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Project 2

In: Business and Management

Submitted By little1422
Words 992
Pages 4
Randy M. Little
Business Economics GM545 randym.little@gmail.com Why is frictional unemployment important?
To discuss why frictional unemployment is important to the economy, one must understand what the terms mean. Frictional unemployment is when people are unemployed because they are seeking better positions. These individuals could be recent college graduates or people who are between jobs/waiting to start a new position (voluntary or involuntary). Stay at home parents returning to work. Friction unemployment should be viewed as a short unemployed term because those people are actively seeking new employment.
The reason why frictional unemployment is important is because it allows the economy to be flexible, mobile and the choices of jobs are readily available for people to seek and choose from (Nayab. 2010).
When there are options for individuals to seek better employment opportunities, it benefits companies as well. It encourages the individuals to find work that is going to be suited to their needs and skills (Carter, June 2011). That is a great benefit as people begin to hold out for the position they seek and not settling for a job just to have one. If the frictional unemployed start to take a position just for the sake of having a job, they will continue to seek other jobs of their choice and when one is found they would vacate their current position. The companies are able to seek, recruit, hire and retain a more skilled labor force. This truly benefits the companies because they will always have a constant flow of employees interested in new opportunities. The ability to hire and train highly skilled employees that sought out the company will help companies to decrease their turnover rate. Another benefit to having frictional unemployed, instead of individuals who are taking jobs just to have jobs is when it comes to school age employees

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