Career Development Assignment: Employment Rate & Labor Market in Australia

Question

Task: Task Instructions: You will write a report on career development assignment identifying and analyzing current labour market conditions for two identified occupations that align with your studies and career aspirations. Your report will include desk based research and critical analysis of the following areas:

a. Analyze how current trends in the Australian Labour Market will affect career opportunities in your chosen industry and sectors. Areas for suggested research include but are not limited to: national and state information, current employment and unemployment figures, possible impact of employment trends and changing labour market conditions on your industry. Ensure your research is directly aligned to your chosen sectors.

b. Research TWO sectors that you could work in with your new degree qualification. Evaluate and explain why each sector you have selected is a viable option for your career path based on your labour market research, personal career aspirations and your current area of study. Identify a specific occupation you could apply for in each sector you have selected based on your skills, interest and experience.

Answer

Introduction
In this research, the evaluation of the Australian labour market will be done where health and medicine along with the biotechnology industry’s employment rate will be examined. The healthcare industry is a sector which offers products and facilities to diagnose people with curative, therapeutic, remedial, and minor surgery. Biotechnological companies make products or resolve challenging issues using the mechanism of living creatures. With the improving employment rate in these sectors, people are more inclined towards making their career in the mentioned fields. Modern generation is seeking educational degrees that will provide the skills and knowledge to become experts in their professions.

Australian labour market trends
According to the current trends, Australian labour market is distinct from several other factor market mechanisms where the demand along with supply functions in a distinctive manner. The employment rate in both the sector of biotechnology and health and medicine has improved significantly (Bevelander and Irastorza, 2021). The youth of Australia are more inclined towards the mentioned sectors hence they are pursuing an educational degree which improves their expertise in biotechnology and health and medicine. Moreover, the employment rate in these two professions is improving too since more people are showing interest in these fields. The latest developments in the Australian labour market have clearly triggered a change within the mentioned sectors, as the unemployment level has decreased. Australia has generally been heavily reliant on the job creation of secondary and tertiary sectors due to the domination of these occupations in providing jobs. The service sector has seen a dramatic increase in the jobs, but systemic unemployment has emerged owing to lack of expertise in few sectors (Botha et al., 2021). The unemployment rate has dropped to 5.6%, and the percentage of people who participated rose to 66.3%. Furthermore, as per the current evaluation, the number of people employed in Australia has risen to 13,077,600. The rate of wage stagness has declined to 7.9% and the working hours have been increased to 38 million. Elevated employee wages within Australia will contribute to increased customer buying, which helps other companies that rely on consumer purchases to remain in operation (Castillo-Pérez et al., 2021). Hiring more people for a company will have positive effects on a smaller basis while still increasing the amount of capital in circulation.

Employees produce useful products and services in exchange for an income, which they will reinvest on the commodities they create, resulting in economic prosperity (Foley et al., 2021). When there is an increase in the employment rate, the Australian market will be at maximum efficiency, which means it will prove to be fully productive. The health and medicine and biotechnology industry is critical to both community and the environment. It contributes to socioeconomic transformation by providing a large number of workers around the world. With the changing employment trend and labour market in Australia, the employment rate within these sectors is improving which is beneficial for both the growth and development of the nation's economic condition and development of both the industries. As there is a significant rise in the employment rate, the wage ratio is also increasing which thereby contributes to the improved purchasing power of people within the country. As a result, there is a healthy flow of capital among different business sectors (Ghazarian). The living standard of employees will improve and their participation in the development of the nations and economic growth also enhances. The country is focusing more on a flexible labour market where the businesses will have more power in their hands while reviewing and revising any change of policy and strategies for the upcoming years. The government interference is comparatively low in important business decisions. Also, people are showing interest in enhancing their skills for participating in health and medicine and biotechnology industries.

Identified sectors and occupations
i. Sector One- According to my qualifications, in the health and medicine sector, I can work as a pharmaceutical specialist (Harris et al. 2021). As has been evaluated above, the employment rate is increasing in the health and medicine industry since the current generation of Australia is looking to acquire knowledge in order to improve the wellbeing of the people within the country. I have chosen this profession because the healthcare sector is amongst the well-respected in the country, as it aids in the improvement of general health and saves people's lives. Furthermore, I will not be restricted to just major hospitals, since I will be able to work with individual clinics. Also, the hospitals also provide their pharmaceutical specialist interns with special training and development programs to improve their skills which will help me enhance my career (Hosuret al., 2021). Besides that, unlike most professions, there is no age restriction for clinical specialization. One can obtain a bachelor's degree in a specific field at any chosen age.

As a pharmacist needs to be an expert in the field of management, I can handle staff and operations effectively. Also, since I can manage the finances well, it will be easy for me to keep a check on inventory and evaluate the profit generated or loss that a hospital or retail pharmacy store is facing (Jackson et al., 2021). As per my qualification, I am also good at communicating and since as a pharmacist I need to interact regularly with several doctors, nurses, patients and other healthcare providers, this will make my job convenient. Moreover, in this sector the salary and wage system is quite good hence it will help me in enhancing my living standard. One of the main reasons I have chosen the health and medicine sector is because it will give me the opportunity to help people and contribute towards the betterment of society.

ii. Sector Two- I will serve as an industrial analyst in the biotechnological industry based on my expertise. As previously stated, the job rate in this industry is rising as the modern generation of Australians seeks to gain skills in order to add to the country's growth (Kusmayadiet al., 2021). I will be capable of helping people to lead better and happy lives while I'm working in the biotechnological industry. Moreover, I will be on the leading side of research within the country as well where every day will bring something challenging. Biotech firms also pay well to have excellent benefits and some companies also have stock grants. This sector provides excellent ways to collaborate as part of a team, and the profession is full of bright, driven individuals who can render every workday mentally satisfying (Le et al., 2021). One may be trained for career growth to an administrative or admin job with the specialized work history and background.

As an industry analyst I can work in a business field such as automobile, electronics, drug companies, or agricultural departments and can conduct research. Aside from that, I can gather knowledge on emerging manufacturing dynamics based on the kind of industry I will be working in. The qualifications that I have acquired allow me to prepare reports, construct divisional methodologies, design manufacturing models, draw and compile spreadsheets based on the analysis. Furthermore, an industrial analyst will help me in specializing in a specific sector and evaluate the business performance (Mutalipassiet al., 2021). I can suggest the companies to implement the changes which will be effective in terms of financial growth. Also my qualifications helped in examining and evaluating existing and raw information which will consequently allow me to formulate appropriate policy which will be beneficial for the company. The willingness to listen is one of the most critical facets of being a good industrial analyst, and I think I can pay attention to minute information and find opportunities.

Recommendations
As per my chosen profession as pharmacist and industrial analyst, the organizations which I find appropriate are Priceline pharmacy and AusBiotech Ltd (Ramoriet al., 2021). Both the companies aim to run their business by incorporating the strategies that help them to contribute towards the society. Since I also aim to do my best for the growth of the nation, I believe these two companies are the best option for me. Besides, both the organizations are relatively near to my residence which will save my travelling time. All the experience that the organization demands from its employees matches my qualifications. Thus the chance of me getting a job in the organizations mentioned is quite high. Moreover, they also offer training and development programs which will further help me in improving my skill, knowledge and give me a pathway for the growth of my career. As I have always wanted to interact and communicate with new people in order to get acquainted with diversified culture, these organizations provide me the opportunity for doing so. They try to hire employees from different cultures and backgrounds which allows me to comprehend the importance of equality and collaborative working. Furthermore, the companies give equal opportunity to each of their employees that promotes peace within the organization.

Job Seeking plan for Industrial analysts

Conclusion
According to the above study, it can be concluded that Australian labour market is improving rapidly. The employment rate has significantly increased in both the sector of health and medicine and biotechnological which consequently enhanced the pay of the employees in the mentioned sector. After the evaluation, I have decided to pursue my career either as a pharmacist or as an industrial analyst. For serving as a pharmacist, I believe Priceline Pharmacy is the best option for me. Besides, if I chose to become an industrial analyst, I think AusBiotech Ltd. will prove to be a good organization for my career.

References
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Botha, F., John, P., Sonja, C., Ribar, D. C., & Salamanca, N. (2021). Implications

Castillo-Pérez, L. J., Alonso-Castro, A. J., Fortanelli-Martínez, J., & Carranza-Álvarez, C. (2021). Biotechnological approaches for conservation of medicinal plants. In Phytomedicine (pp. 35-58). Academic Press.

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Le, H., Wood, G., & Yin, S. (2021). Labour market outcomes of different institutional regimes: evidence from the OECD countries. Cambridge Journal of Economics, 45(1), 85-108.

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