Friday , February 26 2021
Home / WORLD / Covid-19 aftermath: Coronavirus pandemic to force more than 100 million people to switch jobs within 10 years

Covid-19 aftermath: Coronavirus pandemic to force more than 100 million people to switch jobs within 10 years

The multinational corporate consulting firm has raised its previous forecast on how many workers may need to change jobs in the top eight economies by as much as 12 percent. Thus, one in 16 in China, France, Germany, India, Japan, Spain, the UK, and the US will likely need to change profession.

Some 17 million employees of the estimated 100 million are predicted to be in the US, with declining low-wage work in retail and hospitality set to impact one in every 10.

The report found that those from ethnic minorities, young people, female employees, and less-educated workers across Europe and the US are now more likely to have to pursue a new career path due to fallout from the pandemic. US employees without a college degree are reportedly 1.3 times more likely to be in this group, while black and Hispanic workers are 1.1 times more likely than white workers to require a change of occupation.

According to McKinsey, the published estimates reveal that nearly half of those in the lower two wage brackets will need new skills to attain a role in a higher wage bracket.

“The scale of workforce transitions set off by Covid-19’s influence on labor trends increases the urgency for businesses and policymakers to take steps to support additional training and education programs for workers,” the consultancy said.

For more stories on economy & finance visit RT’s business section

© 2021, paradox. All rights reserved.

Check Also

Trump hands over ‘MILLIONS of pages’ of tax returns to Manhattan DA – reports

The US Supreme Court ruled on Monday that Trump’s lawyers may no longer shield the …

Leave a Reply

Your email address will not be published. Required fields are marked *