PGIM hires Sancia Dalley to lead DEI investment strategies
Continuing PGIM’s long-standing commitment to economic equity in asset management.
NEWARK, N.J., Nov. 2, 2023 – Global labor markets are at a critical turning point, with significant structural changes underway that will create future labor shortages, inflation and headwinds to economic growth. New research from PGIM, the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), explores how macroeconomic forces are reshaping the global workforce and economy.
In “The Transformation of Labor Markets: Winners and losers in a new era,” the latest in PGIM’s Megatrends research series, PGIM examines the drivers transforming global labor markets and the impact for investors determining future leaders and laggards across industries, regions and countries.
“Profound structural changes to labor markets were already underway prior to COVID-19,” said Shehriyar Antia, head of Thematic Research for PGIM. “The combined effects of tighter labor supply, growing labor market mismatches, the rise of AI and the pushback on globalization will have a major impact on growth and inflation around the world.”
KEY FORCES DRIVING GLOBAL LABOR MARKETS
In the report, PGIM identifies four forces underpinning structural change in labor markets:
“Technology and trends like the reshoring of supply chains are increasingly creating labor mismatches across advanced economies,” added Taimur Hyat, PGIM’s chief operating officer. “This research points investors to where companies will find the skills they need to grow — an important factor to consider when making long-term investment decisions.”
TODAY’S REGIONAL LEADERS FACE CHALLENGES IN THE NEW ERA
“The reshaping of labor markets will create a new set of winners and losers by industry and region, added Taimur Hyat, PGIM’s chief operating officer. “It’ll be essential for investors to understand the far-reaching implications of these new dynamics” In the report, PGIM creates a framework for evaluating labor supply, labor quality and policy environment.
The study finds that many of the current leaders will struggle to meet future demands for labor. Meanwhile, new and unexpected nations are better placed to take advantage of the labor transformation. The findings include:
A DEEPER DIVE INTO THE U.S.
PGIM also collaborated closely with the Brookings Institution to take a more granular look at the labor characteristics of U.S. states and cities. The study found:
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a global investment manager with more than $1.2 trillion in assets under management as of September 30, 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.