Skip to content

McKinsey Global Institute: Global Labor Market Challenges

June 23, 2012

The McKinsey Global Institute recently released a report on the global labor market. The report analyzes the current state of the labor market and projects a global labor force that “will grow to 3.5 billion by 2030.” It describes the most significant change as “slower growth of labor forces around the world.”

It also projects

[a] potential shortage of about 38 million to 40 million high-skill workers, or 13 percent of demand for such workers. Based on current patterns of educational attainment and demand growth, employers in advanced economies could face a shortage of 16 million to 18 million college-educated workers in 2020, despite rising college-completion rates.

The report suggests a number of solutions for advanced economies.

We estimate that advanced economies could avoid a shortage of high-skill workers by doubling the growth rate in tertiary education attainment (while also raising the share of graduates in science, engineering, and other technical fields), retraining mid-career workers, and allowing more high-skill workers to immigrate (emphasis added).






Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: