Job Market Monitor
Skills
Skills and Education in Canada – Students find it challenging to translate their understanding of skill requirements into concrete choices about education, training and careers
When stepping into post-secondary education, students are at crossroads while they make important decisions and investments amid considerable uncertainty. While this may be the unavoidable norm, better career development and targeted labour market information (LMI) can support students in making informed career decisions and successful transitions by providing data and insights on educational and labour … Continue reading
Global Skills Mismatch – Affects 1.3 billion people worldwide is imposing a 6% annual tax on the global economy
A skills mismatch that affects 1.3 billion people worldwide is imposing a 6% annual tax on the global economy in the form of lost labor productivity. Boston Consulting Group (BCG) explores this and other findings in its report titled Fixing the Global Skills Mismatch, which is being released today. According to the report, the skills … Continue reading
Future of Work – The challenge is not that they create too few jobs, but rather that too few workers have the skills
The challenge that all new technologies pose is not that they create too few jobs, but rather that too few workers have the skills to fill them. Just as some jobs benefit from the new technologies, while others become obsolete, so, too, some skills become more valuable, while others are substitutable. The automobile boosted the … Continue reading
Skills in US – Talent is America’s most precious resource
In his recent book, The Gift of Global Talent, Harvard economist William R. Kerr argues that talent is the world’s most precious resource. Across America’s network of regional economies, this is undoubtedly true. The collective knowledge and capabilities of the U.S. workforce is worth an estimated $240 trillion—four times more valuable than the country’s physical … Continue reading
Skills and Credentials – We need a viable, globally recognised credential system
Few people realise the profound changes that a focus on professional capabilities and resulting micro-credentials have made both to global education and the recognition of individual expertise. This paper outlines and examines the opportunities and results from a concerted effort to effectively assess, recognise and credential human capability across all workforces and all levels of work, … Continue reading
Skills in UK – The business case for investment
We live in extremely turbulent times, with major risks and uncertainty for the country’s future and economy. Uncertainty is not just brought about by Brexit, with its challenges of having to put in place international trade deals as well as dealing with the growing likelihood of a recession. The ‘Fourth Industrial Revolution’, arising from AI … Continue reading
Skills – Demand for transportable skills outpaces that for all other skills
All workers will need to adapt and learn new skills over their careers, but some skills stand the test of time. Because workers can use these skills to navigate transitions across virtually any industry, these “transportable skills” learned in K-12 programs have lifelong value. In a new report, “The Power of Transportable Skills: Assessing the … Continue reading
Jobs and Skills – What’s Trending
Technology is driving change in the job market; change that can be tracked by the speed of growth, according to a new study from Boston Consulting Group and Burning Glass Technologies. The study examines more than 95 million online job postings over three years to identify both the fastest-growing jobs and fastest-growing skills in the … Continue reading
Cognitive Skills in US – The market generates quite strong rewards to literacy, problem-solving and especially numeracy proficiency
Skills are central to productivity growth and earnings. Studies find variations in human capital account for a large share of variations in economic growth. But, what is skill? How should we measure the levels of human capital in an individual and in a country? Until recently, the primary measures of skill were years of schooling … Continue reading
The Middle Class – A shift towards high-skill occupations
Labour markets across the OECD have polarised in recent decades, as the share of middle skill occupations has declined relative to that of both high- and low skill occupations. This paper shows that, contrary to what is often assumed in the public debate, job polarisation has not resulted in a decline in the share of … Continue reading
Skills and Productivity – Skills should be labour market relevant and skilled workers need to be matched with jobs
This paper analyses different dimensions of skills mismatch (notably ‘macro-economic skills mismatch ‘, ‘skills shortages ‘, and ‘on-the-job skills mismatch ‘) and their empirical relationship with labour productivity. Macro-economic skills mismatch arises when the skills distribution differs between the available workers and those that get hired. Skills shortages occur when employers encounter difficulties to fill … Continue reading
The Future of Work and Skills Acquisition – A shift in mindset is needed
With rapid changes—both technological and in the organization of work—this new study finds that workers are extremely concerned about the profound impact of technologcal changes in their jobs (and whether they will even have a job in the future), with two-thirds of respondents seeing their job changing significantly at least every five years because of … Continue reading
Skills in Canada – Developing a mapping system that links skills to occupations
The skills required to succeed in today’s world of work are rapidly changing. Workers experience pressure to continuously improve their skills, and employers struggle to nd workers with the right skills to achieve their goals. • Developing a pan-Canadian mapping system that links skills to occupations is an important step towards improving our understanding of … Continue reading
Upgrading Skills in US – A more comprehensive approach is required
To upgrade the skills of Americans at greatest risk from automation, a more comprehensive approach is required — one that’s backed by government. To start, states and the federal government should boost tax credits to encourage small and medium-sized businesses to invest more in retraining low-skilled workers. States should bolster workforce development boards that help … Continue reading
Job Creation – A dearth of good jobs does not mean that the labor market is the problem
Governments are right to focus on creating more good jobs, because work is the source of most people’s livelihood in every society. But in the majority of cases, the solution lies in policy areas that are not amenable to tools wielded by ministers of labor or education. Just because a tire is flat at the … Continue reading
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