The Talent Shift
Talent’s
new day

A more fluid, agile approach to the workforce may be a likely result of the talent crunch.

The Talent Shift
Talent’s
new day

A more fluid, agile approach to the workforce may be a likely result of the talent crunch.

Unsustainable solutions

How should leaders act now to ensure their organizations thrive despite a talent crunch? Paying inflated wages is not a sustainable solution. Korn Ferry’s The Salary Surge study shows that the annual salary premium could increase by 152% between 2020 and 2030 due to skilled talent shortages. Yet only 43% of leaders believe that shortages will force them to increase salaries unsustainably.

Increases in the contingent workforce may be an alternative, as identified by 78% of leaders. This also suggests that a more fluid, agile approach to the workforce may be a likely result of the talent crunch. Although business leaders may think increasing their freelance and contract workers is a way to deal with talent shortages, skilled labor will be tight across all sectors, Korn Ferry research has found, meaning there are no guarantees that an adequate, flexible workforce supply will be available to meet businesses’ contingent needs.

TALK TO AN EXPERT

Salary surge uncertainty

60%

Of business leaders in China expect to increase salaries because of talent shortages, compared with only 26% of UK respondents

54%

Of business leaders in Singapore have no idea whether a talent shortage could force them to increase salaries unsustainably.

"There are huge untapped pools of talent already available in most organizations; the challenge is identifying them. You don’t have to be younger than 35 to learn software development, and you don’t need a degree to be a perceptive strategist. Agility is a mindset, and with the right tools and modeling it’s possible to discover who could succeed with the right training."

Cynthia Stuckey
Senior Client Partner, Korn Ferry

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Understand the talent shift