Korn Ferry: The $8.5 Trillion Talent Shortage
In a new Korn Ferry study within their "Future of Work" series, they find that robots aren't the biggest threat to the job market. In fact, it's that there aren't enough humans to take the jobs.
Here's what the study states:
- By 2030, there will be a global human talent shortage of more than 85 million people, or roughly equivalent to the population of Germany.
- Left unchecked, in 2030 that talent shortage could result in about $8.5 trillion in unrealized annual revenues.
- Much of the shortage is based on simple demography; low birth rates, Baby Boomers leaving the workforce, and unprepared younger generations.
- By 2030, Russia and the US could have a shortage of up to 6 million people, and China's could be twice as large. Japan, Indonesia, and Brazil, each could have shortages of up to 18 million skilled workers.
- In tech alone, the US could lose out on $162 billion worth of revenues annually unless it finds more high-tech workers.
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