The labor market terms the level of supply and demand for labor affected by the changes in the industrial environment and the bargaining power of labor both. The labor market analysis for any occupational segment is important for the identification and understanding of labor and human resource availability, requirement, and economy (Le Quang & Tran-Nam, 2019). A labor market survey serves the employer part to assess the labor demand and supply in the market in terms of various macro and micro environmental factors.
The study proposed is purposed at identifying a target industry of employment and assessing the labor market survey for the respective target industry in a holistic manner.
The Banking industry at the global level has seen varied dynamism and forecasts to innovate the continuity of changes in the field of operations, functions, and human resources or labor-management (Agolla et al., 2018). The survey analysis propounded here is based on the case of an employee Sally serving in one of the Banks in Australia, diagnosed with a psychological disorder leading her with the difficulty to manage the occupational duties.
The labor market survey has taken aims to analyze the availability of labor in the banking sector, its demand based on various aspects, and supply following the workplace culture. However, in certain situations, such labor markets are inclusive of employees with certain mental and physical disabilities that eventually result in the negligence of such labor in the field as discussed in the study.
The Australian Bureau of Statistics (2018) data of employment by industry reveals that the finance and banking sectors have been one of the most fast-paced employment provider industry in the national region. The increased advancement and accelerated use of information and computer technology in the range of banking services have demanded a drive towards change in the practices, leading the industry towards the sound level of demand for young, technology-familiar professionals for the banking employment or job positions (Mocetti et al., 2017).
Also, according to the Australian Bureau of Statistics (2016), the financial banking industry has been remarked as the 11th largest Australian employment sector, which reflects the ongoing demand elasticity in the banking spheres.
However, to take into consideration the concept of demand and supply, the noticeably increased demand in the labor market reflects the theoretical understanding of a comparatively lesser supply of the most competitive labor in the market.
According to Hipes et al. (2016), the physical and mental deficiencies or stigma impact to a much extent, the intensity of the labor market and the personal job qualification of the individual as well. As stated in the case study utilized, the girl named Sally undergone through hectic situations at the workplace leading to becoming a victim of armed hold-ups thrice and later diagnosed with post-traumatic stress disorder (PTSD).
The diagnosis of any such personal physical or mental stigma upsurges the pace for a less-likeliness in the selection and hiring for any job or position in the labor market. In the case of the banking industry, the inbuilt-up of the physical and mental, especially the psychological and psychosocial traits and skills become prominent servers to maintain a keen focus and attentivity in the financial liable activities. In such a case, Sally as a patient of PTSD may find it difficult to accommodate herself in the labor market process of employment.
The banking industry accounts for a great deal of balance in each aspect of employment experience including the educational qualifications, level of expertise in the employment area, past employment experiences, etc.
The Australian Bureau of Statistics (2020) report about the Labour Force identifies the increment in the rate of employment in the labor market by around 6.8% and is forecasted to grow continuously. Also, the job development in the areas of banking and finances, as derived in the focus through the case study, requires a sound and minimum level of education in the field of finance management, operations management, or business administration to constitute the fundamental knowledge of practices. Also, a certain level of expertise can act as an add-on it the process.
The labor market survey done by the Australian Bureau of Statitstics (2019) identifies the conduct of labor market and education altogether in the way that around 66% of the population aging between 15 and 64 years have seen to be fully engaged in work and study, thus representing the efficient inhibition of education and expertise both at the same time.
Need for labor training and workplace culture
The banking industry in the global region has been inclusive of certain risks related to financing, fraud, customer management, security, theft, robbery, and whatnot. Henceforth, training in the banking sector, not limited to the functional or employment sector, but for the sake of risk management, is also critical (Zehra, 2016).
The banking culture that has been into the continuous decades of change has undergone the ongoing changes in the culture as well from manual operations to data entry and filing, followed by a computer application, and now to the ICT-aided application services. Such a dynamic industry’s labor market requires to be potential of the qualified educational backgrounds along with the tendency to risk management and operation management (Fiz Perez et al., 2019).
The banking and financial sectors in Australia, according to the Australian Bureau of Statistics (2019), details that the banking employment serves a great benefit to its labors in terms of earnings and salaries in equilibrium with that of the internal as well as external equity of compensation, irrespective of the level of expertise or experience.
The involution of risks and complexity of operations and management in the banking job paces up the job disposition to provide ample compensation and earning to its servers.
The case study in the revolution of the overall research report identifies a 24-year girl Sally serving as a bank teller in a major bank. The thrice experience of armed hold-ups in the bank premise led Sally to drown into the distress and traumatic disorders. The study identifies the need for proper job analysis to eliminate the risk of the loss of competent labor and employees in the market (Fiz Perez et al., 2019).
The position of a bank teller involves the responsibility for providing exceptional customer services such as handling of the routine tasks of accounting, processing of payments, acceptance, and withdrawal of cash, keeping track of bank and finance records, etc. (Weber & Feintzeig, 2018).
The current situation of the case identifies that the bank must have had instituted a secured and safer organizational structure and security forces in order to eliminate such critical incidents that could lead to loss of lives.
However, in a certain situation of fraud, the management of such a crisis is unidentifiable and hence maintenance of the intended, controllable, and identifiable factors such as employee management and security becomes vital (Malik et al., 2018).
The scenario depicted in the case study focusing Sally as the victim of PTSD as a result of the death-dealing situations analyzes the forecasted need for following modifications to be implemented in the jobs for the safety of employees and also for the balancing of the demand-supply gap in the banking labor market (Nanda et al., 2020).
The banking and finance sectors usually involve a great space for the arrival of misconducts, fraud, and such situations that can even cost the firm to loss or degradation of its employees. As identified in the case study, Sally has been into the diagnosis of PTSD because of the anxiety and perplexities observed by her in the workplace that ruined her esteem and confidence levels, which acts as the most vital needs in the workplace situations. Henceforth, to eliminate the diverse risks and situations and also the management of labor market demand and supply gap, the propounded modifications must be taken into action that could holistically benefit the industry.
Agolla, J. E., Makara, T., & Monametsi, G. (2018). Impact of banking innovations on customer attraction, satisfaction, and retention: the case of commercial banks in Botswana. International Journal of Electronic Banking, 1(2), 150-170. https://doi.org/10.1504/IJEBANK.2018.095598.
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Australian Bureau of Statistics. (2020). Labour force: Australia. Retrieved from: https://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0.
Fiz Perez, J., Tommasi, E., Traversini, V., Montalti, M., Pandolfi, C., & Taddei, G. (2019). Psychological aspects of bank robberies: Prevention and management strategies. Quality Access to Success, 20(170).
Hipes, C., Lucas, J., Phelan, J. C., & White, R. C. (2016). The stigma of mental illness in the labor market. Social Science Research, 56, 16-25. https://doi.org/10.1016/j.ssresearch.2015.12.001.
Le Quang, H., & Tran-Nam, B. (2019). Qualification mismatch in the labor market and the impact on earnings: evidence from Vietnam. Journal of Economics and Development, 21(2), 223-233. https://doi.org/10.1108/JED-09-2019-0032.
Malik, O. F., Schat, A. C., Shahzad, A., Raziq, M. M., & Faiz, R. (2018). Workplace psychological aggression, job stress, and vigor: a test of longitudinal effects. Journal of interpersonal violence. https://doi.org/10.1177%2F0886260518770650.
Mocetti, S., Pagnini, M., & Sette, E. (2017). Information technology and banking organization. Journal of Financial Services Research, 51(3), 313-338. https://doi.org/10.1007/s10693-016-0244-3.
Nanda, A., Soelton, M., Luiza, S., & Saratian, E. T. P. (2020, February). The Effect of Psychological Work Environment and Work Loads on Turnover Interest, Work Stress as an Intervening Variable. 4th International Conference on Management, Economics, and Business (ICMEB), 225-231. Atlantis Press. https://dx.doi.org/10.2991/aebmr.k.200205.040.
Weber, L., & Feintzeig, R. (2018). To Fill Jobs in a Tight Labor Market, Employers May Need to Get Creative. Wall Street Journal. Retrieved from: https://rkmi.com/wp-content/uploads/WSJ_Feb_2018.pdf
Zehra, N. (2016). Training & development barometer for effective transformation of organizational commitment and overall performance in banking sectors of KPK, Pakistan: Qualitative study of the workforce of the bank of Khyber. International Journal of Academic Research in Business and Social Science, 6(6). Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2807792.
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