Daily News

View All News

Online talent platforms could help 540 million, raise global GDP

June 08, 2015

As many as 540 million people globally by 2025 could benefit from online talent platforms such as Upwork (formerly Elance-oDesk) and Uber as well as job boards that match candidates with job advertisements, according to a report by the McKinsey Global Institute. 

“As many as 230  million could shorten search times between jobs, reducing the duration of unemployment, while 200 million who are inactive or working part-time could work additional hours through freelance platforms,” the report stated. “As many as 60  million people could find work that more closely suits their skills or preferences, and another 50  million could shift from informal to formal employment.” 

Countries such as South Africa, Spain and Greece, which have high unemployment and low participation rates, would benefit the most, the report said. 

In addition, online talent platforms could inject momentum into the job markets and increase employment by 72 million full-time equivalents by 2025, adding $2.7 trillion to global gross domestic product. 

The McKinsey report is available online.