World Economic Forum in collaboration with The Boston
Consulting Group
We are entering the era of unparalleled talent
scarcity, which, if left unaddressed, will put a brake on economic growth around
the world, and will fundamentally change the way we approach the workforce
challenges.
No country, no organization can remain competitive unless talent
– the engine force of economies – is there to ensure success of organizations in
turbulent times, handle the political, social agenda and boost research and
innovations.
Twenty years from now, the world will need millions of new
business professionals, engineers, doctors, IT specialists, scientific
researches, technicians, teachers, plumbers and nurses. Twenty years from now,
we may not have them.
Just as the problem is multifaceted, so is the solution. While
today’s rhetoric focuses on telling businesses to “create new jobs,” we believe
that the creation of new jobs is inextricably tied to providing the right skills
for those jobs through education, training and retraining. We must invest in the
future by taking on the long-term task of training new talent and retraining
existing talent. At the same time, we must compete with other jurisdictions to
attract the best and the brightest from around the world and, critically – to
retain the talent within our borders.
Industries and countries worldwide will
require major increases of highly
educated people in their workforces to
sustain economic growth, argues a new
report prepared by the World Economic
Forum in collaboration with The Boston
Consulting Group (BCG). The report,
Global Talent Risk – Seven Responses,
analyses projected talent shortages by
2020 and 2030 in 25 countries, 13
industries and 9 occupational clusters.
The Full Report (PDF)
As demographic and migration-related challenges become acute, how
should government and business collaborate on
the issue of talent mobility?
The following dimensions will be addressed:
- Labour market challenges globally
- National and regional policy responses
- Public-private sector solutions
Key Points
Both developed and developing countries
face a talent crisis over the coming
decades, which, if not averted, will
dramatically reduce their productive
capacity and economic growth.
The growing shortage of people with
training and skills applies to all levels of
society from doctors and engineers down to
nurses and shop-floor workers.
Greater openness to migration would help
solve the looming existential challenge, but
large swathes of potential host societies
are hostile to newcomers.
Removing barriers to labour mobility
will bring its own problems to the supplier
countries that will lose their own skills
base, and their economic potential, even
more rapidly than at present.
The talent shortage will be particularly
acute in Europe, where 45 million more
workers will be needed by 2030 to maintain
current growth levels. The US will need 25
million more.
World Economic Forum report calls for greater
talent mobility to prevent global labour crisis
Stimulating Economies through
Fostering Talent Mobility report
demonstrates the magnitude of an
impending global labour crisis by
analysing talent shortages across 22
countries and 12 industry sectors and
argues that talent mobility can
stimulate economies in both developed
and developing countries.
By 2030, the developed world will
need millions of new employees to
sustain economic growth (US: 26 million
employees; Western Europe: 46 million
employees).
Developing countries, not affected
by ageing populations (the workforces of
India and Brazil will grow by more than
200 million people over the next two
decades), will also face huge skills
gaps in some job categories due to low
employability.
Full report, video of the Davos
Talent Mobility session and more
here
Switzerland tops the
overall ranking in The Global Competitiveness Report
2010-2011 released by the World Economic Forum. The United
States falls two places to fourth position, overtaken
by Sweden (2nd) and Singapore (3rd). The Nordic countries
continue to be well positioned in the ranking, with Sweden,
Finland (7th) and Denmark (9th) among the top 10, and with
Norway at 14th. Sweden overtakes the US and Singapore this
year to be placed 2nd overall. The United Kingdom, after
falling in the rankings over recent years, moves back up by
one place to 12th position.
The rankings are calculated from both publicly available
data and the Executive Opinion Survey, a comprehensive
annual survey conducted by the World Economic Forum together
with its network of Partner Institutes (leading research
institutes and business organizations) in the countries
covered by the Report.
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