Robots will someday replace you in your career, most likely sooner than you think. This prediction has probably been made more than any other over the years. That would, however, be a very incorrect way of thinking.
It is not that machines are replacing people in the workforce, but rather that a lack of human workers is the main problem, as per a recent Korn Ferry report that includes a thorough examination of each nation. The study does, in fact, conclude that there would be a global shortfall of human talent by 2030, which is approximately equal to the population of Germany and numbers over 85 million. In 2030, if the skills deficit persists, it may cost the economy almost $8.5 trillion in lost yearly income.
Yannick Binvel, president of Korn Ferry’s Global Industrial Markets practice, states that employers and governments alike must prioritize talent strategies and move quickly to upskill, educate, and train their current workforces.
In his multi-year “Future of Work” series, Korn Ferry has been describing an unanticipated and impending skills scarcity across industries and continents. The startling figures are the newest addition to this trend. In its most recent study, “Future of Work: The Global Talent Crunch,” the three main industries of manufacturing, technology/media/telecommunications, and finance/business services were analyzed to see how talent was supplied and demanded in 20 different economies.
Extramural economists examined the projections, which were predicated on estimates from global labor associations and official data. Demography alone accounts for a large portion of the deficit. For example, low birth rates have long existed in numerous European countries, including Japan. Though most baby boomers in the US will have left the workforce by 2030, many of the high-skilled jobs that will be left behind will be unfilled because younger generations lack the necessary time or education.
Given the constant news about robots and artificial intelligence invading more and more industries, it may be difficult to recognize the talent shortage at the moment. In addition, the research indicates that Russia and China may actually have an excess of skilled workers by 2020 at the latest.
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However, up to 6 million individuals may be lacking in Russia by 2030, and twice as many may be lacking in China. There may be a skill shortfall of up to 18 million in each of Brazil, Indonesia, Japan, and the United States, making the situation worse. The gap in the United States might be as high as 6 million workers.
In conclusion, the talent shortage problem is a significant challenge that businesses across the globe are facing. The shortage is expected to cost the global economy $8.5 trillion in unrealized revenue by 2030. However, there are solutions to this problem, such as investing in employee development, training and offering competitive compensation packages, and leveraging technology to streamline recruitment processes.
Businesses that take proactive steps to address the talent shortage problem will be better positioned to attract and retain top-notch talent, which will ultimately lead to increased productivity, innovation, and profitability.
We at Dynamic Staffing Services are dedicated to assisting companies in identifying the best talent to fulfill their requirements and get past the talent scarcity obstacle. Reach out to us right now at +91-11-40410000 or email enquiry@dss-hr.com to find out more about our services.
Contact us today: Dynamic Staffing Services.
