The paper 'Macro-Trends Affecting the Economy and the Emerging Trends in the Mining Industry" is an outstanding example of macro and microeconomics coursework. Most of the organizations are currently facing different management issues. This can be attributed to the global changes in the economic trends as well as the changes in the specific industry. However, despite the issues affecting different organizations and industries, there are also opportunities that are emerging. The availability of opportunities plays an essential role in determining the potential of the industry (Hatten, 2015). The opportunities, as well as problems, have greatly influenced the management practices.
The performance of an organization is, therefore, dependant on the ability of the management to identify the trends and ensuring that appropriate decisions are made. The paper discusses some of the macro trends affecting the economy and the emerging trends in the mining industry in relation to the managerial trends. Macro trends affecting the economy The ageing workforce is one of the macro trends affecting the economy in general. In most of the industries, the workforce is mainly comprised of the people who are above the age of 50.
This can be attributed to the lack of employment opportunities for young people and the youth. The productivity of the workforce in most cases is dependent on age. This is common for industries such as mining which requires a lot of manual and mechanical labour. The ageing workforce is also as a result of longer life expectancy and low birth rates that are experienced in most developed countries (Nel, 2011). In most of the developed countries, life expectancy is on the increase as a result of the improvements in the healthcare sector.
As a result of the high life expectancy, the people tend to work for many years which may exceed the retirement period. Reduced labour is, therefore, becoming evident in some countries and this has a direct impact on the economy. The age-related expenditure is also on the increase and this may end up affecting the economy. The amount required to pay the pensioners is on the increase and hence affecting the economy. Some of the developed countries are already finding it difficult to maintain their pension system which has led to massive cuts.
In order to solve this problem, the succession plan is required in order to bridge the age gap which has a negative impact on the economy. The sector such as the mining industry is increasingly being affected by the aging workforce. Emerging trends and issues in the mining industry PESTLE Analysis Political In the mining industry, the political situation is one of the major factors that are affecting its operations. The political situation at times makes it difficult for the industry to grow.
The government of the day could be opposing the mining industry for various political reasons and hence affecting its growth. The current trend has seen a lot of political interference in the industry. In Australia, the political class supports the industry. This can be attributed to Tony Abbott visits on the mining sites as well as officiating the opening of new mines (Dashwood, 2014). In the United States of America, the president has also been forced to approve different mining projects despite facing opposition from the political class. In the Middle East and Africa, mining has been used as a source of finance for political activities.
The industry is, therefore, facing a lot of challenges in terms of political interference. However, a stable political environment plays an important role in supporting the growth and development of the industry. The taxes in the industry are also on the increase. Most governments including the Australian government is boosting the mining taxes. This is greatly affecting the revenues and profitability of the industry.
List of References
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