Despite unemployment falling to multi-year lows across the developed and parts of the developing world, real wage growth is slowing to the point of stagnation. That might not come as a surprise to most people. The real question is why is this happening?
One potential culprit, the report suggests, is the increased concentration of firms in a particular industry or geography, which reduces competition between hiring firms. This, alongside the increased prevalence of “no-poach” and “non-compete” agreements, the growth of outsourcing, globalisation and automation, is putting downward pressure on wages.
In recent years the cost of technology has fallen, while simultaneous technology improvements have made routine, and increasingly non-routine, tasks vulnerable to automation. According to the research, for every extra robot deployed per 1,000 employees, wages are reduced by between 0.25% and 5%.
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