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In the wake of the financial crisis, many people struggled to find work. In 2010, there were roughly 24 million excess workers. Today, job vacancies nearly match the number of seekers. Companies and economies will need to boost productivity and find new ways to expand the workforce. Actions include: enlist AI and automation, increase retraining programs, and encourage older workers to work longer. Grow the supply-side pie ➡️ mck.co/laborshortages

  • Nine area charts, 1 for each of the highlighted countries plus an 8-country aggregate chart, show mostly positive but descending values with some small dips into negative territory in 4 of the charts. The vertical axes show surplus workers in relation to labor demand, going from -4% at the bottom to 15% at the top for the individual country charts and from –5 million to 25 million workers for the aggregate chart. The countries’ horizontal axes show years from 2000 on the left to 2023 on the right. The aggregate chart begins at 2010, starting at about 24 million at the top left and shrinking to 1 million on the right in 2023. The country charts all end in 2023 between –1.5% and 7.1% of demand, each value lower than where the plot started.

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