The Global Talent CrunchRegional perspective

The impact of the talent crunch varies by economy. Understand what the talent crunch means in the Americas, EMEA, and Asia Pacific.

The Global Talent CrunchRegional perspective

The impact of the talent crunch varies by economy. Understand what the talent crunch means in the Americas, EMEA, and Asia Pacific.

The Americas

2030: Labor skills shortage of 23.9 million and unrealized output of $2.307 trillion.

The United States faces a huge shortage of skilled workers, which is set to worsen with an aging population. But this is not a problem limited to developed countries. Brazil’s worker deficit across all skill levels is expected to reach 15.8 million by 2030. Mexico is also heading toward skills shortages that could hinder its development, particularly in its promising financial and business services sector.

2030: Total talent deficit in the Americas.

The acuteness of an economy’s deficit is based on its overall shortage of workers, not accounting for the size of its total workforce.

WHAT DO YOU THINK?


What are the key factors driving the talent crunch in the Americas?

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Brazil is already in the throes of a severe skills shortage. A number of initiatives have been launched in an effort to fill the skills gap and keep pace with ambitious infrastructure programs, but a lot more will need to be done for the country to fulfill its growth potential.

Jean-Marc Laouchez,
President, The Korn Ferry Institute

Europe, Middle East, and Africa (EMEA)

2030: Labor skills shortage of 14.3 million and unrealized output of $1.906 trillion.

Europe is set to suffer severe skills shortages, with unrealized output of the EU countries in our study totaling $1.323 trillion by 2030 due to talent deficits particularly in the financial and business services sector. This EU-wide problem indicates that the free labor movement benefits of European Union membership are unlikely to provide a solution to the skills shortages. The developing countries in the EMEA region also face similar problems, with the financial and business services sector becoming increasingly important, but labor markets becoming increasingly tight.

2030: Total talent deficit in EMEA.

The acuteness of an economy’s deficit is based on its overall shortage of workers, not accounting for the size of its total workforce.

WHAT DO YOU THINK?


Is labor mobility the solution to the talent crunch in EMEA?

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All EMEA markets in our study are expected to experience highly skilled labor deficits by 2030, resulting in $1.906 trillion of unrealized output across the region. However, all EMEA countries in our study can expect low-skilled labor surpluses by the same milestone. This suggests great scope for skills-upgrading to alleviate the talent crunch.

Jean-Marc Laouchez, president, The Korn Ferry Institute

Asia Pacific

2030: Labor skills shortage of 47.0 million and unrealized output of $4.238 trillion.

The talent crunch as a percentage of the economy is most pronounced in the Asia-Pacific region. While some economies in this region are dealing with rapidly aging populations, others have a rising number of working-age citizens. Hong Kong and Japan face particularly stark deficits, for instance; in contrast, India stands out as the only country in our study that can expect a talent surplus, expected to reach 245.3 million workers by 2030.

2030: Total talent deficit in Asia Pacific.

The acuteness of an economy’s deficit is based on its overall shortage of workers, not accounting for the size of its total workforce.

WHAT DO YOU THINK?


Which economy could suffer the most due to talent shortages at 2030?

TALK TO AN EXPERT

Unlike other nations in the region, Indonesia is projected to have a robust working age population in 2030. This should be good news – but the issue for leaders, in both government and corporations, is whether there will be enough skilled people to deliver Indonesia’s potential. The economy may fail to grow if the talent crunch is not addressed.”

Sylvano Damanik,
Vice Chairman, Korn Ferry Indonesia.

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Understand the talent crunch