Randstad and SEO launch labor market study
Randstad and SEO launch labor market study Bridging the GapLabor reform needed to solve 15% employment gap
The Lisbon employment targets for 2010 increased labor participation and lower unemployment levels in Europe have not been reached. The main target, setting unemployment at an ambitious 4%, has not been achieved by any EU country. According to Randstads new publication Bridging the Gap, countries that have already reformed their labor markets, however, have performed substantially better than those countries still in need of restructuring.
Bridging the Gap, a study conducted by SEO Economic Research and commissioned by Randstad, looks at current and future issues in the European employment market and gives recommendations to address them.
Participation, productivity and migration
Bridging the Gap shows that a potential employment gap of 15% by 2050 is expected, meaning that Europe will be around 35 million people short due to an aging society, compared to its labor requirements. Even if the gap can be filled in terms of quantity, a mismatch of skills is likely. The solution? A combination of increased participation, productivity and migration. In order to achieve these, businesses will need to adopt modern labor practices such as part-time work and agency work. Flexicurity (striking a balance between employment flexibility and income security) is key for the future European labor market to become and remain dynamic. Employees will also need to brush up their skills to meet the demands of the employment market.
About Bridging the Gap
Bridging the Gap is a follow-up to the 2007 study Mind the Gap, which outlined the skills shortages, aging demographic and declining population in Europe. It also follows on from the 2009 publication Drivers of Participation, which focused on driving up employment participation among certain groups, such as older people, women returning to the labor force and the long-term unemployed.