The United Nations’ International Labour Organization released a report in January which paints a pretty hopeless picture for global employment levels moving forward.
Part caused by the global economy’s failure to fully recover from the financial crisis, and partly down to the ever increasing amount of job seekers flooding the market - there are 1 million more job seekers now than there were a year ago - the job market’s soon to hit a period where it’s going to be unable to supply 212 million qualified workers with employment.
The 15-24 age group has been affected by the crisis more than most. The youth global unemployment rate stands at 13%, a figure which is only expected to increase as the job market becomes more fragile.
Yet it isn’t all doom and gloom. There are small pockets which continue to promise its inhabitants prosperity. With reference to the Cities of Opportunity report, this article looks at three cities, in no particular order, which have thriving job sectors.
The world’s cultural hub isn’t a bad bet for employment either. It topped the 2012 edition of the Cities of Opportunity Report and came second in this year’s edition.
Whilst its startup scene isn’t comparable to London’s - the UK’s capital has been called the new Silicon Valley - New York is still one of the United States’ technology and innovation hubs, and was ranked as the fifth biggest startup ecosystem in the world.
It is particularly impressive when it comes to intellectual capital, innovation and technology readiness, making New York’s job market consistently excellent, yet not a world-leader in any one given category.
It’s also one of the most multicultural cities in the world and is known for welcoming immigrants into its community with open arms.
The UK’s capital topped the 2015 Cities of Opportunity Report and was a hair’s breadth away from toppling New York in 2012 as well.
All roads seem to lead to London. The city was by far and away the highest scorer when it came to ‘city gateway’, outlining its ease of access. It also leads the way in terms of technology readiness - a byproduct of the city’s thriving startup scene - and is a consistent high scorer across all the report’s categories.
The job market in London is so strong that it’s been accused of causing the rest of the nation’s cities to fall into depression. The capital now has 10 times more jobs than its nearest rival and accounted for 80% of private sector employment growth in 2010.
Due to EU regulations - which remove the need for EU residents to apply for work visas - the city has a reputation for attracting the continent’s most talented workers. This, coupled with its strong tech sector, makes it one of the best places in the world to find work.
We called Singapore ‘Asia’s innovation hub’ earlier this year, and recent developments have done little to change our mind.
Known for its positive work-life balance, the region’s got an incredibly strong infrastructure and transportation system. This is the platform for its strong performance on the the Cities of Opportunity report and the opportunities it offers.
With a number of prestigious universities situated there, major companies have started to move their operations over to the region in order to take advantage of its graduates. General Motors, for example, recently shifted its non-Chinese operations to Singapore from Shanghai - creating many new job opportunities in the process.
Singapore is Asia’s strongest job market and will surely be a hub for economic activity and job opportunities for a sustained period of time.