Globally, there is an uneven balance between proficient workers and the amount of available jobs matching their skill level and expectations, according to the International Labour Organization (ILO).
The ILO released the 9th edition of the Key Indicators of the Labor Market on November 16 and parts of it aren’t pretty when it comes to the state of higher education around the world. Though the education level of the worldwide workforce is improving, this increase in higher education doesn’t necessarily translate to lower unemployment on a global scale.
Of the 64 participating countries, the report indicates that all but 2 demonstrate a measurable increase in share of the workforce with a tertiary education over the last 15 years. The largest rise in education was observed in Canada, Luxembourg and Russia. However, individuals with secondary level education don’t necessarily posses an improved chance of locating and securing a job. Tertiary graduates may be less likely to be unemployed in high income systems, yet more likely to be unemployed in low or middle income economies.
The report also indicates that workers in high income countries produce 62 times the yearly output of a worker in a low income system and 10 times that of an employee in a middle income economy. Nonetheless, middle income economies have documented the most productiveness during the last 15 years.
Unfortunately, the average unemployment figures from 112 countries with comparable information increased in 2007-2014, from 6.4 percent to 7.2 percent.
Unless the mismatch between competent workers and the number of accessible jobs is addressed, a decline in economic growth and development may be felt internationally.
