The International Labour Organization (ILO) has warned that it will take at least five years for employment in advanced economies to return to pre-crisis levels and separately the OECD (Organisation for Economic Co-operation and Development) said it was critical that rescue plans by Euro leaders were followed through.
In its ‘World of Work Report 2011’ the ILO said a stalled global’ economic recovery had begun to “dramatically affect” labour markets. It said 80 million net new jobs would be needed over the next two million years to get back to pre-crisis employment levels.
Meanwhile in its latest projections for G20 economies the OECD forecast China’s growth staying well ahead but slipping from 9.3% in 2011 to 8.6% in 2012 compared with the US at a predicted 1.8% for 2012 and the Euro area a mere 0.3%.
Studies are also showing that the workforce market place is becoming much less dynamic with the number of people leaving their jobs voluntarily having halved in the last 13 years. Whether this is because of concerns with moving into new roles or because employers have gradually become more successful at retaining staff has yet to be researched.