According to a new landmark study by the McKinsey Global Institute, “At current rates, it will take until 2016 to replace the 7 million jobs lost during the 2008-2009 recession.” To find “work for the unemployed and accommodate the 15 million Americans expected to enter the labor force this decade, the U.S. economy must create 21 million new jobs by 2020.” Looking at these facts, it’s easy to conclude that the United States is doomed to suffer European-style underemployment throughout the coming decade. But is that really the case? To answer this question, we’ll explore three major issues:
- How companies use labor.
- Where new jobs are likely to come from.
- What conditions are needed to ensure that jobs can be created in a sustainable way.
Whether you’re a manager, an entrepreneur, a public sector policy-maker, or an investor, this is one of the most important challenges you’ll face in the coming decade. We’ll help you prepare for it.