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This report, on strengthening the link between Growth and Employment, presents a brief update on recent economic and labour market developments in the G20, looks at the relationship between growth and employment, and discusses how to make the feedback positive and stronger.
The OECD very much welcomes the Turkish Presidency’s choice to focus on the three I’s of inclusiveness, implementation, and investment. Within these priorities, employment policies have an important role to play and the OECD is pleased to have contributed to the preparation of your meeting today, including the development of the key policy principles and frameworks.
The combination of work and study has been hailed as crucial to ensure that youth develop the skills required on the labour market so that transitions from school to work are shorter and smoother. As a result, many governments encourage learning on the job, particularly when it comes as part of certified programmes such as vocational education and training pathways (VET) or apprenticeships.
This report provides a detailed diagnosis of the youth labour market and education system in Latvia from an international comparative perspective, and offers tailored recommendations to help improve school-to-work transitions. It also provides an opportunity for other countries to learn from the innovative measures that Latvia has taken to strengthen the skills of youth and their employment outcomes, notably through the implementation of a Youth Guarantee.
Latvia should step up its efforts to improve the employment prospects of young people by continuing to reform its vocational education system and pursuing the commitments made as part of the Youth Guarantee to further reduce the share of young people under 30 who are not in employment, education or training.
Countries where skills are less equally distributed tend to have higher wage inequality. Putting skills to better use can help reduce wage inequality, by strengthening the links between workers’ skills, productivity and wages.
Human capital is key for economic growth. Not only is it linked to aggregate economic performance but also to each individual’s labour market outcomes. However, a skilled population is not enough to achieve high and inclusive growth, as skills need to be put into productive use at work.
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OECD countries are seeing a trend away from traditional employment towards part-time and temporary work and self-employment. However, there are concerns that part-time and temporary work are contributing to inequality and poverty. Policy needs to focus on ensuring that these "non-traditional" jobs are stepping stones to better jobs, not dead ends.
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Addressing poor labour market outcomes for youth will require measures to boost job creation, increase employability through better education and training, promote entrepreneurship, improve job quality, and strengthen social protection.
At OECD, the relationship between skills and the labour market is the object of in-depth research and policy analysis. This includes the measurement of skill requirements in the Survey of Adult Skills (PIAAC), thematic analysis on the links between skills and key labour market outcomes, as well as the assessment and policy response to changing skill needs.