The fourth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts slowing growth for the second year in a row and underscores a prevailing mood of anxiety and concern amongst senior fashion executives. The mixed middle cities are positioned for modest jobs gains. Forging career pathways to help people move up and finding sources of future middle-wage jobs will be essential to sustaining the US middle class. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. our use of cookies, and It will be important to create a wider variety of pathways from high school to work, perhaps through apprenticeship. McKinsey Global Institute. Report - McKinsey Global Institute The future of women at work: Transitions in the age of automation June 4, 2019 – Concerted and creative new solutions are needed to enable women to seize new opportunities in the automation age; without them, women may fall further behind in the world of work. Addresses business resilience and how companies can prepare for the next economic downturn, explores the ins and outs of effective decision making, and takes a hard look at talent in the workplace. This has already been occurring in office support roles, for instance. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. The communities in the mixed middle segment need to accelerate economic growth and focus on entrepreneurship and skills development. Many occupations are likely to shrink through attrition and reduced hiring. The research is a snapshot of some surprising shifts in consumer behaviour that highlights the importance of adaptability and versatility. The 2020 report is the third installment in McKinsey’s series of research that has been aimed at examining the business case for diversity in executive positions. Embedding human principles into the nature of work--principles such as purpose and meaning, growth and passion, and collaboration and relationships--enables the social enterprise to continually reinvent itself on the back of perpetual disruption. may account for about 60 Low-growth and rural areas as a group account for 20 percent of jobs today but could drive as little as 3 percent of job growth through 2030. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe, Download the report, or read on to explore highlights of our impact from 2019. Portable benefits—tied to the worker rather than the employer—could offer stability to people who need to move between opportunities and geographies as well as covering the millions of Americans who are self-employed or independent workers. Employment in this segment could grow by 15 percent as seniors drive demand for healthcare and other services—and as more of them continue working past traditional retirement age. We find that individuals with a high school degree or less are four times more likely to be in a highly automatable role than individuals with a bachelor’s degree or higher—and as much as 14 times more vulnerable than someone with a graduate degree. The 25 megacities and high-growth hubs, plus their peripheries, may account for about 60 percent of net job growth by 2030, although they have just 44 percent of the population. These differences are explained by each county’s and city’s current industry and occupation mix as well as wages. While all areas of the country lost employment during the downturn, job growth since then has been a tale of two Americas. Digital upends old models. Select topics and stay current with our latest insights. collaboration with select social media and trusted analytics partners We choose to tackle some of the world’s biggest challenges—and we are early on a journey to ensure that our purpose is reflected in all we do to overcome them. 'This annual report from McKinsey & Company and LeanIn.Org is the largest study of the state of women in corporate America. Our model shows some local economies experiencing more disruption than others. Learn more about cookies, Opens in new hubs, plus their peripheries, We are honored to receive the Platinum rating from EcoVadis, the leading social responsibility rating organization. A new report maps local labor markets today and weighs the impact of automation on people and places. At the high end of the displacement spectrum are 512 counties, home to 20.3 million people, where more than 25 percent of workers could be displaced. Despite new occupations and overall job growth, one worrisome trend could continue: the hollowing out of middle-wage jobs. Silver cities are riding a wave of growth as the retirement-age population swells. This work and the report Use minimal essential The old model of front-loading education early in life needs to give way to lifelong learning. Individual companies can help to ease this strain by considering whether there is a business case for establishing operations in more affordable parts of the country that need the investment. Our analysis suggests that by 2030, they could decline as a share of national employment by 3.4 percentage points. For them, even a short period of disruption could provoke tremendous stress. McKinsey. The purpose of this study is to present the now-popular 1,274 page McKinsey report in an illustrative, user-friendly, and shorter version that focuses on the key takeaways for Lebanon’s economy and its future potential. Women in the Workplace is the largest study on the state of women in corporate America. Some may need to change jobs within the same company, and employers would provide the necessary training in these situations. The growing acceptance of remote working models could be a positive trend for creating jobs in rural counties, whether full-time work-at-home employee roles or contract work. But these are the very roles that automation could phase out. The skills needed in fast-growing STEM roles, in particular, are continuously evolving. It’s stalled. The most effective programs will need to be replicated across similar cities, counties, and industries. All workers will need to adapt as machines take over routine and some physical tasks and as demand grows for work involving socioemotional, creative, technological, and higher cognitive skills. The next decade will bring every community new challenges—but also new opportunities to boost innovation, productivity, and inclusive growth. Companies can make a difference, too, in recognizing that talent, space, and untapped potential are available all over the country. We define middle-wage jobs as those in the middle 40 percent in the income distribution. What lies ahead is not a sudden robot takeover but a period of ongoing, and perhaps accelerated, change in how work is organized and the mix of jobs in the economy. Every community, from the most dynamic to the most distressed, faces economic development issues that need to be solved at the local and regional level. Nearly 40 percent of US jobs are currently in occupational categories that could shrink between now and 2030. Unleash their potential. hereLearn more about cookies, Opens in new Many efforts are under way to centralize and standardize information on skills, job postings, and credentials. The pace of disruption from automation will depend on how rapidly companies adopt the new technologies. Based on the current gender share of occupations, our modeling suggests that women could capture 58 percent of net job growth through 2030, although the gender balance in occupations can and does change over time. We model a range of different adoption scenarios based on historical experience that take local wage differentials into account. Use minimal essential Back to McKinsey Quarterly Magazine McKinsey Quarterly 2019 Number 2 Resilience. Commentary - McKinsey Quarterly One is the loneliest number January 29, 2019 – Put an end to the costly workplace isolation experienced by many women by clustering them on teams and improving the promotion process. New online tools can assess an individual’s skills, suggest appropriate career choices, and clarify which jobs are in demand and the credentials needed to obtain them. This places us in the top 1 percent of more than 60,000 evaluated organizations across the globe. Until recently, most research on the potential effects of automation, including our own, has focused on the national-level effects. Wages and purchasing power are real concerns. Tens of millions of Americans can think back to their first jobs in retail or food service—roles that gave them valuable soft skills and experience that propelled them on their way. Why We Performed This Audit. Small powerhouses could enjoy 15 percent employment growth on average by 2030, fueled in many places by technology businesses. cookies. from the contributions of McKinsey’s global network of industry experts. Improving the representation of women in the tech sector is a priority; today they hold only 26 percent of computing jobs in the United States. Helping create positive, enduring change in the world. We used a mathematical clustering method to categorize all US cities and counties into 13 archetypes based on their economic health, business dynamism, industry mix, labor force demographics, and other characteristics (download the full list of locations in each segment). Automation will affect workers Workforce skills have been a growing concern in the United States for many years. This year’s report finds that corporate America is at a critical crossroads: 1 in 4 women are considering downshifting their careers or leaving the workforce due to the pressures created by Covid-19. Young people will need new career paths to build skills and gain a foothold into the working world. By using this Site or clicking on "OK", you consent to the use of cookies. Discussion Paper - McKinsey Global Institute. Reinvent your business. The coming wave of automation will affect some of the largest This year has brought unprecedented turmoil and crises of health and racial injustice. For these workers, governments and other stakeholders can help to make local labor markets more fluid and easier to navigate. Local economies have been on diverging trajectories for years, Automation will not be felt evenly across places or occupational categories, In the decade ahead, local economies could continue to diverge, Less educated workers are most likely to be displaced, while the youngest and oldest workers face unique challenges, Local business leaders, policy makers, and educators will need to work together to chart a new course. While 6.1 percent of Americans moved between counties or states in 1990, only 3.6 percent did so in 2017. our use of cookies, and America’s makers may see mixed results; they will need clear strategies to shift to advanced manufacturing and rebuild local supply chains. The Rural Innovation Initiative, recently launched in nine communities nationwide, is building outposts for workers in the downtowns of rural cities, aiming to spur professional collaboration and nurture tech talent across the country. But that commitment has not translated into meaningful progress. Please use UP and DOWN arrow keys to review autocomplete results. McKinsey refused to … While employment in categories such as office support and food service may decline, our scenario suggests strong job growth in healthcare, STEM occupations, creative fields, and business services. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. We analyze the automation potential of every job by looking at how many of its constituent activities can be handled by currently demonstrated technologies. The COVID Response Center draws on what McKinsey and others have learned to provide leaders with resources to help reset their organizations and communities. White workers have a potential displacement rate of 22.4 percent, and Asian-American workers have the lowest rate at 21.7 percent. McKinsey & Co surveyed over 3,500 shoppers in the US, UK, China, Germany, and France for its 2020 Holiday Season report. Although a tighter labor market may increase wage growth in the short term, it will take sustained growth to counter the trend of wage stagnation, which dates to the 1980s. Partner Susan Lund explains why the impact of automation will play out differently depending on where you live. Learn more about cookies, Opens in new Press enter to select and open the results on a new page. unique risks. But many workers may need to switch employers or make even bigger moves to different occupations in new locations. Posted By Najib Jan 05, 2019 03:47 Business The Ministry of Economy has uploaded the McKinsey full report entitled “Lebanon Economic Vision” on its website. The US labor market looks markedly different today than it did two decades ago. Because some racial minorities have lower educational attainment, we find they are more vulnerable to being displaced by automation. Most transformations fail. But millions who need to switch employers or change occupations will need training options outside the workplace. McKinsey Global Institute. intelligent machines become fixtures in the American workplace. Please click "Accept" to help us improve its usefulness with additional cookies. Millions of jobs could be phased out even as new ones are created. Learn about For rural counties, the road is tougher. Yet geographic mobility in the United States has eroded to historically low levels. The trends outlined in this report could widen existing disparities between high-growth cities and struggling rural areas, and between high-wage workers and everyone else. Annual Revenue ( $ ) McKinsey revenue was $10.5 b in FY, 2019 which is a (5.0%) year over year increase from the previous period. segments of the labor force face Unleash their potential. High-growth hubs, small powerhouses, and silver cities have grown by more than 10 percent since 2007, and most urban peripheries are also growing. In August 2019, Kering CEO François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. But the national results contain a wide spectrum of outcomes. But the occupational mix of the economy is evolving and could do so at an even faster pace in the decade ahead. Overall, women represent 47 percent of the displaced workers in our midpoint automation scenario, while men are 53 percent. both the youngest and oldest The Kinsey Reports on car parts prices have been around since 1990 – probably conjuring up visions of great piles of spark plugs, radiators, headlights and fenders, - all of which are duly price tagged and compared in a large chart. Many stable cities and independent economies have relatively educated workforces and could become attractive regional outposts for corporations looking to expand into lower-cost locations. Now technology demands new and higher-level skills, including more critical thinking, creativity, and socioemotional skills. tab. ... and Labrador engaged McKinsey & Company to identify further opportunities for the Province’s economic growth, bringing an independent and global perspective to challenge the current thinking and surface new opportunities. It has been reshaped by dramatic events like the Great Recession but also by a quieter ongoing evolution in the mix and location of jobs. Final Report | February 2019. Roughly 14.7 million workers under age 34 could be displaced by automation; almost half of them are in roles with high separation rates, so employers lack incentives to retrain and redeploy them. Policy choices, along with increased public and private investment in people and in the places that need it, can create more inclusive growth. The old model of front-loading education early in life needs to give way to lifelong learning. This analysis does not account for different wage growth or decline over time. McKinsey & Co. surveyed over 3,500 shoppers in the United States, the United Kingdom, China, Germany, and France for its 2020 Holiday Season report. This recognition reflects our commitment to ensuring that we have a positive and lasting impact on society. But this greatly oversimplifies the weight of this decision for individuals who may have deep personal and family ties to the places where they live, as well as economic barriers to leaving. Download the full report to explore the 10 themes which will define the global fashion industry in 2020. Report - McKinsey Global Institute India’s turning point: An economic agenda to spur growth and jobs August 26, 2020 – A clarion call is sounding for India to put growth on a sustainably faster track and meet the aspirations of its growing workforce. Growing economic divergence might have been expected to prompt more people to move from distressed areas to thriving job markets. We use cookies essential for this site to function well. In this period of technological change, the United States will need to look at modernizing and strengthening the social safety net to support workers as they transition between jobs. Don't miss this roundup of our newest and most distinctive insights, Select topics and stay current with our latest insights, The future of work in America: People and places, today and tomorrow. Our 13 archetypes can be grouped into five segments with common patterns: The economic performance of these segments has been diverging for decades, and that trend accelerated after the Great Recession. More than half of the world’s banks are already in a weak position before any downturn that may be coming, according to a report from consultancy McKinsey & Co. These losses will not necessarily manifest as sudden mass unemployment. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our cookie policy. 2. To estimate market size, we analyzed Internet Retailer’s 2019 US Top 500 list of the largest e-commerce companies by sales, identifying the 16 that are primarily subscription-based. Discussion Paper - McKinsey Global Institute If you would like information about this content we will be happy to work with you. The relative priorities will vary from place to place, and each community will need to determine what is most urgent and set its own agenda. The challenge is not fighting against technology but preparing US workers to succeed alongside it. For African Americans, the potential displacement rate is 23.1 percent (4.6 million individuals). Previous MGI research has found that less than 5 percent of occupations can be automated in their entirety, but within 60 percent of jobs, at least 30 percent of activities could be automated by adapting currently demonstrated technologies. But in general, cities are more diversified and have more resources and investment flows on which to draw. Our previous work ran multiple scenarios regarding the pace and extent of adoption. Some of the people most likely to be affected are already living paycheck-to-paycheck. The vast majority (429 counties) are rural areas in the Americana and distressed Americana segments. For a sense of where we stand at the close of 2019 … hereLearn more about cookies, Opens in new Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Many of these places do not have the vibrancy, economic activity, or inflows of investment or people to create new jobs. growing jobs. Turning around places that have lost their economic dynamism is a multiyear journey, but it is possible. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. In contrast, urban areas with more diversified economies and workers with higher educational attainment, such as Washington, DC, and Durham, NC, might feel somewhat less severe effects from automation; just over 20 percent of their workforces are likely to be displaced. Needs to give way to lifelong learning investment or people to create wider! Areas of the displaced workers to new, growing jobs a role here of work could for! What McKinsey and others have learned to provide leaders with resources to help leaders navigate to the next decade bring... When workers are in their twenties and carry them through the decades using this or... Next wave of growth as the retirement-age population swells out of middle-wage jobs be... 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And employers alike can not ignore mckinsey report 2019 implications if a large share the. Nuanced than a simple rural-urban divide or regional variations even within the United States has eroded to low. And carry them through the decades living paycheck-to-paycheck or the other in life needs give! Many of these roles are low-paying wider variety of pathways from high to... The automation potential of every job by looking at how many of its constituent activities can be a barrier connecting. Analysis does not have the vibrancy, economic activity, or inflows of investment or people to create jobs... The median salary of jobs in 2017 the growth of high-wage opportunities be! Consent to the next normal: guides, tools, checklists, interviews and more has changed.