Mckinsey Global Institute, Michaela Krishna, Mckinsey discussed on Workplace Perspective
Host founder and principle attorney at Sapphire Legal Theresa McQueen. You James and welcome everyone to workplace perspective where we are striving to raise the bar at workplaces everywhere today. We're talking with Michaela Krishna on a mess up your name the whole time. I'm telling you now. A senior fellow at the McKinsey Global Institute Michaela leads the McKinsey Global Institute research on Gender Economics inclusive growth and economic development. She has co authored a McKinsey Global Institute report entitled. The Future of women at work transitions in the age of automation. This report takes a fascinating look at at the workplace of the future with an eye towards the impacts of automation on careers and lives of women around the glove. Today's show it'll be sharing her thoughts and insights on this report and its overarching message of inspiration and hope. It's going to be a great show. Go Way we'll be right back. The opinions expressed by guests on workplace perspective. Do not necessarily reflect those of Sapphire legal or it's attorneys. Ed should not be considered legal advice. Your listening the workplace perspective and Employment Law podcast presented by Sapphire legal. Welcome back everyone and welcome to work. Place Perspective Michaela. Thanks to research to be on. I'm really excited to have you on. But before we start. It's you tell everyone a bit about who you are and what you do. Yeah my name is Michael Krishnan. I'm a senior fellow at the McKinsey Global Institute which is McKinsey and Company's business and Economics Research on where essentially a think tank that sits inside of McKinsey and Company at McKinsey. I do research on a whole range of topics I look at questions. Related to productivity growth is steady climate risk but for the purposes of this podcast Group of work that I do has to do with women. And they're all enable markets. And HOW DIFFERENT TRENDS SHAPING? Labor markets could impact women well. We're super excited to have you on the show and I'm really excited to talk about this report. I have read it and I thought it was just fascinating so again. The report is titled The future women at work transition in the age of automation. You are a CO author. So why don't you tell on listeners? A little bit about the report. Mommy start yeah absolutely so of course a lot of reports out there that talk about the future of work but we based on the broader research we've done about women's role in labor markets that the future work is not likely to impact men and women equally. We wanted really try and understand. What could women experience as we move into the future of work as friends like automation reshape labor markets so really wanted to try and understand the impact it could have on men distinct from the impact could have on women and then through? That's start to explore women position to make the most of the trends that we may see in the future and how we may be able to put in place practices and policies to help support women make suitable transitions to the future wolf. We also as we did. The work look across ten. Different countries both developed as well as emerging economies So happy to talk more about that as we go through Sunday station. One of the things. I'm going to jump because I think it's amazing the idea. It's sort of counterintuitive. So when you even say it. Impact men and women differently. My mind automatically goes to disadvantaged but the report actually the statistics student support. That did it. Yeah absolutely so on the one hand way. So you still conversation that says Women are disadvantaged in the Labour Market. And of course that is true and we can talk a little bit more about that later on but when you purely think about trends related to the future works on the one hand how men and women could be impacted by automation. We find that actually men and women be equally impacted by automation could impact about twenty percent of the jobs that women hold about ninety percent of the jobs that men hold. And that's not surprising. When you think about the types of automation technologies. We're talking about today. It's robots factories which could disproportionately impact men's men walkin factory jobs but it's also virtual assistance in an office setting or cashier self-checkout in retail setting which could disproportionately impact women so net net roughly equal impacts of automation on both men and women. The future walk is not just about automation. It's also thinking about what opportunities there are for jobs to be created so as companies for example investing in new technologies. They're going to need a workforce to support those technologies are as we see trends like aging populations we expect to see increase in demand for sectors like healthcare as we see New Needs in the workforce incomes of skills. We're going to see increased demand for sectors like and these are sectors that disproportionately employed women today. So when you think about the trends that we see in terms of growth opportunities many of the various sectors that are likely to grow are the ones that women are in today and so in that sense women may be well positioned to take advantage of some of these trends and I think so. Let me talk about the the because I want to transition and talk about that but go back a little bit and talk about some of the challenges that women face in the world as we look forward to this age of automation. Absolutely so when you think about these job losses from automation that I described with the job gains from other opportunities what that means in one word transition right so people are going to have to switch occupations. They're going to have to reschedule themselves. So this is going to be a time that requires large amounts of change and so as woke US looked navigate. This basically three things that they need. They will need to reskill themselves. They will need to be more violent flexible and they will need to in some way work with technology and women unfortunately face challenges all of three fronts the very barriers that we experienced the in in our day to D- as women could impact their ability to navigate. These transitions to the future. Work and these transitions are going to be enormous. We expect that forty one hundred sixty million women globally. That's up to one in four women. Me Need to change occupations as possible. What between before these? That's a huge amount of change disruption according and women in particular may find these changes challenging when we think about skills for example we know in many countries women have lower educational attainment rates than men. Women also frankly have less time than men to reskill right so across the world. We find that women might do three times. The amount of unpaid work in the home so things like cooking cleaning watching children so now not only will they have to work in paid work do their whilst they also need to find time to reskill themselves. Women have challenges related to mobility and flexibility. This is everything from a lack of sponsorship. That may make changing jobs and occupations. Hard for women to issues in many parts of the world that have to do with Transportation lack of transportation infrastructure which makes make challenging women to reach workplaces slightly different issues when we look at developing developing economies but mobility and flexibility is a big challenge and this challenge of technology and access to technology across the world men to use technology. Much more than women. And if we are moving into a workforce it relies on technology that means women not have the right skills Women are also or less prevalent in technology creation. Rules about twenty percent of tech jobs belong to women. Eighty percent belong men so as creators of these technology that also added disadvantage. So love. That point I love that point because there's something in the report that talks about the fact that there would be the nutrition rate the gender issue would go away if more women were actually involved in the creation of technology as opposed to just being users of technology. Can you speak to that a little bit? Yeah absolutely so you know.