Friday, March 15, 2019

The Future of Work? The Global Talent Crunch Has Begun

The Global Talent Crunch
The Korn Ferry study finds:
A global talent crisis could cost nations trillions of dollars in unrealized annual revenues.
A major crisis is looming over organizations and economies throughout the world.

By 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people. Signs are already emerging that within two years there won’t be enough talent to go around. In countries with low unemployment and booming manufacturing production, including the Czech Republic, Poland, Hungary and Slovakia, a labor shortage has already accelerated automation and increased use of robotics—not to replace people, but because there aren’t enough of them to fill the factories. Left unchecked, the financial impact of this talent shortage could reach $8.452 trillion in unrealized annual revenue by 2030.

The United States alone could miss out on $1.748 trillion in revenue due to labor shortages, or roughly 6% of its entire economy. While leaders are betting heavily on technology for future
growth—a 2016 Korn Ferry survey found that 67% of CEOs believe technology will be their chief value generator in the future of work—they cannot discount the value of human capital.

This study estimates the impending talent crunch by modeling the gap between future labor supply and demand. The study uncovers to what extent of the talent shortfall in 20 major economies at three milestones: 2020, 2025, and 2030.
The global perspective. Read What's Inside via Korn Ferry:

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The talent crunch—an imminent
skilled labor shortage affecting both
developed and developing world economies.

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