New global labour market toward 2030
Mckinsey Global Institute report
You may have read the Mckinsey's report called "The world at work: Jobs, pay and skills for 3.5 billion people" last month.
It says that the world labour market has experienced a massive movement from "farm to factory". Developed economies invested in labour-saving technology and plotted global sources of low-cost labour, which succeeded in raising productivity.
The Mckinsey Global Institute (MGI) announced their findings based on the current trends in population, education and labour demands. The report projects that global economies could face the followings by 2020.
- In the developed countries, the labour demand trend requiring higher skills will continue and exceed the supply. On the other hand, weak demand toward low-skill workers may lead to the shortage of recruitment for unexperienced young graduates.
- Advanced economies including China, have been experiencing dynamic aging speed and shortage of labour supply consequently. On the contrary, the labour market in India, new developing countries such as Africa and South Asia will enjoy rich resources.
- MGI divided 70 countries into eight labour force clusters, based on their populations' educational, age profiles and per capita GDP. They are Aging Advanced (including Japan and Germany), Southern Europe, Young Advanced (including Singapore, France, UK, Canada and Norway), Russia & Central/Eastern Europe, Young Middle Income, China, India and Young Developing.
The report advises recruitment and talent training tips for the coming twenty years on each cluster. It is a bit redundant, but you may want to read it as it is open to public on their website.
One example solution includes that health care and home-based personal services will be fast-growing fields in both developing and advanced countries. Workers without a college education find it easier to get jobs in such industries, which contributes hiring more young people.
For more details, please go to http://www.mckinsey.com