As we are in the space of knowledgeÂ sourcing, our research on job markets and global economies is relentless. It so happened that we came across this amazing report:Â AÂ Labor Market that works: Connecting Talent with opportunity in the Digital Age byÂ McKinsey Global Institute (Click here to know more about the institute). This report throws deep insights into the effect online talent platforms can bring onÂ labor markets across globe.
You can download the report here.
Some key excerpts from the report are as below:
1. 30- 45 % of working age population across globe is either unemployed or in part time jobs or inactive in workforce. This amounts to about 850 million people in countries like USA, UK, Germany, Japan, India, Brazil and China.
2. It is estimated that by 2025, online talent platforms can add $2.7 trillion (which is 2% to global GDP) by adding 72 million full-time equivalent job positions. They will bring in some momentum into job markets.
3. Countries like Spain, South Africa and Greece which witnesses persistent high unemployment would benefit the maximum from these platforms. USA, among advanced economies, will benefit significantly due to the fluidity of its job market. Low unemployment and other factors affecting adoption will make countries like Japan and China least beneficial.
4. By 2025, upto 540 million individuals could benefit from these platforms. Out of this, around 230 million could shorten duration of unemployment whereas 200 million who are inactive or freelancing could increase their working hours. Also around 60 million individuals could find work best suited to their skills and 50 million could shift from informal to formal work arrangements.
5. Corporates can make use of these online platforms to recruit right candidates. It is estimated by this adoption, output could increase by upto 9%Â while costs related to hiring could be reduced to 7%.
6. Another key highlight of this report is these online platforms could create transparency around demand of skills thereby enabling young talent to make more informed educational decisions.
This report talks about online platforms likeÂ Careerbuilder, Glassdoor, Indeed, LinkedIn, Monster, Upwork and several others. All these networks have already attractedÂ hundreds of millions of individuals as their users.
We, at QuantumFly, are trying to address many issuesÂ discussed in this report. We are trying to connect talented individuals to opportunities which will suit their skills and hence our tagline which reads “Leveraging Talents; Connecting Minds”. We want every talented individual on this planet (who is looking for opportunities) to leverage their knowledge by connecting with the right personnel who can benefit from it.
QuantumFly will help individuals to enhance their skills by taking engagements which matches their skills and interests and deliver to organizations or individuals who are on look out. This will help them establish their professional brand as well.
Check out www.quantumfly.com and be a part of knowledge sourcing revolution.