Emerging Trends in Working Patterns Throughout the World
The working world was far more equal 1980. Just 1.7 billion people were gaining money through employment in large companies, nearly half on farms. But now many labour markets are emerging due to globalisation. Two years ago it was found that 2.9 billion workers, most of whom are coming from third world countries for example; around 400 million workers were from only China and India.
Moving workers away from agriculture and in to labour forces has proved to greatly improve a countries productivity levels and, even in some cases, has prevented them from poverty. The main problem of this change can be seen in developed countries, where there has been a massive increase in machinery in factories over the last year. This, in turn, has caused a surge in the need for skilled labour which there is a severe lack of.
But it is predicted that, in particular China and Asia, there will become many skilled workers over the next few decades, despite the fact that at present they are on average producing fifty percent less graduates than the developed countries.
These changes in the world of work will lead to economy destroying skills imbalances. It is estimated that over the next decade rich countries and China will need 40 million more graduates than they will be able to produce. In addition, employers across the world could potentially find themselves with 90 million more low-skilled workers than they need. This change will, overall, lead to decreasing down wages, create a bit inequality gap.
By Kelly Walker, Rebecca Anderson & Lauren Findlay