prevent the automation impact from disarming human force by engrossing them through re-categorization and inclination towards humanistic implementation of automation.

There are always areas and groups of population who are with little or no job vacancies available to them. These differences imply that targeted efforts are required to promote equity within the global economy in order to achieve economic objective. For instance, developed countries can invest in rural modernization, rural tourism, and road-rail transportation. Urban regions can therefore aim at the renewal of declining neighborhoods, and affordable housing projects.

General employment programs such as those which target young people will assist in paring joblessness among vulnerable people. Mentioning community organizations, non-profit organizations, and local governments can make sure that such programs will address specific issues confronted within individual’s segments.

Labor policies promoting fair wages, job quality, and compliance with laws enhance employee satisfaction and reduce unemployment.

Internationalization trade and business have the potential of creating new employment both locally and internationally. Policy makers at both state and national levels can again appeal to foreign investors through investor friendly environment, offering subsidies and guaranteeing political and economic stability. Those liberalization deals that focus more on the principle of national treatment or most-favored-nation treatment are likely to support export driven sectors in the long-run also creating employment.

Disclaimer: The opinions expressed in this article are solely those of the author. They do not represent the views, beliefs, or policies of the Stratheia.