Related News
Labor market under strain from rising skills mismatch
Print Edition
Labor productivity or wages have not improved amid a global economic growth and the labor market is under pressure due to a rising mismatch between the skills workers possess and those required by employers, according to report released by recruiting firm Hays plc.
The global labor market was under strain in 2017 as the Hays Global Skills Index measuring the ability of companies to access skilled workers rose slightly from 5.3 to 5.4, the report, co-published yesterday by Hays and Oxford Economics, said.
The skills index examines professional employment markets across 33 countries and regions and allocates a score for each country/region of between 0 and 10. An overall score above 5 indicates the labor market is 鈥渢ighter鈥 than normal while a score below 5 points to a 鈥渓ooser鈥 market.
The main factor behind the tighter market is the growing mismatch between the skills workers possess and those required by employers, Hays said. The trend was seen across almost half of the markets assessed (16 out of 33), with the European markets of Austria, France and Belgium showing the largest rises in the mismatch of skills.
The report indicated that many countries across Europe, the Middle East and the Americas are stuck in a low growth trap suffering from weak productivity growth that has led to reduced investment in labor and capital, which further weakened overall productivity levels. Hays noted that this stagnation may be part of a longer-term trend.
The fast-changing work environment has led to the global labor force failing to develop the skills required to fill today鈥檚 roles, Hays said. To bridge this gap, education and on-the-job training need to be prioritized, the report said.
鈥淲e are at a critical junction, where if we don鈥檛 seek to address these issues in the very near future, then the skills crisis risks spiraling out of control and the global labor market will struggle to keep up and provide the skills the world needs,鈥 said Alistair Cox, CEO of Hays plc.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
