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The World Needs Another 95 Million Skilled Workers By 2020 (Yes, a labor shortage is looming!)
Business Insider ^ | 06/21/2012 | Michael Kelley

Posted on 06/21/2012 8:52:13 AM PDT by SeekAndFind

Strains in the global labor market could lead to a surplus of up to 95 million low-skill workers and a shortage of up to 95 million high- and medium-skilled workers by 2020, according to a recent report by the McKinsey Global Institute (MGI).

MGI concluded that unless there is a immediate and massive global effort to improve worker skills, there will be "far too few workers with the advanced skills needed to drive a high-productivity economy and far too few job opportunities for low-skill workers."

One paragraph is particularly foreboding:

"For advanced economies, such imbalances would likely lead to more long- term and permanent joblessness. More young people without post-secondary training would fail to get a start in the job market and older workers would drop out because they don’t qualify for jobs that are being created. The polarization of incomes between high- and low-skill workers could become even more pronounced, slowing the advance in national living standards, and increasing public-sector burdens and social tensions. In some advanced economies, less-skilled workers could very well grow up poorer than their parents, in real terms."

MGI recommends policy makers and businesses raise the share of graduates in science, engineering, and other technical fields, double the growth rate of post graduate education, retrain mid-career workers and allow more high-skill workers to immigrate.

Even then, the report notes, advanced economies could see a shortage of high-skill workers as well as 20 to 23 million workers whose only chance of being employed would be if the rate of job creation for low-skill workers was at least five times higher than in the past.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: jobs; laborshortage; skills; unemployment


Read the Mckinssey Global Institute Report here
1 posted on 06/21/2012 8:52:14 AM PDT by SeekAndFind
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To: SeekAndFind

The McKinsey Global Institute (MGI) finds these trends gathering force and spreading to China and other developing economies, as the global labor force approaches 3.5 billion in 2030. Based on current trends in population, education, and labor demand, the report projects that by 2020 the global economy could face the following hurdles:

* 38 million to 40 million fewer workers with tertiary education (college or postgraduate degrees) than employers will need, or 13 percent of the demand for such workers.

* 45 million too few workers with secondary education in developing economies, or 15 percent of the demand for such workers.

* 90 million to 95 million more low-skill workers (those without college training in advanced economies or without even secondary education in developing economies) than employers will need, or 11 percent oversupply of such workers.


2 posted on 06/21/2012 8:53:48 AM PDT by SeekAndFind (bOTRT)
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To: SeekAndFind

So much for ‘world over population’. Keep aborting/murdering the labor force. Long live abortion!!!!!!!!!!!!!!(sarc)


3 posted on 06/21/2012 8:58:34 AM PDT by Parmy
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To: SeekAndFind

The benefit of low-medium skilled work is that it is easy to train, thus the term “skill level”. Article doesn’t make sense.


4 posted on 06/21/2012 8:58:57 AM PDT by mgist
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To: SeekAndFind

Nonsense.

Automation is replacing workers at an exponential rate.

The USA has lost 17 million manufacturing jobs since 2000 but our manufacturing output has increased.


5 posted on 06/21/2012 9:03:39 AM PDT by moonshot925
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To: SeekAndFind
low-skill medium-skill high-skill

"Skill" is a politically correct euphemism for IQ. Skills can be learned quickly as needed, but you can't fix stupid.

6 posted on 06/21/2012 9:06:52 AM PDT by Reeses
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To: SeekAndFind

So cheer up all you unemployed of the world. Find a way to get through the next 7.5 years with no food on the table or roof over your head and, by god, THEN you’ll be golden!!!


7 posted on 06/21/2012 9:07:57 AM PDT by Axeslinger (Where has my country gone?)
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To: SeekAndFind

Sweet, I’ll be a 51 year old skilled worker by then, looks like my price will be going up.


8 posted on 06/21/2012 9:09:55 AM PDT by discostu (Listen, do you smell something?)
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To: Axeslinger

RE: So cheer up all you unemployed of the world.

Errr.... the key word is SKILLED workers. The Unskilled will still have a hard time finding jobs ( especially with minimum wages going up ).


9 posted on 06/21/2012 9:14:20 AM PDT by SeekAndFind (bOTRT)
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To: Reeses

No, skilled means you can do something. Engineers, Machinists, Electricians, IT, etc.


10 posted on 06/21/2012 9:25:24 AM PDT by MCF
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To: SeekAndFind
The world needs 95 million more TAXPAYERS to pay for the 100 million more expected to join the “leisure class” by 2020.
11 posted on 06/21/2012 9:26:21 AM PDT by NativeSon ( Grease the floor with Crisco when I dance the Disco)
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To: SeekAndFind

abortion = “labor shortage”

abortion = “global downturn in demand”

It’s simple. End abortion.


12 posted on 06/21/2012 9:28:33 AM PDT by ROTB (FReepmail me if you want to join a team seeking the LORD for a Christian revival now in the USA.)
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To: moonshot925
The USA has lost 17 million manufacturing jobs since 2000 but our manufacturing output has increased.

The irony of the delusional unions deciding how much unskilled labor is worth, is that it eventually drove the switch to automation, and created the current Obama Food Stamp Society.
You can drive dummies to school but you can't make them learn. The only certain remedy is starvation.

But they learn all abour "respect" on the way to the cemetary.

13 posted on 06/21/2012 9:35:38 AM PDT by publius911 (Formerly Publius 6961, formerly jennsdad)
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To: SeekAndFind
could lead to a surplus of up to 95 million low-skill workers

There will be an increasing trend where people on the left tail of the bell curve will have productivity which is less than what it costs to feed them. There will be a breaking point where the people paying taxes will no longer be able to support the people consuming welfare.

14 posted on 06/21/2012 9:43:26 AM PDT by PapaBear3625 (If I can't be persuasive, I at least hope to be fun.)
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To: Reeses
"Skill" is a politically correct euphemism for IQ. Skills can be learned quickly as needed, but you can't fix stupid.

I disagree.
There is a natural cleverness among humans to seek maximum reward with minimum effort, independent of IQ. There are as many high IQ criminals and low IQ criminals.

The universal rule, if society allows it (or empowers it) is the law of the jungle. The famous Hobbsian state of nature, “solitary, poor, nasty, brutish, and short.”

15 posted on 06/21/2012 9:44:04 AM PDT by publius911 (Formerly Publius 6961, formerly jennsdad)
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To: MCF
No, skilled means you can do something. Engineers, Machinists, Electricians, IT, etc.

Not just anyone can learn those skills. If someone has the brains and there is job demand they can learn any of those skills in 2 to 4 years, not a long time. If they don't, it's just a waste of time and limited resources. The problem for the future is too many stupid people competing against automation. The muscle output of machines and robots will increasingly have to be confiscated to fund socialism and big government. There is a growing population of essentially human pets, some in cages, some free range. But the standard of living for the free ones will be better than any king had just 100 years ago.

16 posted on 06/21/2012 10:22:55 AM PDT by Reeses
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To: Reeses
IQ is only one of many types of intelligence, we are all a blend of them and learning needs to accommodate a broader composite of them

No, I am not some left wing loon ball I am coming at this from the corporate training level on down

17 posted on 06/21/2012 10:23:36 AM PDT by 100American (Knowledge is knowing how, Wisdom is knowing when)
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To: Reeses
IQ is only one of many types of intelligence, we are all a blend of them and learning needs to accommodate a broader composite of them

No, I am not some left wing loon ball I am coming at this from the corporate training level on down

18 posted on 06/21/2012 10:23:36 AM PDT by 100American (Knowledge is knowing how, Wisdom is knowing when)
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To: Reeses

Years ago, we had a program for Financial and Accounting People where after a year they had to take an intensive programming course in COBOL/JCL...these were people who never programmed before, but were fairly bright people.....I know several that just couldn’t get the hang of it, they had to do flow charts and plan out their logic before being allowed to key in their code....now I could code in my sleep, so it just seemed weird that bright people couldn’t do it.


19 posted on 06/21/2012 10:34:27 AM PDT by dfwgator
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To: publius911
There are as many high IQ criminals and low IQ criminals.

The difference is most of the high IQ ones aren't in jail.

The law of the jungle isn't going to work in the future. There is a growing percentage of the population that just cannot compete against the economic output of machines. No amount of education spending will help. For them the return on education investment is negative. Already the ROI on an average college education for an average person is razor thin.

20 posted on 06/21/2012 10:44:44 AM PDT by Reeses
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To: dfwgator
it just seemed weird that bright people couldn’t do it.

A long time ago I taught a computer programming class to bright kids. All of them could learn the syntax but only about 1 in 20 could logically assemble the syntax into the correct order. For those that can do it, it's easy. For those that can't they need to move on.

21 posted on 06/21/2012 10:56:32 AM PDT by Reeses
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To: Reeses; dfwgator
... it just seemed weird that bright people couldn’t do it. ...

but only about 1 in 20 could logically assemble the syntax into the correct order.


Interesting. I've been told it is a unique type of brain wiring. And you either have it or you don't.
22 posted on 06/21/2012 11:27:32 AM PDT by khelus
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