Unemployed People: A Costly Wasted Potential for the Global Economy?

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In the new McKinsey Global Institute report, "A labor market that works: Connecting talent with opportunity in the digital age," they examine the current state of employment and the impact digital talent platforms could have -- potentially boosting global GDP by $2.7 trillion by 2025.

Labor markets around the world haven’t kept pace with rapid shifts in the global economy, and their inefficiencies have taken a heavy toll. Millions of people cannot find work, even as sectors from technology to healthcare struggle to fill open positions. Many who do work feel overqualified or underutilized. These issues translate into costly wasted potential for the global economy. 

Bottom line:  Online talent platforms can ease a number of labor-market dysfunctions by more effectively connecting individuals with work opportunities.

Read more here.

For more on this topic, see James Manyika’s LinkedIn essay “The digital revolution is making the job market work for you” (June 2015).