Job Market Monitor
A Closer Look
Out-of-Work in US – 11.3 million individuals
Of the combined unemployed and not-in-the-labor-force populations, our goal is to identify those most likely to be interested in or benefit from workforce development assistance. Therefore, we subtracted the following groups: people receiving retirement and disability benefits, most students, and our best estimate of people who choose to be stay-at-home parents with sufficient earnings from … Continue reading
Many activities that workers carry out today have the potential to be automated
Technological change has reshaped the workplace continually over the past two centuries since the Industrial Revolution, but the speed with which automation technologies are developing today, and the scale at which they could disrupt the world of work, are largely without precedent. MGI research on the automation potential of the global economy, focusing on 46 … Continue reading
Reskilling displaced workers – Don’t focus exclusively on traditional jobs
We’re not taking advantage of the full potential of “reskilling” workers. Conversations and solutions around job displacement are often limited for two reasons: 1) They focus exclusively on traditional jobs rather than “deconstructed” work; and 2) They focus on regional partnerships, rather than considering the global work ecosystem. Important solutions require seeing beyond “jobs” and … Continue reading
Youth Unemployment in Canada – Always higher
However, participation rates are only one part of young people’s experience of the labour market. A second major factor is whether youth are able to find employment once they enter the workforce. The youth unemployment rate varied widely from 1946 to 2015. Relatively low until the mid-1950s, it climbed 5.9 percentage points from 1956 to … Continue reading
Big Data – It will challenge white-collar, professional knowledge work in the 21st century
“Big data and algorithms are going to challenge white-collar, professional knowledge work in the 21st century in the same way that factory automation and the assembly line challenged blue-collar labor in the 20th century.”
Skills and transition in Financial Services
[One of the transition in financial services] concerns the talent base and the kind of skills and capabilities needed. Historically, insurers have focused on backward-looking data, on actuarial science, on estimating future risk from past performance. If motor vehicles undergo massive change so that they don’t drive the same way and accidents are automatically prevented, … Continue reading
Millennials in US – The share of college-educated young adults in today’s workforce is higher than ever before
As U.S. college graduates earn their bachelor’s degrees and enter the job market this month, data from the Census Bureau show that the share of college-educated young adults in today’s workforce is higher than ever before. Four-in-ten Millennial workers ages 25 to 29 had at least a bachelor’s degree in 2016, according to a Pew … Continue reading
Diversity in Management – Innovation rises with it
BCG and the Technical University of Munich conducted an empirical analysis to understand the relationship between diversity in management (defined as all levels of management, not just executive management) and innovation. Although the research is concentrated in a particular geographic region, we believe that its insights apply globally. The following are the major findings: The … Continue reading
Millennials in US – The largest living generation
In 2016, there were an estimated 79.8 million Millennials (ages 18 to 35 in that year) compared with 74.1 million Baby Boomers (ages 52 to 70). The Millennial population is expected to continue growing until 2036 as a result of immigration. By some measures, Millennials have very different lives than earlier generations did when they … Continue reading
H-1B Visas in US – About two-thirds (64%) of requests were for occupations in STEM
President Donald Trump has ordered a comprehensive review of the H-1B visa program, the primary way that companies in the United States hire high-skilled foreign workers. The multiagency review is expected to result in suggested changes to ensure that the most skilled and highest-paid applicants receive H-1B visas. Though the order may be the first … Continue reading
Education, Training and The Future of Work – Five majors issues
Some 1,408 responded to the following question, sharing their expectations about what is likely to evolve by 2026: In the next 10 years, do you think we will see the emergence of new educational and training programs that can successfully train large numbers of workers in the skills they will need to perform the jobs … Continue reading
Immigration in US – About one-fifth of the world’s migrants
The U.S. has more immigrants than any other country in the world. Today, more than 40 million people living in the U.S. were born in another country, accounting for about one-fifth of the world’s migrants in 2015. The population of immigrants is also very diverse, with just about every country in the world represented among … Continue reading
Digital Talents Gap – Developing them among the existing workforce
Companies are trying a variety of unconventional methods to bring in digital talent. Facebook, for example, has “acquihired” the employees of more than a dozen companies—buying these companies as much or more for the employees as for the business itself. Meanwhile, Citigroup and others are introducing online gaming apps, either as recruiting tools or to … Continue reading
The Middle Class in Europe – Expands in France, the Netherlands and the United Kingdom, but …
From 1991 to 2010, the middle class expands in France, the Netherlands and the United Kingdom, but, as in the United States, shrinks in Germany, Italy and Spain The fortunes of the middle classes in Western Europe’s largest economies are moving in opposite directions. From 1991 to 2010, the shares of adults living in middle-income … Continue reading
The Future of Work – What do we want ? (video)
Highlights from award-winning economic historian Robert Skidelsky giving a keynote address about the future of work with remarks by ILO Director-General Guy Ryder.
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