THE GLOBAL TALENT CRUNCH KORN FERRY • • • • NAMES: UKASHA IKHLAS Muhammad Taha ARSALAN Hikmatyar Introduction: • Future of Work: This suggests the article will discuss trends, shifts, or predictions regarding how work is evolving. This could include technological advancements, changes in organizational structures, or shifts in work culture. • The Global Talent Crunch: Here, the focus seems to be on a shortage or scarcity of talent on a global scale. This might involve a discussion of skills gaps, demographic shifts impacting the workforce, or competition for skilled workers among different regions or industries. • Given this breakdown, we can anticipate that the article will likely explore the intersection of these two themes, examining how the evolving nature of work interacts with the challenge of finding and retaining talent worldwide The Primary Headers: • Trillions of dollars in unrealized annual revenues: This suggests that if the global talent shortage is not addressed, it could lead to significant economic losses for nations. The phrase "unrealized annual revenues" implies that there is a substantial demand for skilled labor that is not being met, resulting in missed economic opportunities. • Imminent skilled labor shortage: The term "talent crunch" indicates an impending scarcity of skilled workers. This shortage is not limited to specific regions but affects both developed and developing economies. This suggests a global-scale issue rather than a localized one. • Potential shift in global economic power by 2030: The excerpt implies that if the talent crunch is not addressed, it could have profound consequences on the global economy. The phrase "shift the global balance of economic power" suggests that countries with better access to skilled labor may gain a competitive advantage, potentially altering the current economic landscape by 2030. Global Labor Deficit • Talent Shortage: 8.452 Trillion in unrealized revenue. • Talent defecit: 85.2 million workers. • Talent shortage on financial and buisness service:10.7 million workers by 2030. Japan, the world’s sixth biggest financial center, could fail to generate $113.62 billion in 2030. India is the only coutry expected to have a surplus of highly skilled financial and business services labor by 2030. • • Labor Shortages in TMT • The technology, media, and telecommunications (TMT) sector faces a global labor skills shortage, with an estimated deficit of 4.3 million workers by 2030, which could lead to unrealized output of $449.70 billion. • The United States, currently the world's leading technology market, could lose out on $162.25 billion by 2030 due to TMT skills shortages, potentially impacting its status as the global tech center. • India is projected to have a surplus of 1.3 million TMT workers by 2030, creating opportunities for further development as a technology hub. • The manufacturing sector faces a global labor skills shortage of 7.9 million workers by 2030, with potential unrealized output of $607.14 billion. • Countries like China and Russia currently have manufacturing talent surpluses but are expected to face deficits by 2030. • Japan and Germany, both significant manufacturing hubs, are expected to experience severe labor shortages, impacting their economies' performance. Regional Perspective - The Americas • • • • • • 2030 Labor Skills Shortage: 23.9 million workers Unrealized Output: $2.307 trillion United States: Faces a significant skilled worker shortage due to aging population. Brazil: Expects a deficit of 15.8 million workers across all skill levels by 2030. Mexico: Heading towards skills shortages, particularly in financial and business services sector The Americas region faces substantial talent deficits, with the United States, Brazil, and Mexico experiencing significant challenges in meeting labor demands, especially in critical sectors like finance and business services. Regional Perspective - Europe, Middle East, and Africa (EMEA) • • • • • • 2030 Labor Skills Shortage: 14.3 million workers Unrealized Output: $1.906 trillion Europe: Severe skills shortages expected, particularly in financial and business services sector. UK & Germany: Face acute talent shortages, risking significant unrealized revenue. France & Netherlands: Also expect talent shortages, impacting financial centers. EMEA region confronts talent deficits across all skill levels by 2030, indicating challenges for major European economies like the UK, Germany, France, and the Netherlands in sustaining growth in key sectors. Regional Perspective - Asia Pacific • • • • • • 2030 Labor Skills Shortage: 47.0 million workers Unrealized Output: $4.238 trillion Asia-Pacific: Faces the most pronounced talent crunch, with significant economic impact. India: Expects talent surplus by 2030, with vast supply of working-age citizens. China & Japan: Major economies facing talent shortages, particularly in financial services and manufacturing sectors. Asia-Pacific region grapples with the largest talent shortages by 2030, posing challenges for economic growth in countries like China and Japan, while India stands out with its potential surplus of skilled workers.
