Global Talent Market Quarterly - 2013 Q3
The global economy remains sluggish in mid-2013, as the underlying growth patterns have shifted somewhat. Key emerging markets including China have shown some softness in recent months, while the outlook in many large developed economies is brighter. Labour market conditions and forecasts are just as varied, with many developed markets showing more positive trends and emerging markets more subdued.
Five years after the global financial crisis, the challenges and opportunities in labour markets worldwide remain significant. Today’s global employment rate is estimated at 55.7%—with a global net deficit of around 14 million jobs relative to the pre-crisis employment level. Although full employment recovery is still several years away, pockets of high demand exist and will begin to exacerbate skills shortages. The trend towards more flexible labour markets and more non-traditional work styles also continues to accelerate, making talent management strategies more important than ever.