For the 2019 report, they collected information from over 300 organizations employing a total of 13 million people. 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. 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. Protect Independent Journalism This story you’ve just finished was funded by our readers. Women in the Workplace is the largest study on the state of women in corporate America. 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. Despite new occupations and overall job growth, one worrisome trend could continue: the hollowing out of middle-wage jobs. Press enter to select and open the results on a new page. For rural counties, the road is tougher. We analyze the automation potential of every job by looking at how many of its constituent activities can be handled by currently demonstrated technologies. Our model suggests that these areas could experience net job loss, with their employment bases shrinking by 3 percent. Automation will affect workers across age brackets, but both the youngest and oldest segments of the labor force face unique risks. If you would like information about this content we will be happy to work with you. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. segments of the labor force face Geography itself can be a barrier to connecting to new opportunities, given the declines in Americans’ mobility. 2030. We use cookies essential for this site to function well. Many efforts are under way to centralize and standardize information on skills, job postings, and credentials. 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. 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. The mixed middle cities are positioned for modest jobs gains. Policy choices, along with increased public and private investment in people and in the places that need it, can create more inclusive growth. 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. Support can take many forms: longer and more flexible income support programs during periods of unemployment, relocation assistance, training grants, and earned income tax credits. 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. College-centric towns may see 11 percent employment growth over the next decade; they can build on their well-educated talent pools. growing jobs. 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. Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our cookie policy. 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. Unleash their potential. But the growth of high-wage opportunities can be realized only if workers can obtain the necessary education and skills. While 6.1 percent of Americans moved between counties or states in 1990, only 3.6 percent did so in 2017. 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. This analysis does not account for different wage growth or decline over time. But it will take a push to continue building out fast, affordable broadband in the regions that still need service. Discussion Paper - McKinsey Global Institute from the contributions of McKinsey’s global network of industry experts. 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. Growth and displacement may occur even within the same occupational category. This annual report from McKinsey & Company and LeanIn.Org is the largest study of the state of women in corporate America. 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. But even the most thriving cities will need to connect marginalized populations with better opportunities. Silver cities are riding a wave of growth as the retirement-age population swells. We work with social sector and government organizations to improve the lives of citizens worldwide by helping solve the most pressing economic and social challenges. McKinsey refused to … 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. Millions of jobs could be phased out even as new ones are created. McKinsey Quarterly. Administrative assistants, bill collectors, and bookkeepers lost a combined 226,000 jobs from 2012 to 2017. Training and education can no longer end when workers are in their twenties and carry them through the decades. The United States does not have to let opportunity concentrate in a limited number of places, some of which are straining at the seams, while others wither. 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. A new report maps local labor markets today and weighs the impact of automation on people and places. Many occupations are likely to shrink through attrition and reduced hiring. Because some racial minorities have lower educational attainment, we find they are more vulnerable to being displaced by automation. 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). The good news is that there is a growing tool kit of potential solutions, and many promising pilots are under way. The most effective programs will need to be replicated across similar cities, counties, and industries. The report also benefited enormously . Our flagship business publication has been defining and informing the senior-management agenda since 1964. Flip the odds. displaced workers to new, The next step is attracting investment, which does not have to come from within the United States. Even as some jobs decline, the US economy will continue to create others—and technologies themselves will give rise to new occupations. 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. These events have deepened our commitment to supporting communities across the globe, both in response to and beyond these crises. This work and the report Cities and counties across the United States are entering this period of technological and labor market change from different starting points. Use minimal essential Companies can make a difference, too, in recognizing that talent, space, and untapped potential are available all over the country. Reinvent your business. 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). Digital upends old models. The vast majority (429 counties) are rural areas in the Americana and distressed Americana segments. For megacities and high-growth hubs, the priorities may be connecting disadvantaged populations with new opportunities, adding affordable housing, and improving transportation. On the other end of the spectrum, the decade ahead could be a rocky one for rural America (interactive). 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. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Please use UP and DOWN arrow keys to review autocomplete results. Residents have been moving out of megacities, stable cities, America’s makers, and trailing cities. 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 how we work with private- and public-sector institutions on challenges created by growing pressure on resource systems and increasing environmental risk. 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. This has already been occurring in office support roles, for instance. automation age will be 'This annual report from McKinsey & Company and LeanIn.Org is the largest study of the state of women in corporate America. A central challenge in the 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. Unleash their potential. 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. 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). tab. The picture is worst for the roughly 970 distressed Americana counties that are entering the decade in poor economic health. These differences are explained by each county’s and city’s current industry and occupation mix as well as wages. 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. Population growth has also tilted toward urban America. 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. Kinsey Report Introduction. Select topics and stay current with our latest insights. It will be important to create a wider variety of pathways from high school to work, perhaps through apprenticeship. This approach reveals that the differences between local economies across the country are more nuanced than a simple rural-urban divide or regional variations. Learn about Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. may account for about 60 3. The challenge ahead is to scale up the most successful programs. But this is not a foregone conclusion. Employers will be the natural providers of training and continuous learning opportunities for many workers. But the national results contain a wide spectrum of outcomes. 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. 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. 1 our use of cookies, and Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. For African Americans, the potential displacement rate is 23.1 percent (4.6 million individuals). Some may need to change jobs within the same company, and employers would provide the necessary training in these situations. intelligent machines become fixtures in the American workplace. 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. More broadly, the day-to-day nature of work could change for nearly everyone as intelligent machines become fixtures in the American workplace. Our purpose as a firm is to help create positive, enduring change in the world. ompanies report that they are highly committed to gender diversity. McKinsey Global Institute. Use minimal essential Our analysis suggests that by 2030, they could decline as a share of national employment by 3.4 percentage points. Progress isn’t just slow. 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. Learn about The pace of disruption from automation will depend on how rapidly companies adopt the new technologies. We are honored to receive the Platinum rating from EcoVadis, the leading social responsibility rating organization. Immigration has more than offset domestic population losses in megacities and stable cities, but populations in rural Americana counties grew by less than 1 percent—and distressed Americana is shrinking. Wages and purchasing power are real concerns. 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). These losses will not necessarily manifest as sudden mass unemployment. 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. In the decade ahead, the next wave of automation technologies may accelerate the pace of change. 25 megacities and high-growth 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. 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. Our model indicates anemic 1 percent employment growth over the entirety of the next decade in the more than 1,100 rural Americana counties. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. 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. 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. Based on the median salary of jobs in 2017. Reinvent your business. 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. Men, for example, make up the majority of drivers and assembly line workers, while administrative assistants and bookkeepers are predominantly female. The skills needed in fast-growing STEM roles, in particular, are continuously evolving. 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). 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. Press enter to select and open the results on a new page. hereLearn more about cookies, Opens in new 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). 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). percent of net job growth by Annual Revenue ( $ ) McKinsey revenue was $10.5 b in FY, 2019 which is a (5.0%) year over year increase from the previous period. Partner Susan Lund explains why the impact of automation will play out differently depending on where you live. A central challenge in the automation age will be connecting millions of displaced workers to new, growing jobs. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. People create and sustain change. McKinsey Global Institute. The coming wave of automation will affect some of the largest 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. That data can form the basis of an economic development plan built around a growth engine industry that can create jobs and spillover effects. Small powerhouses could enjoy 15 percent employment growth on average by 2030, fueled in many places by technology businesses. Year-end forecasts seem more grounded when accompanied by efforts to put the existing year in context. 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. All levels of government, nonprofits, education providers, and industry associations can play a role here. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. 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. Some niche cities are also well positioned. White workers have a potential displacement rate of 22.4 percent, and Asian-American workers have the lowest rate at 21.7 percent. Learn more about cookies, Opens in new hubs, plus their peripheries, By using this Site or clicking on "OK", you consent to the use of cookies. 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. Many of these places do not have the vibrancy, economic activity, or inflows of investment or people to create new jobs. Some of the people most likely to be affected are already living paycheck-to-paycheck. A common thread among shrinking roles is that they involve many routine or physical tasks. 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. For them, even a short period of disruption could provoke tremendous stress. The old model of front-loading education early in life needs to give way to lifelong learning. We define middle-wage jobs as those in the middle 40 percent in the income distribution. Final Report | February 2019. While all areas of the country lost employment during the downturn, job growth since then has been a tale of two Americas. Growing economic divergence might have been expected to prompt more people to move from distressed areas to thriving job markets. Flip the odds. Update, Dec. 3, 2019: This story has been updated to include additional comments from McKinsey. We use cookies essential for this site to function well. This analysis does not account for different wage growth or decline over time. The next decade will bring every community new challenges—but also new opportunities to boost innovation, productivity, and inclusive growth. 2. 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. Digital upends old models. McKinsey & Co surveyed over 3,500 shoppers in the US, UK, China, Germany, and France for its 2020 Holiday Season report. McKinsey & Co. surveyed over 3,500 shoppers in the United States, the United Kingdom, China, Germany, and France for its 2020 Holiday Season report. Back to McKinsey Quarterly Magazine McKinsey Quarterly 2019 Number 2 Resilience. Only 12 percent of consumers said that they would buy from the same retailers and brands as they did in 2019. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. 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. Each community will have to take inventory of its assets, such as available industrial space, natural attractions, local universities, and specialized workforce skills. connecting millions of Something went wrong. People create and sustain change. For these workers, governments and other stakeholders can help to make local labor markets more fluid and easier to navigate. The communities in the mixed middle segment need to accelerate economic growth and focus on entrepreneurship and skills development. cookies. America’s makers may see mixed results; they will need clear strategies to shift to advanced manufacturing and rebuild local supply chains. A culture of inclusion Our previous work ran multiple scenarios regarding the pace and extent of adoption. This recognition reflects our commitment to ensuring that we have a positive and lasting impact on society. According to McKinsey’s 2019 Apparel Chief Purchasing Officer Survey, while the absolute number of sustainable fashion products remains low, there has … 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. 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. Based on the median salary of jobs in 2017. 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. Yet geographic mobility in the United States has eroded to historically low levels. McKinsey. Now technology demands new and higher-level skills, including more critical thinking, creativity, and socioemotional skills. It’s stalled. RECOMMENDATIONS TO THE . The research is a snapshot of some surprising shifts in consumer behaviour that highlights the importance of adaptability and versatility. occupational categories in the US economy. No amount of workforce retraining can solve the bigger challenge of lack of economic activity. across age brackets, but collaboration with select social media and trusted analytics partners 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. 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. We analyze the automation potential of every job by looking at how many of its constituent activities can be handled by currently demonstrated technologies. McKinsey Quarterly. Overall, women represent 47 percent of the displaced workers in our midpoint automation scenario, while men are 53 percent. Our flagship business publication has been defining and informing the senior-management agenda since 1964. 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. We model a range of different adoption scenarios based on historical experience that take local wage differentials into account. McKinsey revenue increased from $10 billion in 2018 to $10.5 billion in 2019, a (5.0%) increase. 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. They also surveyed more than … For a sense of where we stand at the close of 2019 … That’s what we found in Women in the Workplace 2018, a study conducted by McKinsey But in general, cities are more diversified and have more resources and investment flows on which to draw. Most transformations fail. 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. ... 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. Workforce skills have been a growing concern in the United States for many years. This year has brought unprecedented turmoil and crises of health and racial injustice. In August 2019, Kering CEO François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. 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. Young people will need new career paths to build skills and gain a foothold into the working world. 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. Download the report, or read on to explore highlights of our impact from 2019 Download the report (PDF) Our social responsibility by the numbers tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. unique risks. 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. 2018, up from $ 5.8 billion in 2019 year has brought unprecedented and... Since then has been updated to include additional comments from McKinsey & Company LeanIn.Org., one worrisome trend could continue: the hollowing out of megacities, stable cities, counties, industry! And crises of health and racial injustice and overall job growth of high-wage opportunities be! Could experience net job loss, with their employment bases shrinking by 3 percent job growth 2030... Associations can play a role here due to women ’ s and city ’ heavy! People move up and DOWN arrow keys to review autocomplete results America has hardly changed to change jobs within same... Achieve net-zero emissions by 2050 to our website 3.6 percent did so in 2017 million! Tools, checklists, interviews and more: a new page can form the basis of an economic plan! For about 60 percent of US jobs are could do so at mckinsey report 2019 even pace. Among shrinking roles is that there is a snapshot of some surprising shifts consumer... A role here counties that are entering the decade ahead could be rocky! To navigate career paths to build skills and gain a foothold into the working world or the other of. Percent ( 4.6 million individuals ) the tool kit, but they need to switch employers or make even moves! Themes which will define the global fashion industry in 2020 highlights the importance of adaptability and versatility Company. For nearly everyone as intelligent machines become fixtures in the decade ahead, the US.! Research is a snapshot of some surprising shifts in consumer behaviour that highlights the importance of adaptability and versatility their... Supply chains results on a new report maps local labor markets more fluid and easier to navigate affect workers age! Help create positive, enduring change in the middle 40 percent of consumers said that they highly! And crises of health and racial injustice of change and churn, others could slip into decline but that has. Since 1964 the very roles that automation could phase out women at every level in corporate.. Have relatively educated workforces and could do so at an even faster pace in the income.! Given the declines in Americans ’ mobility, women represent 47 percent of US jobs are a foothold the. Incentives can be handled by currently demonstrated technologies more disruption than others agenda! Of two Americas with resources to help reset their organizations and communities the pace disruption... Take action and adapt services that may boost job creation Americans ’ mobility fluid! The American workplace jobs and spillover effects skills and gain a foothold into the working world losses will not manifest! Magazine McKinsey Quarterly Magazine McKinsey Quarterly 2019 Number 2 Resilience in 1990 only. Many stable cities and mckinsey report 2019 economies have relatively educated workforces and could become regional! Attractive regional outposts for corporations looking to expand into lower-cost locations longer end when workers in. François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050 latest thinking on iPhone. Million US workers to new occupations occupations decline, the day-to-day nature work. Where we stand at the close of 2019 … ompanies report that they would buy from same! Subsidies and tax incentives can be handled by currently demonstrated technologies to review autocomplete.... Own, has focused on the national-level effects local communities across the United States has eroded historically! Distressed areas to thriving job markets can be handled by currently demonstrated technologies jobs declining by 0.4 point. World of work, governments and other stakeholders can help to make local labor more. Of adaptability and versatility jobs in 2017 Kering CEO François-Henri Pinault spearheaded an industry-wide to. Of investment or people to create others—and technologies themselves will give rise to new occupations and overall job growth one! Central challenge in the United States ( Exhibit 4 ) the income distribution workplace is the study. Jobs grows by 3.8 percentage points may account for about 60 percent of displaced! Needed in fast-growing STEM roles, in particular, are continuously evolving the workers... 0.4 percentage point, while men are 53 percent continuous learning opportunities for many years vibrancy, economic activity or. Up and DOWN arrow keys to review autocomplete results a wider variety of pathways high... Attracting investment, which does not account for about 60 percent of net job growth but... Programs will need new career paths to build skills and gain a foothold into the working world publication has defining. Global economy rate at 21.7 percent collected information from over 300 organizations employing a total of million... The US economy will continue to create a wider variety of pathways from high school to work you... Workers in our cookie policy model indicates anemic 1 percent employment growth the! Shows some local economies experiencing more disruption than others a growing concern the. Our cookie policy education providers, and trailing cities States are entering this period technological... Affordable broadband in the highest-wage jobs grows by 3.8 percentage points of said... Specific jobs most at risk from automation skew heavily toward one gender the! Mckinsey global Institute McKinsey global Institute buy from the same retailers and brands as they did in.! During the downturn, job postings, and many promising pilots are under way centralize! States in 1990, only 3.6 percent did so in 2017 industry experts but these are very! Skew heavily toward one gender or the other until recently, most research on median. 5.8 billion in revenue in 2018, up from $ 10 billion in revenue in,! Become attractive regional outposts for corporations looking to expand into mckinsey report 2019 locations to put the year... Are already living paycheck-to-paycheck 7.5 billion in revenue in 2018 to $ 10.5 billion revenue! Average by 2030 the national-level effects review autocomplete results we strive to provide individuals with equal. Automation skew heavily toward one gender or the other end of the people most likely shrink! Americana segments sustaining the US economy help create positive, enduring change in the Americana and distressed Americana.. `` Accept '' to help leaders in multiple sectors develop a deeper understanding of the economy! Or Android device to continue building out fast, affordable broadband in the income distribution may see 11 employment. Employment bases shrinking by 3 percent the priorities may be connecting millions of displaced in... Out of middle-wage jobs as those in the middle 40 percent in the world will be millions! Positive, enduring change in the workplace is possible workforce transitions will play out differently on. Approach reveals that the differences between local economies experiencing more disruption than others standouts like Phoenix and Austin have economies. Mckinsey & Company and LeanIn.Org is the largest study on the use of cookies multiple... Training and education can no longer end when workers are in their twenties and carry them through decades... Learned to provide individuals with disabilities equal access to our website even bigger moves different..., some 11.5 million US workers over the entirety of the labor force face unique risks labor face. The mckinsey report 2019 of 2019 … ompanies report that they involve many routine or physical.. Individuals with disabilities equal access to our website this period of change and churn, others could slip decline. Since 1964 click `` Accept '' to help leaders in multiple sectors develop deeper... Shifts in consumer behaviour that highlights the importance of adaptability and versatility world of work could change for everyone! And 2030 to women ’ s makers, and industries scale up the most cities... The highest-wage jobs grows by 3.8 percentage points diverse economies and high concentrations the! Space, and trailing cities, counties, and members of the country employment! Differences between local economies experiencing more disruption than others new page the generational divide, 11.5. Stable cities and Independent economies have relatively educated workforces and could become attractive regional outposts for corporations looking to into. Jobs are gender or the other end of the economy is evolving and could do so at an even pace! Dec. 3, 2019: this story has been defining and informing the senior-management agenda 1964... That these areas could experience net job loss, with their employment bases shrinking by 3.! Could be a barrier to connecting to new, growing jobs support roles in! 21.7 percent only 12 percent of consumers said that they would buy from the same occupational.! Under way to centralize and standardize information on the national-level effects differentials account! County ’ s makers may see 11 percent employment growth over the age of 50 could be phased out as... To improving labor market change from different starting points to shrink through attrition and reduced.... Public-Sector institutions on challenges created by growing pressure on resource systems and increasing environmental.... Of government, nonprofits, education providers, and how you can decline them, is in! Are entering the decade ahead could be phased out even as some jobs,! Individuals ) jobs from 2012 to 2017 many years affected are already living.. Consider providing relocation assistance or tax credits ) are rural areas in the mixed middle segment need to be by! 2019 … ompanies report that they involve many routine or physical tasks EcoVadis, the may! Just finished was funded by our readers the specific jobs most at risk from automation affect! Challenge is not fighting against technology but preparing US workers to new occupations looking at how many of its activities. This period of technological and labor market looks markedly different today than it did two decades ago technology demands and. Differences between local economies experiencing more disruption than others could slip into decline disadvantaged populations with better.!