The increasing competition in the global

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The increasing competition in the global

The increasing competition in the global

The distinguished research professor from Cardiff University in the United Kingdom argues that increasingly, graduates in many countries will not just compete for graduate-level jobs within their country, but with university graduates from many other countries who are willing to accept more modest wages.

This competition for jobs is fuelled by several global trends, including an explosion of higher education across the world.

Q What exactly is the global auction for talent and is it still happening? A Central to the global auction thesis is the view that the competition for jobs has shifted, from one largely restricted within clearly defined national boundaries to a global auction open to competition across borders.

While this has created new employment opportunities, many university graduates in developed economies, including Britain and the United States, are confronted with a reverse or Dutch auction in which they are competing with much cheaper graduates in countries like India and China.

There is an explosion in the supply of university-educated workers in both affluent and emerging economies.

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It is driven by several trends, including the massification of higher education. Take China, for example. Inthere were about million graduates in the Chinese workforce. Bythis figure is expected to rise to million. And similar dramatic growth in university enrolment is evident in India.

So there is more congestion and intense competition in the job market. There is also intense competition in education - where you have students trying to outdo each other to gain an advantage. The other trend to watch is companies now having the capacity to integrate webs of high-skilled labour across global operations.

They now cast a wider net for the cheapest workers with the skills they need, turning the contest for graduate-level jobs into a "global auction". While employees want to increase the value of their labour and earn higher wages, companies want to maximise profits and aim to lower their labour costs.

So they will go where they can find workers with the skills they need, but who are prepared to accept more modest wages. Q What other trends are driving this? A Another trend we talk about is Digital Taylorism - where white collar work is being broken down into elements. Taylorism refers to the large-scale, assembly-line manufacturing principles laid down by US industrial engineer Frederick Taylor.

Digital Taylorism occurs when white-collar work is broken down, standardised and computerised such that it can be delivered by lower-skilled but cheaper workers. New technologies have increased the potential to translate knowledge work into working knowledge, leading to the standardisation of an increasing proportion of technical, managerial and professional jobs.

Analysing X-rays, drawing up legal contracts and processing tax returns are examples of jobs that have been hit by this trend.

Even bank jobs are not protected. There are already "financial services factories", as banks and insurance companies continue to break down tasks into a series of procedures that can be digitalised. Q With such a challenging graduate job market, should Singapore be increasing its university cohort participation rate to 40 per cent?Aon Inpoint Global Cyber Market Overview: Uncovering the hidden opportunities 3 Introduction Highly publicized attacks on blue chip companies, announcements of alliances formed between.

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