{"id":31496,"date":"2015-06-11T13:59:31","date_gmt":"2015-06-11T20:59:31","guid":{"rendered":"https:\/\/www.smartrecruiters.com\/blog\/?p=31496"},"modified":"2017-10-17T13:20:02","modified_gmt":"2017-10-17T20:20:02","slug":"jobs-for-540-million-people-how-talent-platforms-will-make-it-happen","status":"publish","type":"post","link":"https:\/\/www.smartrecruiters.com\/blog\/jobs-for-540-million-people-how-talent-platforms-will-make-it-happen\/","title":{"rendered":"Jobs For 540 Million People & How Talent Platforms Will Make It Happen"},"content":{"rendered":"

Cue the happy music! There\u2019s a tidal wave of good news coming into the global job market, say consultants at McKinsey Global Institute<\/a>.<\/p>\n

Whether you\u2019re pouring coffee in Dallas, trading bonds in London or trying to put your teaching certificate to \u00a0use in South Africa, better times lie ahead. That\u2019s the wonderful, deliriously upbeat conclusion of a new study by the research arm of McKinsey & Co. These consultants predict that by 2025, some 540 million people will benefit from a remarkable new force in the labor markets.<\/p>\n

What\u2019s this force, exactly?<\/p>\n

The answer: Online talent platforms. Career-related sites such as LinkedIn, Monster.com and Indeed.com will play an ever-growing role in helping people find the right jobs faster, McKinsey contends, in a report titled \u201cA Labor Market That Works<\/a>.\u201d Meanwhile, digital technology will let entities such as Uber, Freelancer.com and Angie\u2019s List \u00a0create part-time or full-time job pathways that didn\u2019t exist before.<\/p>\n

In total, McKinsey contends, during the next decade \u201cthese platforms can improve job outcomes for 540 million people by creating better, faster matching between workers and jobs, reducing the duration of unemployment, creating flexible part-time opportunities that draw more of the inactive population into the workforce, and improving productivity by putting the right person into the right role.\u201d<\/p>\n

Working the numbers in a different fashion, McKinsey contends that online talent platforms could add $2.7 trillion to world economic output by 2025. That\u2019s the equivalent of adding another Britain to the mix. McKinsey partner Susan Lund acknowledges that lots of other factors are putting strains on world labor markets. But she contends that online talent platforms \u201ccan ease some of the dysfunctions.\u201d<\/p>\n

McKinsey\u2019s projections are bound to be controversial. The firm\u2019s methodology focuses mostly on high-skill industries that benefit from online talent platforms, notably technology, professional services and health care. There isn\u2019t much analysis of what lies ahead for people with less glamorous jobs, particularly those who till the soil or run small shops and distribution networks in emerging markets. Social critics are bound to argue that if online talent platforms bring better living to the world\u2019s most prosperous 10%, some of that may be happening at the expense of those well off.<\/p>\n

Still, McKinsey\u2019s argues that online talent platforms can be especially valuable in countries that currently are plagued by high unemployment, such as South Africa, Spain and Greece. In each of those countries, McKinsey predicts, online tools can do a lot to help job-seekers and employers get into better alignment, with the potential to increase employment 4% or more. That compares with a projected 2.7% lift in the United States, and a 1.7% lift for China.<\/p>\n

On a global basis, McKinsey predicts, as many as 230 million people\u00a0could shorten search times between jobs, while 200 million\u00a0who aren\u2019t working full time could work additional hours through freelance platforms. Another\u00a060 million people could find jobs that better match their skills or preferences, while an additional\u00a050 million could leave the undocumented \u201cinformal economy\u201d in favor of mainstream jobs.<\/p>\n

Positive change will be even greater, McKinsey concludes, if people adjust to a new way of thinking about work. \u201cThe days of joining an employer, rising through the ranks, and staying for decades are over,\u201d the consultants write. \u201cWorkers in many fields are becoming free agents\u2014for better and for worse. They may\u00a0face more uncertainty and more frequent transitions, but that can bring greater access to\u00a0opportunity than ever before.\u201d<\/p>\n

This article was written by George Anders from Forbes and was legally licensed through the NewsCred publisher network.\u00a0SmartRecruiters is the\u00a0hiring success\u00a0platform<\/a>\u00a0to find and hire great people.<\/p>\n

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Jobs For 540 Million People & How Talent Platforms Will Make It Happen<\/a><\/blockquote>