Employment

Employment is a contractual agreement between two parties, where an employee’s services are hired for a predetermined payment. All sectors, whether public / private or profit / non-profit, need to employ people from the domestic or international markets. The level and kind of employment is a key factor impacting a country’s economic growth.

Different Types of Employment

Employment can be classified into the following categories:

Full-time employment: Also called “regular employment,” this type of employment demands an employee to work for a minimum of eight hours per day. Full time employees are entitled to paid, annual and sick leaves, apart from public and national holidays. The advantage of such an employment is that employees have a sense of control and stability in terms of their job. Employers also benefit from hiring a permanent, responsible staff in which they can invest.

 

Part-time employment: Part time employees work for a pre-specified number of hours a day and days a week. They may not receive the same benefits as full-time employees. A part-time job offers a person the advantage of not depending on only one source of earnings. Employers not wanting to invest significantly in employees can opt for this type of employment.

 

• Contractual employment: It is based on a “contract of service” between an employer and an employee. In contractual employment, freelancers are employed for a stipulated period at a fixed amount. This option allows a person to get experience in various fields.
• Self employment: Individuals who work for themselves instead of an employer are called self employed. Self employment demands certain skills pertaining to a trade or service. Access to the Internet has paved the way for people seeking this type of employment.
• Casual employment: Those who are hired on an irregular basis based on the requirement of employers are called casual employees. They have no fixed rosters, salaries or entitlements. However, an agreement is generally made before hiring people on a casual basis.

Employment Rates around the World

Employment rates vary dramatically between nations. Here’s a list of the top five countries with the highest employment rates. Their unemployment rates are also mentioned.

• Monaco – 0% (2005)
• Andorra – 0% (2007)
• Norfolk Island – 0% (2007)
• Azerbaijan – 1% (2007)
• Iceland -1% (2007)
  • Nauru – 90% (2004)
  • Liberia – 85% (2003)
  • Zimbabwe – 80% (2005)
  • Burkina Faso – 77% (2004)
  • Cocos (Keeling) Islands – 60% (2000)

Here’s a list of countries with the highest unemployment:

• Employment Law
• Employment Market, Jobs Market
• Employment Security
• Employment Department
• Employment Data, Jobs Report
• Labour Force, Labor Force
• Working Population