According to The Conference Board estimates, global labor productivity growth remained stuck at 2.1% in 2014, while showing no sign of strengthening to its average of 2.6% from 1999-06. Economies with higher or rising productivity levels produce more goods and services with less input, such as capital or labor, fueling economic growth and increases in the standard of living.
The mismatch between employers and job seekers provides a partial explanation for an aspect missing from the global recovery thus far: productivity growth, measured by an economy’s output with a given level of input. The difficulties that these employers face can be grouped into two kinds of mismatch: one based on a lack of job seeker interest and the other on a lack of skills. In addition, in locations with high unemployment rates, employers are likely sifting through large numbers of applications searching for a quality hire. And with resources tight, employers may not be able to invest in their workers to develop them and increase productivity. In some markets, workers may be plentiful but due to a weak economy, they may not be utilized to their full potential. Recovery from the global financial crisis has been remarkably slow and while we’re now seeing signs of improvement in many places, this comes with new challenges.Īccording to the 2015 ManpowerGroup Talent Shortage Survey, 38% of employers report difficulty filling jobs globally. Throughout most of the world, prospects are mixed with advanced economies improving year over year and developing countries experiencing weaker outcomes. Uncertainty and financial market volatility have increased, and medium-term growth prospects have weakened.” As one communique from the meeting began, “The global recovery continues, but growth remains modest and uneven overall. The central bankers, finance ministers, private sector executives, and academics in attendance were there to discuss the global economic outlook, and their assessment was sobering. In late 2015, the International Monetary Fund and the World Bank gathered in Lima, Peru for their annual meeting. The global economy is recovering but growth is modest
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