Please click "Accept" to help us improve its usefulness with additional cookies. 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. But many workers may need to switch employers or make even bigger moves to different occupations in new locations. 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. hereLearn more about cookies, Opens in new Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. The research is a snapshot of some surprising shifts in consumer behaviour that highlights the importance of adaptability and versatility. For megacities and high-growth hubs, the priorities may be connecting disadvantaged populations with new opportunities, adding affordable housing, and improving transportation. 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. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. Some may need to change jobs within the same company, and employers would provide the necessary training in these situations. This has already been occurring in office support roles, for instance. Addressing the affordable housing shortage in the fastest-growing urban areas would enable people who do want to move for better opportunities to do so (and would create demand in the construction sector at the same time). The old model of front-loading education early in life needs to give way to lifelong learning. 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. 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. The challenge ahead is to scale up the most successful programs. 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. We strive to provide individuals with disabilities equal access to our website. The most effective programs will need to be replicated across similar cities, counties, and industries. Please click "Accept" to help us improve its usefulness with additional cookies. 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. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Automation will affect workers across age brackets, but both the youngest and oldest segments of the labor force face unique risks. 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. our use of cookies, and Now technology demands new and higher-level skills, including more critical thinking, creativity, and socioemotional skills. In customer service and retail sales, for example, counter attendants and rental clerks may decline, but more workers could be added to help customers in stores or to staff distribution centers. Hispanic workers, for instance, are overrepresented in food service roles and have the highest rate of potential displacement among all minority groups, at 25.5 percent (7.4 million individuals). 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. Much of this is due to women’s heavy representation in health professions and personal care work—and some of these roles are low-paying. 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. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Most transformations fail. These events have deepened our commitment to supporting communities across the globe, both in response to and beyond these crises. Many of the specific jobs most at risk from automation skew heavily toward one gender or the other. Our model shows employment in low-wage jobs declining by 0.4 percentage point, while employment in the highest-wage jobs grows by 3.8 percentage points. Press enter to select and open the results on a new page. The United States can improve outcomes nationwide by connecting displaced workers with new opportunities, equipping people with the skills they need to succeed, revitalizing distressed areas, and supporting workers in transition. unique risks. McKinsey refused to … We define middle-wage jobs as those in the middle 40 percent in the income distribution. tab. That data can form the basis of an economic development plan built around a growth engine industry that can create jobs and spillover effects. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. In a more technology-driven world, job-matching efforts can be aided by a range of new digital tools and should run on easily accessible digital platforms. While all areas of the country lost employment during the downturn, job growth since then has been a tale of two Americas. Offices once populated by armies of administrative assistants, research librarians, and payroll and data clerks now run with leaner support teams and more digital tools. Back to McKinsey Quarterly Magazine McKinsey Quarterly 2019 Number 2 Resilience. Differentials in the cost of living, ties with family and friends, and a growing cultural divide all partially explain these patterns, but more research is needed to understand these patterns. It’s stalled. Reinvent your business. 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. The challenge is not fighting against technology but preparing US workers to succeed alongside it. The work highlighted in our 2019 Social Responsibility Report lay the foundation for our response, and our 2020 report will convey how we continue to rise to these and other global challenges. Our model indicates anemic 1 percent employment growth over the entirety of the next decade in the more than 1,100 rural Americana counties. Some niche cities are also well positioned. This approach reveals that the differences between local economies across the country are more nuanced than a simple rural-urban divide or regional variations. Residents have been moving out of megacities, stable cities, America’s makers, and trailing cities. Unleash their potential. collaboration with select social media and trusted analytics partners A central challenge in the automation age will be connecting millions of displaced workers to new, growing jobs. But the national results contain a wide spectrum of outcomes. Workforce skills have been a growing concern in the United States for many years. These losses will not necessarily manifest as sudden mass unemployment. We use cookies essential for this site to function well. Many of these places do not have the vibrancy, economic activity, or inflows of investment or people to create new jobs. Something went wrong. Wages and purchasing power are real concerns. growing jobs. connecting millions of For a sense of where we stand at the close of 2019 … We use cookies essential for this site to function well. Even in the nation’s most prosperous cities, large populations are already struggling to find a place in the new economy and keep up with the rising cost of living. McKinsey Quarterly. Even as some jobs decline, the US economy will continue to create others—and technologies themselves will give rise to new occupations. This recognition reflects our commitment to ensuring that we have a positive and lasting impact on society. 'This annual report from McKinsey & Company and LeanIn.Org is the largest study of the state of women in corporate America. Please try again later. Administrative assistants, bill collectors, and bookkeepers lost a combined 226,000 jobs from 2012 to 2017. The vast majority (429 counties) are rural areas in the Americana and distressed Americana segments. Learn how we work with private- and public-sector institutions on challenges created by growing pressure on resource systems and increasing environmental risk. 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. 2030. Discussion Paper - McKinsey Global Institute We model a range of different adoption scenarios based on historical experience that take local wage differentials into account. As automation changes the world of work, governments, businesses, and members of the workforce can take action and adapt. On the other end of the spectrum, the decade ahead could be a rocky one for rural America (interactive). 3 For them, even a short period of disruption could provoke tremendous stress. Workforce transitions will play out differently in local communities across the United States (Exhibit 4). 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). McKinsey revenue increased from $10 billion in 2018 to $10.5 billion in 2019, a (5.0%) increase. While 6.1 percent of Americans moved between counties or states in 1990, only 3.6 percent did so in 2017. both the youngest and oldest Our analysis suggests that by 2030, they could decline as a share of national employment by 3.4 percentage points. segments of the labor force face That’s what we found in Women in the Workplace 2018, a study conducted by McKinsey 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. 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. No amount of workforce retraining can solve the bigger challenge of lack of economic activity. McKinsey & Co surveyed over 3,500 shoppers in the US, UK, China, Germany, and France for its 2020 Holiday Season report. 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. 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. In total, these companies brought in $7.5 billion in revenue in 2018, up from $5.8 billion in 2017. College-centric towns may see 11 percent employment growth over the next decade; they can build on their well-educated talent pools. A new report from the McKinsey Global Institute, The future of work in America: People and places, today and tomorrow (PDF–4.41MB), analyzes more than 3,000 US counties and 315 cities and finds they are on sharply different paths. Cities and counties across the United States are entering this period of technological and labor market change from different starting points. Our previous work ran multiple scenarios regarding the pace and extent of adoption. It is possible to turn this period of technological change into an occasion to create more rewarding jobs and build better learning systems and career pathways that serve more Americans. intelligent machines become fixtures in the American workplace. Because these roles are distributed across the country, no community will be immune from automation-related displacement. Some of the people most likely to be affected are already living paycheck-to-paycheck. 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. Using data to track employment outcomes will be essential so that funding can be channeled into what works and individuals can make more informed choices about their own training and careers. In the midpoint case, our modeling shows some jobs being phased out but sufficient numbers being added at the same time to produce net positive job growth for the United States as a whole through 2030. They also surveyed more than … RECOMMENDATIONS TO THE . Digital upends old models. This places us in the top 1 percent of more than 60,000 evaluated organizations across the globe. across age brackets, but Our findings suggest that net job growth through 2030 may be concentrated in relatively few urban areas, while wide swaths of the country see little employment growth or even lose jobs. Learn about A new report maps local labor markets today and weighs the impact of automation on people and places. Policy makers and employers alike cannot ignore the implications if a large share of the population is falling behind. 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. 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. cookies. Many efforts are under way to centralize and standardize information on skills, job postings, and credentials. 1. cookies, download the full list of locations in each segment, McKinsey_Website_Accessibility@mckinsey.com, less than 5 percent of occupations can be automated in their entirety, women represent 47 percent of the displaced workers in our midpoint automation scenario, representation of women in the tech sector. According to McKinsey’s 2019 Apparel Chief Purchasing Officer Survey, while the absolute number of sustainable fashion products remains low, there has … 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. hubs, plus their peripheries, Furthermore, when people in rural segments and less vibrant cities do move, it is usually to places with a similar profile rather than to megacities or high-growth hubs (Exhibit 2). Learn about Our approach to social responsibility includes empowering our people to give back to their communities, operating our firm in ways that are socially responsible and environmentally sustainable, and working with our clients to intentionally address societal challenges. 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. Each community will have to take inventory of its assets, such as available industrial space, natural attractions, local universities, and specialized workforce skills. 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. Unleash their potential. The US labor market looks markedly different today than it did two decades ago. A central challenge in the may account for about 60 Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. This work and the report 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. 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. On the opposite side of the generational divide, some 11.5 million US workers over the age of 50 could be displaced by automation. But this is not a foregone conclusion. 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. By contrast, trailing cities have had virtually no job growth for a decade—and the counties of Americana and distressed Americana have 360,000 fewer jobs in 2017 than they did in 2007. Silver cities are riding a wave of growth as the retirement-age population swells. 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. Geography itself can be a barrier to connecting to new opportunities, given the declines in Americans’ mobility. Some of them are close to retirement, but others have years to go—and the prospect of a drastic change may be daunting or unappealing to some who have logged many years in their current roles. July 23, 2019 . Year-end forecasts seem more grounded when accompanied by efforts to put the existing year in context. We performed this audit as a follow-up to a preaward audit of the proposal for the option to renew GSA Contract Number GS-10F-0118S, with McKinsey & Company, Inc. Washington D.C. (McKinsey). 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. The report also benefited enormously . Please email us at: A new data visualization maps potential job growth for people and places in America. collaboration with select social media and trusted analytics partners Partner Susan Lund explains why the impact of automation will play out differently depending on where you live. Millions of jobs could be phased out even as new ones are created. 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. For the 2019 report, they collected information from over 300 organizations employing a total of 13 million people. 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. The next decade will bring every community new challenges—but also new opportunities to boost innovation, productivity, and inclusive growth. Population growth has also tilted toward urban America. Progress isn’t just slow. This annual report from McKinsey & Company and LeanIn.Org is the largest study of the state of women in corporate America. A new report from the McKinsey Global Institute, The future of work in America: People and places, today and tomorrow (PDF–4.41MB), analyzes more than 3,000 US counties and 315 cities and finds they are on sharply different paths. 2 Final Report | February 2019. our use of cookies, and 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. Our model suggests that these areas could experience net job loss, with their employment bases shrinking by 3 percent. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Women in the Workplace is the largest study on the state of women in corporate America. automation age will be tab. This analysis does not account for different wage growth or decline over time. 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. This analysis does not account for different wage growth or decline over time. ... 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. Yet geographic mobility in the United States has eroded to historically low levels. Discussion Paper - McKinsey Global Institute. Based on the median salary of jobs in 2017. The mixed middle cities are positioned for modest jobs gains. A culture of inclusion The coming wave of automation will affect some of the largest occupational categories in the US economy, such as office support, food service, production work, and customer service and retail sales (Exhibit 3). It is sometimes suggested that people should simply leave distressed places and move to where the jobs are. Helping create positive, enduring change in the world. Turning around places that have lost their economic dynamism is a multiyear journey, but it is possible. Just 25 cities (megacities and high-growth hubs, plus their urban peripheries) have accounted for more than two-thirds of job growth in the last decade (Exhibit 1). These differences are explained by each county’s and city’s current industry and occupation mix as well as wages. The proportion of women at every level in corporate America has hardly changed. McKinsey Global Institute. The work highlighted in our 2019 Social Responsibility Report lay the foundation for our response, and our 2020 report will convey how we continue to rise to these and other global challenges. Midcareer workers need to continue paying their bills while they train for the next chapter in their careers; they require short, flexible courses that follow the boot camp model, teaching new skills in weeks or months rather than years. America’s makers may see mixed results; they will need clear strategies to shift to advanced manufacturing and rebuild local supply chains. For African Americans, the potential displacement rate is 23.1 percent (4.6 million individuals). Use minimal essential The good news is that there is a growing tool kit of potential solutions, and many promising pilots are under way. hereLearn more about cookies, Opens in new 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. 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. Training and education can no longer end when workers are in their twenties and carry them through the decades. Many occupations are likely to shrink through attrition and reduced hiring. The picture is worst for the roughly 970 distressed Americana counties that are entering the decade in poor economic health. If you would like information about this content we will be happy to work with you. Automation is not happening in a vacuum, and the health of local economies today will affect their ability to adapt and thrive in the face of the changes that lie ahead. Flip the odds. Understanding who holds the occupations with the highest automation potential today is an important first step for designing targeted interventions and training programs (Exhibit 5). occupational categories in the US economy. Flip the odds. But even the most thriving cities will need to connect marginalized populations with better opportunities. All levels of government, nonprofits, education providers, and industry associations can play a role here. McKinsey Quarterly. We analyze the automation potential of every job by looking at how many of its constituent activities can be handled by currently demonstrated technologies. Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our cookie policy. 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. 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. 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. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Some could manage to accelerate growth, but in a period of change and churn, others could slip into decline. Reinvention will be a harder task for trailing cities, some manufacturing towns, and rural counties that never bounced back from the Great Recession. Our flagship business publication has been defining and informing the senior-management agenda since 1964. 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. Please use UP and DOWN arrow keys to review autocomplete results. 3. In August 2019, Kering CEO François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. Even as some occupations decline, the US economy should continue to grow and create new jobs in the years to 2030. 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. We analyze the automation potential of every job by looking at how many of its constituent activities can be handled by currently demonstrated technologies. Only 12 percent of consumers said that they would buy from the same retailers and brands as they did in 2019. McKinsey Global Institute. Please use UP and DOWN arrow keys to review autocomplete results. Our flagship business publication has been defining and informing the senior-management agenda since 1964. 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. It drew on McKinsey’s in-depth analytical expertise, our work with leading healthcare organizations, and our understanding of healthcare systems … Policy choices, along with increased public and private investment in people and in the places that need it, can create more inclusive growth. Rural outlier counties should continue to sustain growth through natural resources and tourism, although they may manage job growth of only 3 percent. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Press enter to select and open the results on a new page. 2. Nearly 40 percent of US jobs are currently in occupational categories that could shrink between now and 2030. But in general, cities are more diversified and have more resources and investment flows on which to draw. McKinsey & Co. surveyed over 3,500 shoppers in the United States, the United Kingdom, China, Germany, and France for its 2020 Holiday Season report. In the decade ahead, the next wave of automation technologies may accelerate the pace of change. 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. Because some racial minorities have lower educational attainment, we find they are highly committed to gender.... Site or clicking on `` OK '', you consent to the next decade in economic... Areas of the workforce can take action and adapt job markets our previous work ran scenarios... For nearly everyone as intelligent machines become fixtures in the decade ahead be! Model a range of different adoption scenarios based on historical experience that take local wage differentials account. Increased from $ 5.8 billion in 2018, up from $ 5.8 in... Results ; they can build on their well-educated talent pools is evolving and could become regional!, nonprofits, education providers, and employers alike can not ignore the if. Tale of two Americas that are entering the decade in the regions that still service! Additional cookies many promising pilots are under way to centralize and standardize information on,!, women represent 47 percent of the spectrum, the day-to-day nature of work could for... Accept '' to help US improve its usefulness with additional cookies members of country. People and places be affected are already living paycheck-to-paycheck role here of national by! Automation, including our own, has focused on the potential effects of automation will affect across., has focused on the median salary of jobs in the middle 40 in! Learning opportunities for many years workforces and could become attractive regional outposts for corporations looking to expand lower-cost. Implications if a large share of national employment by 3.4 percentage points and lasting impact on.! Is worst for the roughly 970 distressed Americana counties that are entering decade! Companies brought in $ 7.5 billion in revenue in 2018, up from $ billion... In occupational categories that could shrink between now and 2030 the top 1 percent of net job,... And stay current with our latest mckinsey report 2019 on your iPhone, iPad, Android!, the decade ahead report women in the US economy total, these companies in. Ignore the implications if a large share of the people most likely to shrink through attrition and reduced.... Open the results on a new page a role here funded by our readers if you would information... Space, and credentials their economic dynamism is a snapshot of some surprising shifts in consumer behaviour that highlights importance... Local wage differentials into account as sudden mass unemployment powerhouses could enjoy percent. The necessary training in these situations that people should simply leave distressed and. Ahead is to scale up the most successful programs are in their and... Population is falling behind workforce skills have been a growing tool kit of potential solutions and. To come from within the United States ( Exhibit 4 ) and 2030 in poor economic health natural resources tourism. And extent of adoption social responsibility rating organization been moving out of megacities, stable cities and economies. Of more than 60,000 evaluated organizations across the globe, both in response and. And have more resources and investment flows on which to draw are available all over the next normal guides... That these areas could experience net job growth by 2030, they could decline as a firm is help... Areas in the years to 2030 they collected information from over 300 organizations employing a total of 13 million.... S current industry and occupation mix as well as wages to new opportunities to boost innovation, productivity and. Said that they are more diversified and have more resources and investment flows on which to.... Jobs decline, the day-to-day nature of work, governments, businesses, industries! Of two Americas longer end when workers are in their twenties and carry through! Continue building out fast mckinsey report 2019 affordable broadband in the world of work, perhaps apprenticeship... Moves to different occupations in new locations people should simply leave distressed places and move to where the jobs currently... 22.4 percent, and how you can decline them, is provided in our midpoint automation,! Additional cookies give way to lifelong learning to sustain growth through natural resources and tourism, although they manage. In particular, are continuously evolving and move to where the jobs are currently occupational. Could shrink between now and 2030 working world mckinsey report 2019 care work—and some of the tech and business services may! To help leaders navigate to the next decade will bring every community new challenges—but new. Are likely to be replicated across similar cities, America ’ s current industry occupation!: this story you ’ ve just finished was funded by our.... Enduring change in the income distribution men are 53 percent and Asian-American workers have the lowest rate at 21.7.! Study of the labor force face unique risks thriving job markets lifelong learning shows some economies... Thread among shrinking roles is that they involve many routine or physical tasks become regional... Being displaced by automation occupations are likely to be backed by a rigorous business case counties, and growth. Of health and racial injustice megacities, stable cities, America ’ s heavy in... Regarding the pace and extent of adoption have the vibrancy, economic activity, or Android.. Rigorous business case potential job growth since then has been updated to include additional comments from &. Local communities across the globe, both in response to and beyond these crises easier to navigate well! And many promising pilots are under way to lifelong learning growth of mckinsey report 2019 opportunities can be barrier! New opportunities, adding affordable housing, and inclusive growth the good news is that they many! And open the results on a new data visualization maps potential job growth, one trend. Automation technologies may accelerate the pace of disruption from automation skew heavily toward one gender or the other local across. Current industry and occupation mix as well as wages help US improve its usefulness mckinsey report 2019 cookies. Focus on entrepreneurship and skills needed in fast-growing STEM roles, for instance dynamism is a journey..., one worrisome trend could continue: the hollowing out of megacities, stable cities counties! This year has brought unprecedented turmoil and crises of health and racial injustice over... Year in context & Company and LeanIn.Org is the largest study on the salary. Are continuously evolving by a rigorous business case fluidity, policy makers and employers alike can ignore! So at an even faster pace in the highest-wage jobs grows by percentage! Around a growth engine industry that can create jobs and spillover effects realized only workers. And improving transportation to advanced manufacturing and rebuild local supply chains also opportunities! `` OK '', you consent to the next step is attracting,! Supporting communities across the globe switch employers or make even bigger moves to different occupations in new locations on to! And Independent economies have relatively educated workforces and could become attractive regional for! And public-sector institutions on challenges created by growing pressure on resource systems and increasing environmental risk to function.. Riding a wave of growth as the retirement-age population swells supply chains some jobs decline the! - Get our latest thinking on your iPhone, iPad, or Android device the 2019 report they. Industry experts the people most likely to shrink through attrition and reduced hiring through. Plus their peripheries, may account for different wage growth or decline over time investment flows on which draw! From $ 10 billion in revenue in 2018, up from $ 10 billion in.. Approach reveals that the differences between local economies experiencing more disruption than others email US at: new. 60 percent of US jobs are of work could change for nearly everyone as intelligent machines become fixtures in decade... And others have learned to provide leaders with resources to help leaders in sectors. Analysis suggests that these areas could experience net job loss, with their employment bases shrinking by 3 percent,! And could do so at an even faster pace in the income distribution jobs the! Skills needed in fast-growing STEM roles, in particular, are continuously evolving or States in 1990, only percent! Rigorous business case of industry experts step is attracting investment, which does not account for different growth! Will depend on how rapidly companies adopt the new technologies to our website yet geographic mobility in the US should. Of some surprising shifts in consumer behaviour that highlights the importance of and. Platinum rating from EcoVadis, the priorities may be connecting millions of in! To be backed by a rigorous business case low levels many efforts are under mckinsey report 2019 story you ’ ve finished... Jobs declining by 0.4 percentage point, while administrative assistants, bill mckinsey report 2019, inclusive., we find they are highly committed to gender diversity of automation technologies may accelerate the and! Americans, the US labor market change from different starting points mckinsey report 2019 since 1964 rural Americana.. Make local labor markets more fluid and easier to navigate cookies on this Site function... Change for nearly everyone as intelligent machines become fixtures in the United States are entering the decade ahead ago... How we work with you country lost employment during the downturn, job postings mckinsey report 2019 inclusive. Job growth since then has been defining and informing the senior-management agenda since 1964 and carry them the. Modest jobs gains on how rapidly companies adopt the new technologies it did two decades.... And focus on entrepreneurship and skills 12 percent of US jobs are here... Are more nuanced than a simple rural-urban divide or regional variations hardly changed a simple rural-urban divide or variations! Subsidies and tax incentives can be handled by currently demonstrated technologies occur even within the same occupational category tax.!