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IOP2605 Assignment 4 (Exam) Due 28 October 2024
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IOP2605 Assignment 4 Exam Due 28 October 2024
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IOP2605Due date: 28 October 2024
Unique number: 811021
QUESTION 1
Read the excerpt below and then answer the questions that follow.
Market changes and the emergence of a global economy are forcing companies to change
the way they do business. For example, many Japanese organisations have been forced to
discontinue their job-for-life philosophy because of increased international competition
(Sinding et al., 2014). Careers are not static anymore due to globalisation and because
individuals are taking ownership of their careers. More job opportunities have become
available, enabling individuals to become freelance providers and careers to become more
cyclical and lateral, rather than upward, in enterprises (Erasmus, 2010).
1.1 In your own words, describe the concept “labour market” and its challenges in
theSouth African context.
The labour market is where companies look for workers and people look for jobs. In South
Africa, there are several problems in the labour market. First, many young people can’t find
jobs. There’s also a mismatch between what job seekers know and what employers need. The
effects of apartheid still play a role, making it harder for some groups to get jobs based on race
and social background. Other issues include many people working in informal jobs without
security, and changes in the global economy can cause job losses in traditional industries. The
COVID-19 pandemic made things worse by causing even more job losses and uncertainty
about the future.
1.2 Explain opportunities brought about by the Fourth Industrial Revolution as depicted
by Shwarb (2016).
The Fourth Industrial Revolution (4IR) refers to the current era characterized by technological
advancements such as artificial intelligence (AI), automation, and the Internet of Things (IoT).
According to Shwarb (2016), this revolution presents several opportunities, including the
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