GRADUATE LABOUR MARKET

INTRODUCTION: - The world economy, in 21st century is majorly driven by three main sectors –
technology, telecommunications and tourism. Tourism industry is one of the biggest and fastest
growing sectors in the world. It is the collection of operations, services and sectors that provide
tourism experience for people or organizations traveling outside their own homes, including
attractions, transportation, accommodation, food and drink facilities, entertainment, company
and hospitality and facilities connected therewith.

Tourism and hospitality sectors create many jobs in various fields such as hospitality,
transportation and attractions. The access to qualified and educated worker force is therefore a
key component for the achievement of every plan and program for development of tourism, and
therefore skilled and trained staff are a sine qua non for the tourism industry. However, one of
the major issue concerning this sector is that it has long working hours with comparatively low
salary. These issues makes it difficult to hire skilled and talented employees and a high staff
turnover which is immediate and most evident for the industry. According to a 2017 report
published by International Labour Organization (ILO), between 2017 and 2030 it is anticipated
that 41.8 million young individuals aged from 15 to 24 will join the labor market (Ilo.org, 2019).

DEFINITION OF LABOUR MARKET: - A labor market is the field of contact between employers and
employees. Employers compete in the labor market to select the best and employees are
competitive for the best job. An economy's labor market is based on labor demand and labor
supply. The demand of work in this market is the demand of the labor organization and supply is
the supply of work for the workforce. Changes in bargaining power have an effect on labor
supply and demand in the industry. (The Economic Times, 2019)

I. TOURISM'S WORLDWIDE EFFECT

According to a report by World Travel and Tourism Council (WTTC), much impact has been
created by tourism globally in terms of GDP, employment and many other aspects. Tourism
accounts for 10.4% of global GDP. Tourism provides more jobs for local people. Almost 8.7%
of total worldwide job is accounted for by tourism. On the labor market side of graduates,
employability is seen as preparation for jobs, job readiness and knowledge of work. Travel and
Tourism always have good impact on the economy, it is the major economy booster of each and
every tourism integrated country. Jobs have also been created by Travel and Tourism sector on a
very large scale, which means 1 in 5 new jobs have been created by Travel and Tourism (WTTC,
2019).

II. THE CONTRIBUTION OF TRAVEL & TOURISM TO GDP AND THE SHARE OF YOUTH IN

IT.

Travel & tourism is a dynamic engine worldwide for economic growth and the creation of jobs.
Travel & Tourism contributed $2.6 trillion directly in 2017 and almost 119 million jobs in the
country. The sector has contributed US$ 8.3 trillion to the world economy and supported 313
million jobs in 2017, taking its broader indirect and induced impacts into account. It amounted to
10.4% of world GDP, and provided 1 out of 5 jobs worldwide.
As per the aforesaid report by WTTC, the contribution of travel & tourism to GDP of Portugal is
around 17.3% of their GDP showing the youth share in travel and tourism, which is around
15.0% in Portugal (as reflected in the graph below). Greece is having 19.7% of GDP showing
the youth share in travel and tourism, which is around 13.0% in Greece respectively. As per the
aforesaid report Canada is a leader in youth employment in Travel and Tourism, with youth
representing one third of travel and tourism. The report clearly shows that there is a huge
contribution of youth of youth in Travel in tourism, we can see that almost every country is
focusing on Youth enhancement in T&T employment (WTTC, 2019).

III. YOUTH PARTICIPATION IN THE OVERALL ECONOMY AND JOBS IN TRAVEL AND

TOURISM
The WTTC report also shows the youth participation in the overall economy and jobs in travel
and tourism. In the 10 nations examined, Travel and Tourism uses more young individuals than
any other sector. Youth employment in Travel and tourism sector accounts for 32.4% of jobs in
Canada. The youth employment rate is highest in Canada and is followed by United States and
United Kingdom which accounts 29.4% and 27.8% respectively. While Greece having the least
in youth employment rate. Which needs to be tackle in Greece and needs to increase the youth
employability by working of promoting labour market. (WTTC, 2019)

IV. COMPETENCY OF GRADUATE LABOUR MARKET

Competence involves understanding abilities, attitudes, values and conduct needed in the specific
activity or assignment to reach the required level of performance. The terms "professional" and
"generic" have been used recently to define the competencies of staff. A single and final set of
generic skills cannot be defined because they are implemented in distinct professional situations
and outside the scope of research (Taylor & Francis, 2019).

Today, tourism and hospitality are the world's leading industries. Recent information have shown
that in 2017-2030, tourism and travel generated more than 276 million employment and 9.8 per
cent of global GDP. In addition, tourism can also foster socio-cultural amplification, empower
females and the disabled by developing favorable employment opportunities. This makes it
necessary to create high quality personnel for touristic quality and hospitality industries, in both
developing and developed countries, to take advantage of the sector contribution to the country's
growth. A variety of professional and generic competencies are expected to enter the labor
market. First, because of graduates ' absence of professional expertise, employer has problems
recruiting staff. In addition, graduates lack general abilities, such as communication and
interpersonal skills, essential for recruiting and job-creation. The recruiters surveyed indicate that
graduates have no practical knowledge as potential staff (Taylor & Francis, 2019). Unfair
treatment between men and women employees, poor workforce, seasonality, harassment, and
stress; low-paid pay and long hours of work without pay, and other socio-cultural factors can be
seen as challenges to working conditions in tourist and hospitality businesses (Aguilar L, Vargas
M, 2016).

CONCLUSION

Finally we discuss the situation in the hospitality industry for the graduates. We can first say that
India's tourism and travel sector continues to grow steadily in the midst of economic ups and
downs. Next we can say that we analyze certain facts and figures from the figures above which
says that youth has contributed a lot in the labour market. Demand of graduate labour have
increased at a really good speed. 1 out of 5 jobs have been created by travel and tourism sector.
We may examine that there is a strong and upward trend in the employment rate in this sector
over the long term. CAGR (Compound Annual Growth Rate) is expected to increase 2.1%
between years 2018 to 2027.
 REFERENCE

1. WTTC. (2019). Economic Impact.

2. Ilo.org. (2019)
3. Practices and Organization, U. (2019). Measuring Employment in the Tourism Industries
- Guide with Best Practices.
4. UNWTO (2011) Global Report on Women in Tourism 2010 (Madrid, 2011).
5. Aguilar L, Vargas M (2016) Tourism: Gender makes a difference.
6. Griffin T, DeLacey T (2002) Green Globe
7. Taylor & Francis. (2019). Competencies of graduates as future labour market
participants – preliminary study.