The first two decades of this century have seen much change to the working environment. For one, the overall employment figures have risen, though the markets are more polarized than ever before. Talent recruitment hasn’t abetted, but real wages haven’t risen. There is good news for the consumers, in the sense that discretionary goods and services are now cheaper. Other basics including housing though have risen in pricing. Even though they now matter more than ever before, institutional and individual savings have stagnated. Instead of embracing their true responsibility, institutions have shifted the same to individuals. The presence within the diverse socio- economic groups is largely determining the real outcomes for consumers, savers and workers. This is in many ways, how the social contract is being adapted for the ongoing century.

Source:https://www.mckinsey.com/industries/social-sector/our-insights/the-social-contract-in-the-21st-century

Uploaded Date:24 March 2020