Instability of the labor market in the world

The report shows that paid work only accounts for half of the total jobs, with significant differences between regions. Another trend is the increase in the part-time job. In most surveyed countries, part-time jobs developed a lot more than full-time in the period between 2009 and 2013. These figures suggest a world of work is more and more diverse. In particular, Asia emerged as a highlight of the labor market.

New center of labor market

According to research by the McKinsey Academy, in the next few decades, Asia will become the center of labors and the global initiatives. In 1980, the global labor market was much simpler than it is today. A generation ago, only about 1.7 billion people joined the labor market and half of them worked in the agricultural sector. In 2010, the figure had risen to 2.9 billion with a strong growth in the developing countries

On the other hand, in developed countries, the fierce competition between the millions of new trained workers but at a low level leads to a very low wage. The companies in rich countries invest a lot in the new technology and, therefore, the demands for skilled labors always exceed the amount that trained by schools. As McKinsey forecasts, Asia will become the center providing high-quality manpower within 2 decades with hundreds of millions of college level workers will be added to the international labor market.

Contrary to it, developed countries have to face an aging workforce perspective. By 2030, there will be 12 million workers with university degrees entering retirement age. Even the labor force also shrunk in many countries. However, in some developing countries, Vietnam as an illustration, the workforce reached 55 million people, and this number gradually increase a million per year (General Statistics Office of Vietnam – 2014)

Labor trend in the near future

Nevertheless, governments still can mitigate the worst effects. Improvements in education, typically as online training, will help increase the number of skilled workers. With the number of employees is forecast to reach 3.5 billion people by 2030, assert that the competition will become more intense not only for workers but also for the government.