Demographic shifts (aging populations, declining birthrates, economic migration), social evolution, inadequate educational programs, globalization, and entrepreneurial practices (outsourcing, offshoring, ondemand employment) are between them causing shortages, not only in the overall availability of talent but also – and more significantly – in the specific skills and competencies required in industrialized, emerging, and developing economies.
Governments and employers around the world are taking steps to counter the effects of these shortages by improving educational and vocational training provisions, adopting strategic migration policies, bringing the economically inactive into a more inclusive labor force, and encouraging skilled and experienced older individuals to remain in employment. But as trends continue and the shortages become more pronounced, there is far more they can be doing – in proactive ways – to mitigate the impending shortage.
As a result of technological advances and productivity gains, many low-skill routine jobs are being eliminated and once in-demand skills are rapidly becoming obsolete. While this reduces demand for some jobs and thus the perceived talent shortage, it also leaves employees potentially jobless, and both individuals and their labor representatives must take steps to ensure they take advantage of all available opportunities for reskilling and retraining to make themselves suitable candidates in the emerging future world of work.
See full Survey, in pdf format.
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