Read the Mckinssey Global Institute Report here
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 ...
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.
So much for ‘world over population’. Keep aborting/murdering the labor force. Long live abortion!!!!!!!!!!!!!!(sarc)
The benefit of low-medium skilled work is that it is easy to train, thus the term “skill level”. Article doesn’t make sense.
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.
"Skill" is a politically correct euphemism for IQ. Skills can be learned quickly as needed, but you can't fix stupid.
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!!!
Sweet, I’ll be a 51 year old skilled worker by then, looks like my price will be going up.
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 ).
No, skilled means you can do something. Engineers, Machinists, Electricians, IT, etc.
abortion = “labor shortage”
abortion = “global downturn in demand”
It’s simple. End abortion.
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.
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.
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.”
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.
No, I am not some left wing loon ball I am coming at this from the corporate training level on down
No, I am not some left wing loon ball I am coming at this from the corporate training level on down
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.
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.