Contemporary Business Environment

Question: Discuss about theContemporary Business Environment. Answer: Introduction Unemployment can be stated as the phenomena that arises when an individual who is actively searching for employment but is unable to find a job (Weiss 2014). The unemployment in an economy can be of various types such as frictional unemployment, cyclical and structural unemployment. Topic Overview The unemployment rate of the economy has a significant impact on the decision making of a company. The decision of the managers, of the organisation needs to proper balance with the economic trend (Feather 2012). It is important for the decision makers of the company to become more specific with the decisions when the market in which it operates, faces unemployment. Revising the policies of the organisation and adopting enhanced hiring policies will allow the company to address the unemployment issues in the economy (Pettigrew 2014). Corporate Social Responsibilities There are a number of organisations that utilises the Corporate Social Responsibility for the youth and the betterment of the economy. As the unemployment rate is high, and the young generations faces challenges in entering into the business market, the organisations organises workshop on employability skills or work based scenarios to make the individuals more efficient (Navi 2012). This allows the job seekers to gather more knowledge about the business they are looking for. Conclusion The decision making process is thus an effective process that has a significant impact on the economic trend of the nation. The decision makers can thus be able to address the issues of the economy such as unemployment with the help of strategic decisions and CSR policies. References Feather, N.T., 2012.The psychological impact of unemployment. Springer Science Business Media. Navi, S.T., 2012. Corporate social responsibility. Pettigrew, A.M., 2014.The politics of organizational decision-making. Routledge. Weiss, A., 2014.Efficiency wages: Models of unemployment, layoffs, and wage dispersion. Princeton University Press.