WITHOUT BUSINESS PORTAL If it takes 10 days to find a job , then the rate of job finding ( f ) in days is :
f = ( 1 job / 10days ) = 0.1 jobs / day If the job lasts for 12 weeks , then the rate of a job separation ( s ) in days is :
WITH BUSINESS PORTAL If it takes 5 days to find a job , then the rate of job finding ( f ) in days is :
f = ( 1 job / 5 days ) = 0.2 jobs / day If the job lasts for 12 weeks , then the rate of a job separation ( s ) in days is weeks . Assuming there are no major changes in population and labour force availability in the economy , this workforcesharing initiative results in lowering unemployment as shown in Table 1 .
S = ( 1 job / 60 days ) = 0.02 The natural rate of unemployment or the long-term unemployment ( calculates as the # of people unemployed ( U ) / # of people in the labour force ( L )) in the economy would be :
U / L = [ s /( s + f )] = [ 0.02 /( 0.02 + 0.1 )] = 0.17 Conclusion : The natural rate of unemployment for this population seeking jobs is 17 %.
S = ( 1 job / 60 days ) = 0.02 The natural rate of unemployment or the long-term unemployment ( calculates as the # of people unemployed ( U ) / # of people in the labour force ( L )) in the economy would be :
U / L = [ s /( s + f )] = [ 0.02 /( 0.02 + 0.2 )] = 0.09 Conclusion : The natural rate of unemployment for this population seeking jobs is 9 %.
Note : This is just an example based on the subjective observations across the economy since the inception of this tool . This example should be quoted cautiously .
Table 1 .
From an evaluation of the initiative , evidence suggests i ) the workforce-sharing initiative has increased the job-finding rate significantly , ii ) businesses have avoided failure due to possible skill shortages and iii ) helped to restore and maintain the confidence of the workforce and businesses .
3 . Small and large businesses have been able to connect and engage on contracts . 58 % of registered businesses are small businesses ( 1-19 employees ); the most affected group of the two-speed economy . However , these have been equally balanced to match opportunities with medium ( 20-100 employees , 37 %) and large ( 100 + employees , 5 %) registered businesses . This shifts the focus of business matching to skillset , capability , and availability , rather than the size of the business . Achieving this result was measured by assessing the business composition of the matches . The case study below provides an example of this already being achieved :
A CASE STUDY IN BRIEF
A large transport engineering firm was looking for a project manager . The firm had exhausted all the traditional recruitment methods , including approaching all their national offices across Australia , and did not have success in filling the position . The position was then posted on the workforce-sharing initiative . After two ( 2 ) days on Gold Coast Business Portal , the position was matched with a small engineering business that had staffing resource availability . The small business skillset was extensive , resulting in the large transport firm opting to commence the contract immediately ( earlier than originally sought ). Both companies acknowledged that the connection would not have happened outside of the online platform .
4 . The workforce-sharing initiative has assisted with addressing workforce supply and demand challenges , which means that businesses can continue to operate . Businesses with an oversupply have generated new ways of bringing in revenue . The following case study provides an example of how this has been achieved and the benefits for both businesses .
A CASE STUDY IN BRIEF
A small business was seeking a short-term resource for a marketing campaign . They registered their support requirements on the workforce-sharing initiative and were matched with an experienced marketing officer , from another business with the capacity and availability for this requirement . The outcome meant one business received a high-quality marketing campaign and the other business generated new revenue by obtaining new work with underutilised staff . Thus , the two Gold Coast businesses were able to balance supply and demand .
The business portal also contributes to lower the natural rate of unemployment ( long-term unemployment ) by reducing friction in the labour market ( Choi , E . J ., 2023 ). Matching the needs ( skilled labour ) of the businesses with registered skills in the Gold Coast Business Portal increases the relative rate of job finding . For example , during certain conditions , workers look for a part-time job that on average lasts for 12
Additionally , insights on the local business community have been identified and are currently being used to improve decision-making , support local economic development initiatives , and inform policy interventions . From the initiative , the City has been able to measure the dispersion of economic activity and identify regional economic clusters . Incremental changes in the employment and turnover composition of businesses that are registered on the workforce-sharing initiative have also been monitored . Finally , based on the available data , the City has been able to respond more appropriately to the economic needs of the business community , including identifying skill gaps and export opportunities .
From an evaluation of the initiative , evidence suggests i ) the workforce-sharing initiative has increased the job-finding rate significantly , ii ) businesses have avoided failure due to possible skill shortages and iii ) helped to restore and maintain the confidence of the workforce and businesses . The workforce-sharing initiative has yielded a long-lasting economic development tool to maximise workforce resourcing and promote fluidity of short-term workforce gaps . The initiative is also proving successful for addressing business constraints in relation to supply chain and workforce resourcing , emerging and on-going disruptors ( external shocks ) such as the pandemic ; changing geopolitical environment ; other
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