Korn Ferry’s study “Global Talent Crunch” highlights the skilled talent shortage impacting countries and specific industries around the world. Many countries are already facing a skilled talent shortage across several industries. The study examines the talent shortage issue across twenty major developed and developing countries including:
- Americas: Brazil, Mexico, United States
- EMEA: France, Germany, Netherlands, Russia, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom
- Asia Pacific: Australia, China, India, Indonesia, Japan, Malaysia, Singapore, Thailand
Which industries are most at risk due to talent shortage?
The financial and business services industries are the most at risk due to talent shortage. According to the study, these industries could be facing a shortage of nearly 11 million workers by 2030, with a nearly $1.3 trillion negative impact. Across the globe, technological advancement is at risk due to a skilled talent shortage of over 4 million Technology, Media, and Telecommunications (TMT) workers by 2030. Additionally, manufacturing will have a surplus of workers through 2020, but this will quickly turn into a skilled talent shortage of nearly 8 million workers by 2030.
Which countries are most at risk due to talent shortage?
Developed countries face the most risk due to talent shortage. In Europe, France and Germany face the highest risk. In Asia, Japan faces the highest risk. The United States and Australia also face a significant skilled talent shortage, with the US facing the loss of nearly $1.8 trillion in annual revenue by 2030. By contrast, the only country in the study to maintain a surplus of skilled talent through 2030 is India.
What should employers expect?
Employers should expect to find it increasingly difficult to recruit and hire in several countries, and across several industries. Those with plans to expand into new markets should take this into account as they develop their hiring plans and corporate objectives.
What should employers do?
Employers finding difficulties in hiring and recruiting for positions in specific countries and industries should consider highlighting their relocation program’s benefits in their recruiting materials. The healthcare industry has been facing a critical talent shortage for several years. Healthcare employers have responded in several ways, including:
- Providing Exceptional Candidate Experiences
- Using Data to Enhance Recruiting
- Recruiting for Cultural Fit
- Creating a Superior Employer Brand
- Speeding the Process to Keep Candidates Engaged
Relocation Management Companies (RMCs) are ideal sources for information on global candidate recruitment and relocation. Pre-Decision Services are critical for employers as they provide valuable information about a candidate’s ability to accept a position and be successful. Assessment data can be paired with structured interview questions to better understand the candidate’s interests, goals, and motivations.
GMS’ team of corporate relocation experts has helped thousands of our clients develop relocation programs that attract and retain qualified employees. Our team can help your company by using industry best practices to design your relocation program. This will increase your company’s ability to attract and retain new employees and mitigate the effects of talent shortage.
GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation™ technology platform.
Contact our experts online to discuss your company’s relocation program needs, or give us a call at 800.617.1904 or 480.922.0700 today.