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What is the impact of unemployment on businesses?
Some business implications of rising / high unemployment include: • Lower consumer spending = lower demand for income-elastic products • Demand for inferior goods (lower price, [ quality) may increase • Greater supply of labour – potentially lower wage/salary levels • Unemployment creates insecurity in the workforce; potentially a cause of lower morale and de-motivation • Danger of lost skills for industries as a whole • Business may be impacted by social problems associated with high unemployment (e.g. rising crime) • Recruitment (in theory) becomes easier – there should be more applicants
for each vacancy • Lower staff turnover – employees less likely to be able to find other jobs, or want to move in an uncertain economic climate ]
Expert answered|jeifunk|Points 9744|
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Asked 5/23/2013 10:29:56 AM
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