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Statistics in the job market

Below, we will present some general statistical data concerning employment rates, gender inequality in the labor market, youth unemployment, and the impact of technology on the job market.

According to studies, the global workforce size is estimated to be around 3.5 billion people worldwide. The global employment rate for adults working worldwide stands at 55-60%. However, a significant percentage of the global unemployment rate, which is around 5.4% according to estimates from the International Labour Organization (ILO) for 2023, is noteworthy.

If we focus on the inequality that exists in the labor market between the two genders, we will notice interesting statistical data. Specifically, the global participation rate in the labor force for women is about 47%, compared to 74% for men, while there is also a large wage gap. On average, women globally earn about 16%-20% less than men for the same work, although this gap varies by country.

Many companies, even countries, have been seen trying to change the above statistics. They aim to reduce the gap between the two genders, as well as their wage differences. A modern company should address such issues quickly, as beyond the irrationality of this gap, society and the modern consumer demand it.

In the above statistics, the major issue of youth unemployment is also added. Youth unemployment (ages 15-24) is significantly higher than the general population, with an average of 12-13% worldwide. In fact, the NEET (Not in Education, Employment, or Training) rate calculates that 22% of youth worldwide fall into this category, which is worrying by itself. With the aging population in many areas, outnumbering the working population, the future seems bleak, as the problem of the lack of suitable human resources is likely to intensify in the coming years.

Finally, the impact of technology on the job market comes into play. Due to the previous statistics (mainly youth unemployment), it is expected to play a significant role in the development of businesses. More specifically, automation, artificial intelligence, and digital transformation are expected to displace or change more than 85 million jobs by 2025, according to the World Economic Forum, while also creating many new job opportunities. For accuracy, the same technological advancements are expected to create more than 97 million new roles in areas such as artificial intelligence, data science, and green technologies.