Over 100 million workers across the world’s top economies will have to change occupations by 2030, disruption due to Covid-19 pandemic having accelerated current shifts in labor markets, consultant firm McKinsey & Company reports.
The multinational corporate consulting firm has raised its previous forecast on how many workers may need to change jobs in the top eight economies by as much as 12 percent. Thus, one in 16 in China, France, Germany, India, Japan, Spain, the UK, and the US will likely need to change profession.
Some 17 million employees of the estimated 100 million are predicted to be in the US, with declining low-wage work in retail and hospitality set to impact one in every 10.
The report found that those from ethnic minorities, young people, female employees, and less-educated workers across Europe and the US are now more likely to have to pursue a new career path due to fallout from the pandemic. US employees without a college degree are reportedly 1.3 times more likely to be in this group, while black and Hispanic workers are 1.1 times more likely than white workers to require a change of occupation.
According to McKinsey, the published estimates reveal that nearly half of those in the lower two wage brackets will need new skills to attain a role in a higher wage bracket.
“The scale of workforce transitions set off by Covid-19’s influence on labor trends increases the urgency for businesses and policymakers to take steps to support additional training and education programs for workers,” the consultancy said.
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