Short-Term Measures Needed to Boost North America's Labour Market Resilience, According to GLRI 2022

    DUBAI, UAE, February 12, 2022 /24-7PressRelease/ -- Whiteshield Partners, a global strategy and public policy advisory firm, has launched its Global Labour Resilience Index (GLRI) 2022 in collaboration with CEMS, a Global Alliance in Management Education.

The index ranked 145 countries in terms of their resiliency in labor markets, policies, and key capabilities to face crises such as COVID-19, technological disruptions, and transition to a green economy. Alongside structural vulnerabilities, it gauged countries on their ability to mitigate crises, recover, create jobs, and align themselves with future trends.

The Index also highlighted vulnerabilities such as stagnant labour market performances and stalled resilience which caused too many countries to be left behind.

The USA and Canada ranked next to each other with GLRI scores of 72.09 and 71.09, respectively. Despite the region's strong performance, the USA's ranking dropped three places over the last five years, and Canada descended by one.

Both countries performed better on cyclical resilience than structural; hence, they could use short-term measures to enhance labour market resilience. Of the two nations, it is notable that Canada has the largest gap between the structural and cyclical scores, which means a greater potential to improve short-term policy reforms.

Nobel Prize Winner in Economics Sir Christopher Pissarides, Special Advisor & Director at Whiteshield Partners, said: "The GLRI assesses the resilience of labour markets and highlights priority areas to strengthen resilience. One notable urgency is the need for both the public and private sectors to work together in developing and implementing strategic policy reforms to address long-term impacts of any disruption in labour markets."

Fadi Farra, Founder and Partner at Whiteshield Partners, emphasized: "Crises like the Covid-19 pandemic have prompted decisive actions to reduce gaps in labor markets. Policymakers need to transform temporary or short-term fixes into structural changes as we move towards the recovery phase. This will ensure systems are more resilient should there be future disruptions."

Whiteshield Partner's GLRI is launched annually in Davos and provides a guide for the public and private sectors in developing policies to improve employment-related inclusivity and increase efforts in building a resilient labor market, particularly in unforeseen economic, social, or health-based crises.

The full report is available on www.whiteshieldpartners.com or get in touch with [email protected] or [email protected].

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