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What can manufacturers do to attract and retain Gen Z workers?

Help wanted? Help needed: Labor market challenges

4 scenarios for growth by 2030 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

Brought to you by Alex Panas, global leader of industries and senior partner & Axel Karlsson, global leader of functional practices and senior partner

New from McKinsey & Company

As advanced economies around the world emerged from the 2008 financial crisis, they began an arduous journey toward protracted recovery. Today, labor markets in these advanced economies are still among the tightest in two decades, with the number of job vacancies per unemployed person having increased by more than four times on average by 2023.

How does labor tightness affect economic productivity and output? In this data-driven report by the McKinsey Global Institute, senior partner Olivia White and coauthors say that “GDP in 2023 could have been 0.5 percent to 1.5 percent higher across these economies if employers had been able to fill their excess job vacancies.” What’s more, since 2010, countries that have increased GDP fastest have done so primarily by adding more jobs rather than by tackling the harder job of improving productivity. Now, to maintain their current level of growth, advanced economies will need to find ways to both expand the workforce and boost productivity.

To be better prepared for the future, explore these insights to learn more about labor market tightness and the productivity imperative.

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