McKinsey – Future of Work, 2024

The McKinsey Global Institute was established in 1990 and aims to provide fact-based research on critical economic and business issues. Their research is divided into five major themes, including productivity, human potential, and technologies of the future. Their latest research on the future of work predicts significant shifts in labor demand due to automation and AI, with up to 30% of current hours worked potentially being automated by 2030. Europe and the United States may require millions of occupational transitions by 2030, with a focus on upgrading skills to meet changing demands. Businesses will need to prioritize retraining workers to meet skill needs, especially in advanced technology and critical thinking. Failure to address these challenges could lead to a polarized labor market and hinder productivity growth. However, embracing accelerated technology adoption and proactive worker redeployment could lead to significant productivity gains and better societal outcomes.