It is sometimes suggested that people should simply leave distressed places and move to where the jobs are. But the growth of high-wage opportunities can be realized only if workers can obtain the necessary education and skills. hereLearn more about cookies, Opens in new
July 23, 2019 . Please click "Accept" to help us improve its usefulness with additional cookies. Women in the Workplace is the largest study on the state of women in corporate America.
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. 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. 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.
Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Update, Dec. 3, 2019: This story has been updated to include additional comments from McKinsey. We define middle-wage jobs as those in the middle 40 percent in the income distribution. 3
This year has brought unprecedented turmoil and crises of health and racial injustice. Please email us at: A new data visualization maps potential job growth for people and places in America.
A culture of inclusion percent of net job growth by
25 megacities and high-growth
LONDON, United Kingdom — 2019 will be a year of awakening for the fashion industry, one that will go down in history, finds The State of Fashion 2019, a new report co-published by The Business of Fashion (BoF) and McKinsey & Company that was released today. We strive to provide individuals with disabilities equal access to our website. Progress isn’t just slow. The day-to-day nature of work could change for nearly everyone as
Reinvent your business. Press enter to select and open the results on a new page. Something went wrong. 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. Even as some jobs decline, the US economy will continue to create others—and technologies themselves will give rise to new occupations. Because some racial minorities have lower educational attainment, we find they are more vulnerable to being displaced by automation.
McKinsey Quarterly. For these workers, governments and other stakeholders can help to make local labor markets more fluid and easier to navigate. McKinsey revenue increased from $10 billion in 2018 to $10.5 billion in 2019, a (5.0%) increase. 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. The skills needed in fast-growing STEM roles, in particular, are continuously evolving.
Until recently, most research on the potential effects of automation, including our own, has focused on the national-level effects. 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. Learn about
Workforce transitions will play out differently in local communities across the United States (Exhibit 4). Learn how we work with private- and public-sector institutions on challenges created by growing pressure on resource systems and increasing environmental risk. We analyze the automation potential of every job by looking at how many of its constituent activities can be handled by currently demonstrated technologies. White workers have a potential displacement rate of 22.4 percent, and Asian-American workers have the lowest rate at 21.7 percent. Use minimal essential
Turning around places that have lost their economic dynamism is a multiyear journey, but it is possible. Subsidies and tax incentives can be part of the tool kit, but they need to be backed by a rigorous business case. 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. This has already been occurring in office support roles, for instance. Learn about
It will be important to create a wider variety of pathways from high school to work, perhaps through apprenticeship. Flip the odds. In August 2019, Kering CEO François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. 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. 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. 2. Growth and displacement may occur even within the same occupational category. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. hubs, plus their peripheries,
McKinsey. 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. We modeled scenarios with varying timelines for the widespread adoption of automation technologies in the American workplace and base our research on the midpoint adoption scenario. connecting millions of
Wages and purchasing power are real concerns. Automation will affect workers
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. Our flagship business publication has been defining and informing the senior-management agenda since 1964. The pace of disruption from automation will depend on how rapidly companies adopt the new technologies. They also surveyed more than … Yet geographic mobility in the United States has eroded to historically low levels. Returning to more inclusive growth will require the combined energy and ingenuity of business leaders, policy makers, educators, and nonprofits across the country. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. 1
Training and education can no longer end when workers are in their twenties and carry them through the decades. Digital upends old models. Unleash their potential. Year-end forecasts seem more grounded when accompanied by efforts to put the existing year in context. McKinsey Global Institute. For African Americans, the potential displacement rate is 23.1 percent (4.6 million individuals). 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. Many occupations are likely to shrink through attrition and reduced hiring. 3. While 6.1 percent of Americans moved between counties or states in 1990, only 3.6 percent did so in 2017. For megacities and high-growth hubs, the priorities may be connecting disadvantaged populations with new opportunities, adding affordable housing, and improving transportation. 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. 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. While all areas of the country lost employment during the downturn, job growth since then has been a tale of two Americas. both the youngest and oldest
But this is not a foregone conclusion. A new report maps local labor markets today and weighs the impact of automation on people and places. The coming wave of automation will affect some of the largest
Now technology demands new and higher-level skills, including more critical thinking, creativity, and socioemotional skills. collaboration with select social media and trusted analytics partners
Why We Performed This Audit. 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). 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. The good news is that there is a growing tool kit of potential solutions, and many promising pilots are under way. Silver cities are riding a wave of growth as the retirement-age population swells. 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. 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).
Annual Revenue ( $ ) McKinsey revenue was $10.5 b in FY, 2019 which is a (5.0%) year over year increase from the previous period. Download the full report to explore the 10 themes which will define the global fashion industry in 2020. Our flagship business publication has been defining and informing the senior-management agenda since 1964. 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. Nearly 40 percent of US jobs are currently in occupational categories that could shrink between now and 2030. Automation will affect workers across age brackets, but both the youngest and oldest segments of the labor force face unique risks. Because there is a national benefit to improving labor market fluidity, policy makers might consider providing relocation assistance or tax credits. A central challenge in the
McKinsey & Co. surveyed over 3,500 shoppers in the United States, the United Kingdom, China, Germany, and France for its 2020 Holiday Season report. 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. According to McKinsey’s 2019 Apparel Chief Purchasing Officer Survey, while the absolute number of sustainable fashion products remains low, there has … No amount of workforce retraining can solve the bigger challenge of lack of economic activity. These events have deepened our commitment to supporting communities across the globe, both in response to and beyond these crises. Digital upends old models. Policy choices, along with increased public and private investment in people and in the places that need it, can create more inclusive growth. hereLearn more about cookies, Opens in new