The growth in female employment in this period is seen almost everywhere except Norway and the United States, where it has declined by 1.3 and 2.2 percentage points, respectively. Female employment increased by 6.3 percentage points between 20. Of the 45 million additional workers since 2000, 31 million are women. Labor markets opportunities expanded particularly strongly for women. Its share rose in 18 out of 21 countries, by an average of 4.1 percentage points, equivalent to 29 million jobs, while that of full-time employment declined by 1.4 percentage points. Such arrangements have enabled greater labor market participation: part-time paid work was the primary driver of the increase in overall employment between 20. While opportunities for work have expanded and employment rates have risen to record levels in many countries, work polarization and income stagnation are real and widespread.Īlternative work arrangements have gained in prominence, typically in the form of self-employment, temporary work, part-time work, workplace fissuring, or zero-hour contracts. In 2018, 45 million more working-age people were employed than in 2000 (Exhibit 1). The share of the working-age population in employment has risen strongly in our 22 sample countries to a high of 71 percent. However, more is needed given the scale of the opportunities and challenges, if the outcomes for the next 20 or more years of the 21st century are to be better than the first 20 and increase broad prosperity.ĭespite the 2008 financial crisis, the first two decades of the 21st century have seen work opportunities expand and employment participation rise to record levels in most countries. Leaders are beginning to respond to these opportunities and challenges to varying degrees. The second is tackling the challenges individuals face, especially those most affected. The first is sustaining and expanding the gains achieved through continued economic and productivity growth business dynamism investment in economies, technology and innovation and continued focus on job growth and opportunity creation. Policy makers, business leaders, and individuals will need to focus on two fronts. While many have benefited from this evolution, for a significant number of individuals the changes are spurring uncertainty, pessimism, and a general loss of trust in institutions. Broadly, individuals have had to assume greater responsibility for their economic outcomes. These shifts point to an evolution in the “social contract”: the arrangements and expectations, often implicit, that govern the exchanges between individuals and institutions. Public pensions are being scaled back-and roughly the same three quintiles of the population do not or cannot save enough to make up the difference. Coupled with wage stagnation effects, this is eroding the welfare of the bottom three quintiles of the population by income level (roughly 500 million people in 22 countries). The cost of many discretionary goods and services has fallen sharply, but basic necessities such as housing, healthcare, and education are absorbing an ever-larger proportion of incomes. Among the findings: while opportunities for work have expanded and employment rates have risen to record levels in many countries, work polarization and income stagnation are real and widespread. In a report, The social contract in the 21st century: Outcomes so far for workers, consumers, and savers in advanced economies (PDF–2.7MB), the McKinsey Global Institute takes an in-depth look at these changes in 22 advanced economies in Asia, Europe, and North America, covering 57 percent of global GDP. Video How the social contract has changed in the 21st century
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |