This is an excellent, MUST READ article from Stefano Scarpetta, published by Project Syndicate.
Stefano Scarpetta is Director for Employment, Labor, and Social Affairs at the Organization for Economic Cooperation and Development.
Whilst I identified very much with Scapetta’s analysis of the post 2008 jobs crisis in developed countries, I do not feel that the solutions are radical enough. In my view, the crisis has been prolonged unnecessarily by policies of excessive austerity in London, Washington and Berlin. The steer from Berlin has prompted the European Commission to to insist upon excessive austerity in Southern Europe that has triggered enormous economic, social and political challenges not seen for generations.
Boston Consulting Group (BCG) refers to this group as the “Millennials Generation”. According to BCG, there are 79 million Millennials (aged between 16 and 34) in the US (compared to 76 baby-boomers). BCG highlights the Millennials for their distinguishing features, namely:
- Avid use of technology
- Changing media-consumption habits
- Entry into the work place.
BCG identify that major market-oriented companies are changing their offering and pitching more towards the Millennials.
Surely, it’s time for Governments in mature countries, like North America and Europe, to turn to radical policies to effectively deploy the Millennials Generation?