Left unaddressed, global talent shortages will constrict growth for organizations and economies in the future of work, new Korn Ferry research finds.
A major crisis is coming, a seismic shock that will impact organizations and economies around the world. Global labor shortages of 85.2 million skilled workers are projected by 2030, resulting in lost revenue opportunities of $8.452 trillion – the combined GDP of Germany and Japan.
Korn Ferry’s latest study on the future of work, The Talent Crunch, reveals the financial impact of skilled talent shortages at three different time horizons – 2020, 2025 and 2030 – across 20 different economies.
To build a picture of what talent shortages would mean for global business, we analyzed talent supply and demand in 20 developed and developing economies at each time horizon: the Americas (Brazil, Mexico, the United States), EMEA (France, Germany, the Netherlands, Russia, Saudi Arabia, South Africa, UAE, and the UK) and Asia Pacific (Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, and Thailand).
More granularly we modeled talent supply and demand for three knowledge-intensive sectors within each market that act as critical drivers of global economic growth: financial and business services; technology, media and telecommunications (TMT); and manufacturing. We also analyzed talent supply and demand for the rest of the economy.
