The global talent shortage is now undeniable to employers
Few challenges are becoming more clear to corporate leaders than
the global talent shortage. Data cited in Envoy INSIGHTS'
Global Talent Imperative shows that skills gaps and labor
supply deficits are reaching unprecedented levels that require
attention.
A report from McKinsey found that there will be a shortage of
over 40 million high-skilled workers worldwide by 2020, and a 2019 study from Korn
Ferry predicts that in just another ten years, the talent
deficit will grow to 85.2 million workers. According to the report,
companies worldwide could stand to lose $8.4 trillion in revenue by
the year 2030. Their loss in revenue would be due to the
undersupply of skilled workers. If Korn Ferry's prediction
comes to fruition, global productivity, innovation and economic
well-being may be affected.
