Today, 40 million workers across advanced economies are unemployed. Yet businesses can't fill job openings because they can't find qualified workers. This labor market dysfunction is a manifestation of the rapid evolution of the nature of work and the inability of worker skills -- and labor market institutions -- to keep up with the pace of creative destruction in business. As a result of these changes, many jobs that were lost during the recession may be gone for good -- bad news for the workers who held them and perhaps for the economies in which they live, too. To meet the long-range challenge, wealthy nations will need to find new approaches that go beyond simply stimulating growth.
Here are five trends from the McKinsey Global Institute's latest discussion paper, "Help wanted: The Future of Work in Advanced Economies," that explore the forces shaping which jobs are created, who fills them, where they are located, and what they pay.