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Thursday, June 16, 2005
"Offshoring" of service jobs to low-cost countries has reached fever pitch in the past few years, with concern in much of Europe and the US that such developments could be a big source of unemployment.McKinsey Global Institute's research suggest that the fears are overblown.Even though the supply of young people in low-wage economies with good educational qualifications is likely to increase substantially in the next decade, demand for employing them in their own nations in jobs transferred from rich countries is likely to be muted, the report says.Many of them lack the work-related experience and aptitude that foreign companies are looking for. The study brings the distinction between graduation and thinking skills and says in the developing world this is overlooked. The report indicates that even though many manufacturing jobs have migrated from rich countries to emerging economies over the past 10 years, due to cost-cutting pressure, the service sector is unlikely to see the same trend.
Category : Offshoring |
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