The Talent ShiftIntroduction

Putting a price on the global talent crunch.

The Talent ShiftIntroduction

Cracking the talent crunch to unlock growth in the future of work.

Although the world is on the brink of a talent crisis, business leaders are seemingly unaware of the challenges ahead and are, instead, focusing on technology at the expense of their people. They are misreading the impending talent shortage as a fleeting phase of an economic cycle, rather than a permanent structural change.

In reality, the lack of skilled workers needed to drive business strategy could be the defining issue of the age, threatening the GDP of nations as well as the profitability of organizations. Korn Ferry’s The Global Talent Crunch study showed that significant shortages will hit nations and companies as soon as 2020. The deficit could reach 85.2 million workers by 2030.
Left to run its course, the shortage may slash the growth of key global markets and sectors. Worldwide, companies could fail to generate $8.452 trillion by 2030 due to talent shortages. The undersupply of skilled workers also is likely to contribute to The Salary Surge, adding $2.515 trillion to annual wage bills globally by 2030.

The global talent crunch is driven by a skills mismatch: There are workers available, but not enough of them have the skills that organizations need now and tomorrow. The Talent Shift, the latest study in Korn Ferry’s Future of Work series, shows leaders lack awareness of their people problems, and—more importantly—that they’re ill-prepared to transform their approach to talent. If companies can’t buy the talent they need from the market, they must find alternative ways of filling critical roles.

Business leaders—8 out of 10 of them—told us they recognize their companies’ ability to improve workers’ skills, and to redeploy their talent will be critical to success in the future of work. But few are taking necessary action. Leaders need to act now to identify the people in their organizations who have the right traits and capabilities so they can begin to build the workforce needed for the future.
With the global talent crunch on their doorstep, will unprepared business leaders suddenly leap into strategic action and move talent considerations to the top of the agenda? Or will they leave themselves, their people, and their organizations vulnerable and poorly positioned to successfully compete in the future of work?

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Understand the talent shift