H 1 Future of The Work : The Global Talent Crunch
A global talent crisis could cost nations trillions of dollars in unrealized annual revenues, new Korn Ferry study finds.
The talent crunch—an imminent skilled labor shortage affecting both developed and developing economies—could ultimately shift the global balance of economic power by 2030 if left unaddressed.
About this study.
This study estimates the impending talent crunch by modeling the gap between future labor supply and demand. We uncover the extent of the talent shortfall in 20 major economies at three milestones: 2020, 2025, and 2030. The model focuses on 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, and also examines the remainder of each economy. Using level of education as a commonly accepted proxy for skills, and taking into account forecast productivity gains, the study uses available data to forecast shortages for highly skilled, mid-skilled, and low-skilled workers to reveal an imminent talent crunch.