As per UN's International Labour Organization, the global unemployment rate has remained relatively stable over much of the past decade and is not expected to change much in the near future. However overall jobless numbers are likely to inch up as slowing economies reduce the number of jobs available to a growing population.
In 2020, the number of people registered as unemployed is expected to rise to 190.5 million up from 188 million in 2019, ILO shared in its annual World Employment and Social Outlook report. On the other hand, the UN body emphasized that some 285 million people worldwide are considered underemployed, meaning they either work less than they want to, have given up searching for work or otherwise lack access to the labour market.
The ILO report further highlights that more than 60 percent of the global workforce currently work in the informal economy, often toiling for substandard wages and lacking basic social protections.
The report by UN body shows that nearly half a billion people across the globe lack decent jobs. Is it the lack of job readiness that had led to this situation? Or does this mean that there are not enough decent job roles for companies to offer?
As per ILO chief Guy Ryder, "For millions of working people, it is becoming increasingly difficult I think to build better lives through work."
He added that "persisting and substantial work-related inequalities and exclusion" were preventing many from finding decent work.
Before the situation for the talent market worsens and the quality of work further takes a dip, it is essential that all the stakeholders in the ecosystem from government to academia to organizations, join hands and work together to solve the issue of unemployment and underemployment.