TheUnemploymentDojo's Blog

We need 21 Million Jobs by 2020 to get to 5% Unemployment-McKinsey & Company Report

Posted on: June 30, 2011

A report published June 2011 by McKinsey & Company titled “An economy that works: Job Creation and Americas Future” states that we need at least 21 million jobs by the year 2020 to return to 5% unemployment rate.

The report states that despite this being a major challenge it can be done and outlines a step by step process of how this can be effected. The report does state that the six key careers to focus on are as follows:-

  1. Health Care based on the baby boomers and the 2010 Patient Protection and Affordable Care Act
  2. Business Services-Change in economics of off-shoring jobs and more flexibility as a result of technology allowing telecommuting and work from home options!
  3. Leisure and hospitality not much growth as emerging global vacation sites are less constringent on tourist visa,processing times and vacation costs!
  4. Construction will grow but more on specialized construction starting 2014 as more energy-efficient housing takes place.
  5. Manufacturing- they may be a decline in job loss in this sector and some jobs due to intellectual property breaches, quality and supply chain issues may return to the US but not many. Notable GE water heater production is moving back to Kentucky.
  6. Finally retail won’t grow so much in the western world as compared to the emerging markets where business is booming. Though good news, the online shopping will see a steady incline.

One of the notable points that grabbed my attention is that the three hardest positions to fill are in management, science and computer engineers. Two thirds of these positions remained open for 6 or more months and the number one reason was that they couldn’t find the right fit! The report does talk about change needs to be implemented in STEM(science technology engineering and math) or else these jobs will have to be outsourced due to lack of local competent employees and global competition. Hmmmmmm! We need more people like Tokiwa Smith to promote STEM to the kids! Actually we all have a responsibility to promote STEM if we want to become more competitive on a global front!

Anyway you can read the entire report right:

HERE

compliments of theunemploymentdojo! It’s only 100 pages short!

Lee Kariuki

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1 Response to "We need 21 Million Jobs by 2020 to get to 5% Unemployment-McKinsey & Company Report"

I always emailed this weblog post page to all my contacts, because if like to read it afterward my contacts will too.

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Lee Kariuki
1-888-MY-ETHER ext. 04466282

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