Global Journal of Human Social Science, E: Economics, Volume 21 Issue 4

xx. Adoption of the Labour-Intensive Strategy of Industrialisation Most manufacturing industries in developing countries are capital intensive relying on imported technology that cannot absorb a reasonable number of local people. The indigenous technological innovation that can encourage labour-intensive industrialisation should be encouraged. xxi. Labour Market Information System One of the significant causes of unemployment is labour friction brought about by a lack of information concerning available jobs. A labour market information system can generate all job-related information for job seekers and employers of labour, and this should include existing vacancies and job specifications, required qualifications, salaries and other working conditions. Both private and public sector employers should be induced to patronise the labour market information system to reduce the duration of frictional unemployment for more qualified job seekers. xxii. The use of the Public Works Programme This programme is rooted in the Keynesian multiplier effect that creating public work will boost aggregate demand, thereby stimulating investment and resulting in more employment. xxiii. Promotion of small and medium scale enterprises (SMEs) Small and medium scale enterprises have great potential for employment creation. For SMEs to generate employment, the promotion of viable micro-credit schemes to overcome such enterprises' credit problems is essential. For SMEs to generate employment, the promotion of viable micro-credit schemes to overcome such enterprises' credit problems is essential. xxiv. Expansionary fiscal policy measures should be encouraged because they can increase employment and hence reduce unemployment in Nigeria. That is, adequate fiscal policies that will create employment opportunities should be enhanced. xxv. The government should increase its capital expenditure and ensure a healthy combination and co-ordination of both fiscal and other policies to increase employment opportunities in Nigeria. The government should avoid mismanagement of national resources, misappropriation of funds and wasteful spending. Fiscal policy should be given more attention to reducing unemployment in Nigeria. xxvi. In conclusion, there should be smooth harmonisation and consistency in fiscal pursuits to solve unemployment in Nigeria. IV. U nderemployment and O veremployment There are economic consequences of underemployment and overemployment. Although unemployment is the conventional indicator of the labour market's state, it may not fully capture the degree of spare capacity. For example, people working even an hour alone during the orientation week in their engagement are underemployed. Nonetheless the International Labour Organisation (ILO) still regard such an employee on orientation as duly employed. Therefore, the total capacity of the labour market would be more accurately determined if underemployment is also taken into account. In economic terms, underemployment implies an extra labour supply that would add to the economy's output. On the other hand, it may be appealing to accept that extra hours worked would inevitably associate to an equivalent surge in production stages. Nevertheless, there are likely to be unseen costs rising from over employment, in that a reserve of workers are employed who are on standby to replace any staff that suddenly falls in life or sickness so that the work or production do not stop abruptly on account of the absence of any worker, such as worker absences and fatigue, which could result in a decrease in productivity. In short, there are economic incentives to reduce the prevalence of both underemployment and overemployment. Please note that underemployment is different from unemployment in that in terms of underemployment, the individual is already working but not at his full capability; or the individual is employed but not according to the skill he has so far acquired. Underemployment and over employment represent two scenarios: a mismatch between an individual's preferred and actual number of work hours. V. R ightemployment Right employment emphasises that the solution to these mentalities is to encourage the best fit and authentic measures to avoid such workplace inefficiencies. Everyone is familiar with what our traditional hiring process looks and feels like. Those looking for work often start by building a formulaic resume that lands on the desks or in the inboxes of hiring managers that sift through hundreds of similar- looking documents all day. After one, maybe a few rounds of interviews, the person who made the most stimulating impact in a short time is hired to fill a position—one that often they are not genuinely the ideal candidate. The lack of depth reached by these traditional interview tactics and people's willingness to accept job offers that they may be good at but do not play to their innate attributes or strengths only adds to Volume XXI Issue IV Version I 71 ( E ) Global Journal of Human Social Science - Year 2021 © 2021 Global Journals Which of these Economics Jargons - Underemployment, Overemployment, Unemployment, Rightemployment, Overqualification and Overeducation is Appropriate for an Economy?