90 million workers not needed by 2020, according to new report
26 June 2012
Millions of people worldwide will not be needed by employers by 2020 unless there are significant changes to address unemployment and worker training.
Between 90 and 95 million low-skill workers, or 2.6% of the global workforce, will be vulnerable to permanent joblessness, according to a study by the McKinsey Global Institute.
Instead, employers will need 45 million more medium-skill workers and 38-40m more high-skill workers than will be available.
The study detailed that this is likely to create even more income inequality around the world and “the polarisation of incomes between high and low skill workers could become even more pronounced, slowing the advance in national living standards and increasing public sector burdens and social tensions.”
China and India were predicted as the countries that will add the most college-educated workers to the labour force through 2030.
Borer's FUSION Time Recording System
With a high number of employees on payroll, using Borer's FUSION Time Recording System will help reduce management involvement and the administrative effort required to manage a time management scheme.
It is labour demanding to manage and maintain a centrally administered or paper based flexitime system. Invariably, queries arise in relation to flexi balances and the process can become a very complicated one, particularly for the HR department.
Implementing an automated time and attendance system makes things very easy for both employees and their managers alike.