The global economic outlook has weakened in 2016 due to challenges including the UK's decision to leave the EU (Brexit) and recessions in several emerging markets such as Brazil and Russia. Global GDP growth projections for 2016 and 2017 have been lowered. The document analyzes economic and labor market trends and forecasts by region, finding subdued or slowing growth across Europe, North America, South America, and parts of Asia due to various country-specific factors. Uncertainty from events like Brexit is expected to further dampen the short-term economic outlook for some regions.

1. THIRD QUARTER | 2016

2. G l o b a l T a l e n t M a r k e t Q u a r t e r l y
Source: IHS Global Insight (July 2016). Annual average estimated/projected growth in real GDP and annual average estimated/projected unemployment rates.2
India
Australia
ChinaJapan
France
Germany
Russia UK
Brazil
Canada
US
Mexico
WORLD
0%
2%
4%
6%
8%
10%
12%
-6% -4% -2% 0% 2% 4% 6% 8% 10%
UnemploymentRate(2016e)
GDP Growth (2016e)
Although the UK’s historic vote to leave the European Union (Brexit) will have significant adverse effects on the country’s short-term economic
prospects, as well as lowering the outlook for the rest of Europe, negative impacts outside of the region are projected to be somewhat limited. Still,
the Brexit decision, along with other challenges including recessions in several key emerging markets (Brazil, Russia, and others), have lowered
global growth expectations for 2016 and 2017 and raise several questions about the strength of the world economy over the longer term.
Q 3 ‘ 1 6
G L O B A L E C O N O M I C &
L A B O R M A R K E T S N A P S H O T
0% 1% 2% 3% 4% 5% 6%
2018p
2017p
2016e
2015e
G D P G r o w t h
WORLD
AMER
EMEA
APAC
0% 2% 4% 6% 8% 10% 12%
2018p
2017p
2016e
2015e
U n e m p l o y m e n t R a t e
WORLD
AMER
EMEA
APAC

3. G l o b a l T a l e n t M a r k e t Q u a r t e r l y
Sources: IHS Global Insight (July 2016); SIA Latin America Legal Update, Q2 2016; SIA North America Legal Update, Q2 20163
Although the recession is expected to persist in the short
term, the Brazilian economy may be bottoming out. There
is some optimism as a new government and economic
team take control, but the labor market will be slow to
recover, with unemployment projected to climb.
1.1% 1.2%
2.3% 2.4%
6.9% 7.1% 6.9% 6.6%
2015 2016 2017 2018
GDP Growth Unemployment
Lower oil prices and the Alberta wildfires suppressed
economic growth in the first half of 2016, but Canada’s
GDP is expected to accelerate in the second half and in
the coming years. The unemployment rate has begun to
edge down from above 7% at the beginning of the year.
The US economy is expected to grow just under 2% in 2016.
The labor market is similarly healthy but not robust. Job
gains have averaged 186,000 per month through the seven
months of 2016—below the 229,000 per month pace seen
in 2015, but still decent for this point in the economic cycle.
A somewhat sluggish year is in store for the Mexican
economy in 2016, dampened by lower US economic
prospects. Unemployment will continue to fall slightly in
the coming years, as more formal jobs are created,
spurred by ongoing labor market reforms.
A M E R
-3.9% -3.6%
-0.7%
1.5%6.9%
10.0% 9.5% 9.4%
2015 2016 2017 2018
GDP Growth Unemployment
North American markets are expected to show somewhat subdued growth in 2016, held back by the recent drop in oil markets along with global
uncertainty. Some acceleration is projected for the second half of the year, and in 2017 and beyond. In South America, Brazil, along with other key
markets including Venezuela and Argentina, remain in recession with sky-high inflation rates and other significant challenges.
BRAZIL
CANADA
2.4% 1.9% 2.4% 2.4%
5.3% 4.8% 4.7% 4.7%
2015 2016 2017 2018
GDP Growth Unemployment
US
2.5% 2.2% 2.2% 3.4%
4.4% 4.3% 4.1% 4.0%
2015 2016 2017 2018
GDP Growth Unemployment
MEXICO
L E G I S L A T I V E
H I G H L I G H T S
U N I T E D S T A T E S
An increasing number of states and
cities are adopting ordinances that
require employers to offer paid
leave. San Francisco became the first
city to introduce employer-funded
paid parental leave, which provides
six weeks of parental leave at 100%
of the employee’s rate of pay.
California already has a parental
leave mandate that pays 55% of the
salary, a rate that will rise to 60-70%
following a new bill. New York also
introduced a new paid family leave
program, while Vermont passed a
state-wide paid sick leave law.
U R U G U A Y
Uruguay has enacted a decree that
implements a regulatory framework
for the recruitment industry. The
decree also states that the Ministry
of Labor will foster cooperation
between public employment
services and private employment
agencies. The goal is for public and
private organizations to work
together to promote decent work
and encourage job creation.

4. G l o b a l T a l e n t M a r k e t Q u a r t e r l y
4
Economic activity in France is expected to be relatively
muted in the last half of 2016 and decelerate in 2017, with
uncertainty from the Brexit vote and recent terrorist attacks
clouding the outlook. Labor markets have shown some
improvement in 2016, but remain relatively challenging.
1.4% 1.6% 1.4% 1.6%
6.4% 6.2% 6.4% 6.5%
2015 2016 2017 2018
GDP Growth Unemployment
The German economy continues to perform solidly
despite broader unfavorable conditions in the region. A
lower reliance on exports and strong consumer demand
are boosting the labor market, given the relatively higher
labor intensity of consumer goods and services.
Major political, economic, and labor market uncertainty is
expected to follow the vote to leave the European Union,
although the extent of the impact will likely not be known
until it is more clear when and how the separation will
occur. In any case, the outlook is certainly more pessimistic.
The pace of contraction in the Russian economy seems to
have slowed as oil prices and the rouble have stabilized,
but recession is likely to persist until 2017. The official
unemployment rate has been stable, but purchasing
managers' index (PMI) reports indicate job losses.
E M E A
1.2% 1.4%
0.6%
1.3%
10.4% 10.2% 10.8%
9.7%
2015 2016 2017 2018
GDP Growth Unemployment
FRANCE
GERMANY
2.2%
1.6%
0.2%
1.3%
5.4% 5.1% 4.8%
6.2%
2015 2016 2017 2018
GDP Growth Unemployment
UK
-3.7%
-1.8%
0.3%
1.8%
5.6% 5.8% 5.8% 5.1%
2015 2016 2017 2018
GDP Growth Unemployment
RUSSIA
L E G I S L A T I V E
H I G H L I G H T S
T U R K E Y
A new draft law allows private
employment agencies to facilitate
temporary employment relationships.
Previously, private employment
agencies could only act as
intermediaries for permanent
employment. The new law stipulates
that temporary employment is only
permissible in the case of maternity
replacement, seasonality, periodic
‘non-core’ employment and when
there is a significant increase in
workload. It also states that
temporary workers should receive
the same pay as equivalent
permanent workers.
G E R M A N Y
In June 2016, a revised version of the
draft law on temporary employment
was adopted by the Federal Cabinet.
Among the changes in the bill is a
provision that allows trade unions and
employers the ability to establish
exceptions to maximum assignment
durations in collective agreements.
Following the UK’s decision to withdraw from the European Union, economic and labor market forecasts for the EMEA region have been
downgraded. Uncertainty is projected to have a significant dampening effect in the short term, particularly in the UK and the rest of Europe. Long-
term effects of the vote are even more uncertain, and will likely depend in large part on the management of the transition process.
Sources: IHS Global Insight (July 2016); SIA EMEA Legal Update, Q2 2016; lexology.com

5. G l o b a l T a l e n t M a r k e t Q u a r t e r l y
5
Exports will drive Australia’s near-term economic growth,
with the greatest threat coming from China’s weakening
demand outlook. Although job creation is expected to
continue, labor force participation may also slowly improve,
keeping unemployment rates near current levels.
7.5% 7.5% 7.4% 7.7%
8.7% 8.5%
8.0%
7.6%
2015 2016 2017 2018
GDP Growth Unemployment
The Chinese economy is expected to slow in the second
half of 2016 and into 2017, as it struggles with excess
industrial capacity and housing inventory, and a debt
bubble. Weakening worker demand is not reflected in the
unemployment rate, but shows in rising jobless claims.
After a weak and volatile 2015, Japan’s GDP growth picked
up slightly in the first half of 2016 but is forecast to fall
again in the second half. Steady worker demand is keeping
unemployment low, but wages have yet to see any uptick
from the tight labor market conditions.
Robust consumer consumption is propping up India’s
continued strong GDP growth, but manufacturing may be
weakening. A government coalition has been tasked with
formulating a job creation plan that will help absorb the
10 million youth that enter the labor force every year.
A P A C
2.5% 2.7% 2.3% 2.5%
6.1% 5.8% 5.6% 5.6%
2015 2016 2017 2018
GDP Growth Unemployment
The APAC regional economy is expected to slow somewhat in 2016, softened by weakness in China and Japan as well as some negative impacts
on export activity arising from the Brexit vote. Still, the APAC region continues to lead global growth.
AUSTRALIAINDIA
0.6% 0.5% 0.7% 0.9%
3.4% 3.2% 3.4% 3.4%
2015 2016 2017 2018
GDP Growth Unemployment
JAPAN
6.9% 6.5% 6.2% 6.4%
4.1% 4.2% 4.2% 4.2%
2015 2016 2017 2018
GDP Growth Unemployment
CHINA
L E G I S L A T I V E
H I G H L I G H T S
S O U T H K O R E A
According to the recently enacted
"Guidelines for Job Security for
Fixed-Term Workers,“ fixed-term
workers who are engaged in regular
or continuous work for more than
two years are now expected to be
converted to permanent employees.
The guidelines also contain
provisions that require workers of all
types to be treated equally.
S I N G A P O R E
New guidelines aim to ensure that
workers on fixed-term contracts
receive their entitled leave benefits.
Workers with at least 3 months
continuous service are entitled to
annual, sick, maternity/paternity and
other forms of leave, but some
employers place workers on
separate short, fixed-term contracts
to avoid meeting this obligation.
New amendments to the
Employment Act also require
employers to record and issue
detailed pay and employment
contract information.
Sources: IHS Global Insight (July 2016); SIA APAC Legal Update, Q2 2016; lexology.com; Economic Times, 07.12.16

6. G l o b a l T a l e n t M a r k e t Q u a r t e r l y
6
W O R L D
G L O B A L TA L E N T S P O T L I G H T :
C L O S I N G T H E G E N D E R G A P
G R E A T E R E Q U A L I T Y , G R E A T E R G R O W T H
Gender equality—both in the workplace and in society at large—is a challenging issue that involves complex
attitudes, ideas, and choices for both women and men worldwide. New research from McKinsey Global Institute
suggests that improving the global gender gap, particularly in the labor market, could have broad-ranging
economic benefits.
Women account for around half of the global working age population, but only generate 37% of GDP, according to
McKinsey. If women participated in the workforce to the same extent that men do—in terms of labor force
participation, hours worked, and sectoral representation—as much as $28 trillion in additional GDP could be
added by 2025. This represents a 26% increase over a business-as-usual case, or roughly the equivalent of the
current economies of the US and China combined.
This full-potential scenario would require significant shifts in both attitudes and behaviors, and is not likely to
occur over the course of a decade. So McKinsey has also calculated an alternate scenario in which each country
bridges its gender gaps at the same rate as the best country in its peer group. If all countries were to match the
progress of their historically best-performing peers, global GDP could still be boosted by as much as $12 trillion by
2025—or as much as the current economies of Japan, Germany, and the UK combined.
Increasing the participation rates of women worldwide would have the greatest effect on GDP growth—according
to McKinsey, more than half (54%) of the potential incremental economic growth would come from raising female
labor force participation. Reducing part-time employment for women and shifting women’s employment into
higher productivity sectors would contribute another 23% each of the total economic opportunity.
Sources: The Power of Parity: How Advancing Women’s Equality Can Add $12 Trillion to Global Growth, McKinsey, 2015; Delivering the Power of Parity: Toward a More Gender-Equal Society, McKinsey, 2016; World Bank
$ 1 2 T T O $ 2 8 T I N A D D I T I O N A L G D P B Y 2 0 2 5 F R O M G E N D E R P A R I T Y
$0
$20
$40
$60
$80
$100
$120
$140
$160
Current GDP Business as Usual
Growth through
2025
2025 Business as
Usual GDP
2025 Incremental
Growth from Best-
in-Region
Performance
2025 Additional
Incremental Growth
from Full Potential
Performance
Total 2025 Full
Potential GDP
$12 T
11% growth $28 T
26% growth
37%
Male % contribution to GDP
Female % contribution to GDP
50%37% 54%
23%
23%
Greater Female Labor Force Participation
Increase Women's Working Hours
Shift into High-Productivity Sectors
I N C R E M E N T A L G D P
O P P O R T U N I T Y
0% 20% 40% 60% 80% 100%
US
UK
Russia
Mexico
Japan
India
Germany
France
China
Canada
Brazil
Australia
Female
Male
L A B O R F O R C E
P A R T I C I P A T I O N R A T E S
GDP
$T

7. G l o b a l T a l e n t M a r k e t Q u a r t e r l y
7
I N D U S T R Y
W O R K F O R C E S O L U T I O N S S P O T L I G H T :
W O R K I N G I N T E A M S
Sources: Kelly Global Workforce Index 2014-2015; Deloitte Global Human Capital Trends 2016
N E W O R G A N I Z A T I O N A L S T R U C T U R E S
E M B R A C E F L E X I B I L I T Y , C O L L A B O R A T I O N
The traditional top-down, hierarchical workplace structure is slowly
going the way of the typewriter and the three-martini lunch, as more
organizations are redesigning their org charts to include dynamically
configured networks of teams. This new structure is appearing in
businesses and other organizations, as they decentralize authority and
form more flexible structures that communicate and coordinate
activities in new and innovative ways. In the new structure, workers
can move around the organization to empowered, mission-oriented
teams, and are encouraged to embrace collaboration and a shared
culture. According to Deloitte, redesigning the organizational structure
is the number one challenge facing businesses in 2016, with more than
80% of respondents saying that they are either currently restructuring
their organization or have recently completed the process.
Among the drivers of this new organizational shift are the digital
revolution, which allows disparate teams to communicate, collaborate,
and liaise using a variety of tech tools. Increasing globalization and a
greater customer focus are also causing organizations to turn to more
adaptive and nimble structures. And finally, the changing face of the
workforce—increasingly younger, more diverse, and more
contingent—is prompting businesses to embrace greater flexibility.
According to Kelly Services’ research, breaking down organizational
silos is one way to attract and keep top talent: a highly collaborative
work environment is the top feature of an ideal workplace for global
workers (particularly among professional/technical roles). But it also
showed that employers have some way to go in redesigning their
organizations. Less than half (47%) of global workers believe that their
employer’s organizational structure promotes collaboration/ inclusion.
97% 95% 94% 92% 91% 90% 90% 89% 87% 87% 84%
Global Average: 92%
R E D E S I G N I N G T H E O R G A N I Z A T I O N A L S T R U C T U R E
( % r a t i n g “ i m p o r t a n t ” o r “ v e r y i m p o r t a n t ” )
Highly
Collaborative
Environment
57%
Flexible Work
Arrangements
54%
Culture of
Innovation/
Creativity
39%
Virtual
Teams
37%
Traditional
Work
Arrangements
32%
Traditional
Organizational
Structure
27%
F E A T U R E S O F A N I D E A L W O R K E N V I R O N M E N T
P R O F E S S I O N A L / T E C H N I C A L T A L E N T : % R A T I N G A
H I G H L Y C O L L A B O R A T I V E E N V I R O N M E N T A S I D E A L
S C I E N C E E N G I N E E R I N G I T
F I N A N C E /
A C C O U N T I N G
71% 67% 66% 60%

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