Prepare 5 important points for the article The LabourEU..ERASEISA monthly bulletin of EU-our rescarch activities and publicationsVol 2. No. 2FEBRUARY 2021HIGHLIGHT OF THE MONTHDoes digitalisation drive labour market transformation?Heizlyn Amyneina Hamzah and Henny Abigailwillyen SinjuswwwwwTop 5 Jobs1 Data Analysts and Scientists2 Al and Machine Learning SpecialistsTop 5 Skills1 Analytical Thinking and Innovation2 Active Learning and Learning Strategies3 Complex Problem-Solving3 Big Data Specialists4 Digital Marketing and Strategy Specialists4 Critical Thinking and Analysis5 Process Automation Specialists5 Creativity, Originality and InitiativeSee fure of Sey 2AUE faam laINTERESTING INSIGHTS:Quick adaptability is essential for businesses to stay resilientand afloat during this pandemic time. COVID-19 has proventhe need to adapt and utilise technology in every sector, at arapid pace. Also, as the pandemic hits, a lot of sectors haveshifted to digital means.Coping Labour Market with DigitalTransformationWhilst the digitalisation adoptions are not a sole actionmade by the businesses, the Malaysian government plays apivotal role to digitalise the whole nation's economy as well.Digital transformation will trigger structuralchanges in the labour market.The Labour Market BathtubRecently, MyDIGITAL or the Malaysia Digital EconomyBlueprint has been launched to accelerate the country'sdigital economy development and elevate all citizensquality of life. It serves as a digital transformation plan thatempowers the business sector, developing human capital andequipping society to thrive Malaysia into a regional leaderin the digital economy.One can think of total employment in theeconomy as the water level in the bathtub,which is determined by the inflow (labourforce entry) and outflow of water (labourforce exit).Poultry-luck of a travel agency businessMYDIGITAL is expected to drive future demand on new jobroles and sets of skills as illustrated in the figure above.Those are the top jobs and skills that every country wouldneed by 2025, according to the World Economic Forum.With skills and passions in business already inhand, Heezrad and Izzati quickly shifted theirtravel agency into a new business line byselling chicken...continue in the next pageDisclaimer: The views and opinions expressed in this report are those of the authors and do not necessarily reflect the official views of the Officeof Employment Insurance System, Social Security Organisation. All materials, images and content on this report may not be reproduced,transmitted, or distributed in any format, without the prior written permission from the Office of Employment Insurance System (EIS) and the CChiefEconomist of EIs-UPMCS Centre for Future Labour Market Studies (EU-ERA).EIS-UPMCS CENTRE FOR FUTURE LABOUR MARKET STUDIESTHE LABOUR | 1

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Economics

Prepare 5 important points for the article

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You are HR director for a growing architecture firm in Fort Lauderdale, Florida, which currently has need of drafting 20 blueprints every hour. Each of your company’s architects can create on average four blueprints per hour. You are considering hiring four drafters to shoulder the load; each drafter is slower than the architects and can create on average only two blueprints per hour. You scan the current wages in the Ft. Lauderdale area (https://www.bls.gov/oes/current/oessrcma.htm) and notice that the architects in your company earn the local occupational median wage of $30.14 per hour, but that the prospective four drafters will likely each want to get paid their local occupational median wage of $23.52 per hour. a. Would your company save money in the creation of the 20 blueprints by hiring the four new drafters and firing some architects? b. The Bureau of Labor Statistics projects that employment of drafters over the next decade will drop by 1.2%, compared to an increase of…
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