THEGLOBALTALENTCRUNCHAglobaltalentcrisiscouldcostnationstrillionsofdollarsinunrealizedannualrevenues,newKornFerrystudyfinds.Thetalentcrunch—animminentskilledlaborshortageaffectingbothdevelopedanddevelopingeconomies—couldultimatelyshifttheglobalbalanceofeconomicpowerby2030ifleftunaddressed.FUTUREOFWORKWHAT’SINSIDEIntroduction.Overview:Theglobalperspective.Thesectorperspective:Financialandbusinessservices.Technology,media,andtelecommunications(TMT).Manufacturing.Theregionalperspective:TheAmericas.Europe,MiddleEast,andAfrica(EMEA).AsiaPacific.Thelastword.2Aboutthisstudy.Thisstudyestimatestheimpendingtalentcrunchbymodelingthegapbetweenfuturelaborsupplyanddemand.Weuncovertheextentofthetalentshortfallin20majoreconomiesatthreemilestones:2020,2025,and2030.Themodelfocusesonthreeknowledge-intensivesectorswithineachmarketthatactascriticaldriversofglobaleconomicgrowth:financialandbusinessservices;technology,media,andtelecommunications(TMT);andmanufacturing,andalsoexaminestheremainderofeacheconomy.Usinglevelofeducationasacommonlyacceptedproxyforskills,andtakingintoaccountforecastproductivitygains,thestudyusesavailabledatatoforecastshortagesforhighlyskilled,mid-skilled,andlow-skilledworkerstorevealanimminenttalentcrunch.3Amajorcrisisisloomingoverorganizationsandeconomiesthroughouttheworld.By2030,demandforskilledworkerswilloutstripsupply,resultinginaglobaltalentshortageofmorethan85.2millionpeople.Signsarealreadyemergingthatwithintwoyearstherewon’tbeenoughtalenttogoaround.Incountrieswithlowunemploymentandboomingmanufacturingproduction,includingtheCzechRepublic,Poland,HungaryandSlovakia,alaborshortagehasalreadyacceleratedautomationandincreaseduseofrobotics—nottoreplacepeople,butbecausetherearen’tenoughofthemtofillthefactories.Leftunchecked,thefinancialimpactofthistalentshortagecouldreach$8.452trillioninunrealizedannualrevenueby2030,equivalenttothecombinedGDPofGermanyandJapan.TheUnitedStatesalonecouldmissouton$1.748trillioninrevenueduetolaborshortages,orroughly6%ofitsentiree...
