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. More important, they represent hundreds of millions of people coping with unemployment, underemployment, stagnant wages, and discouragement.
Online talent platforms can ease a number of labor-market dysfunctions by more effectively connecting individuals with work opportunities. Such platforms include websites, like Monster.com and LinkedIn, that aggregate individual résumés with job postings from traditional employers, as well as the rapidly growing digital marketplaces of the new “gig economy,” such as Uber and Upwork. While hundreds of millions of people around the world already use these services, their capabilities and potential are still evolving. Yet even if they touch only a fraction of the global workforce, we believe they can generate significant benefits for economies and for individuals
In this McKinsey Global Institute report, A labor market that works: Connecting talent with opportunity in the digital age, the current state of employment and the impact these digital platforms could have been examined.
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