Global technological growth, unskilled labor, and stricter immigration regulations would worsen talent shortages.
According to Korn Ferry, global organizational consultant, a crisis is looming by the year 2030. Why? There will be a lack of 85.2 million skilled workers worldwide.
The world leaders are betting on the development of technology. In this regard, Korn Ferry asserts that this is causing an imbalance between technological advances, such as automation or artificial intelligence (AI), and the skills and experience that workers need to take advantage of these tools.
This study evaluated the talent supply gap in 20 developed economies and emerging economies. Brazil, Mexico, and the United States were studied throughout the Americas. Results showed that global technological growth, unskilled labor, and stricter immigration regulations would exacerbate talent shortages.
The US at risk
The United States faces a stiff challenge of shortage of skilled workers, which will worsen with the aging of its population; A large number of people will reach retirement age in the next 19 years creating a shortage of labor by 2030.
Currently, this country has a surplus of medium-skilled workers. However, the deficit of highly skilled workers could reach more than 6.5 million people by 2030.
The lack of employment in the United States reached record figures in 2017. Analysts attributed this hiring crisis to an adjusted labor market and the shortage of workers with the right skills and experience. Moreover, as the demand for these specialists increases, the situation will get worse.
What about Latin America?
The deficit of workers in Brazil at all skill levels might reach 15.8 million by 2030. Of all the countries studied only Indonesia faces a higher risk.
Mexico also addresses the shortage of skills that could hinder its development. By 2030, its general deficit of highly qualified workers can cause it to lose $65.16 billion (equivalent to 3% of its total economy), with its financial and corporate services sector being the most affected. Even so, Mexico is in a better position than many other countries studied in this region
Korn ferry experts state there is time to lessen the risk. Governments and organizations must make the talent training strategy a priority and take action now to develop and promote education at all levels.