Eight trillion USD less turnover due to shortage of skilled workers

More than 1,500 CEOs of the world's largest companies were surveyed for Korn Ferry's "The Talent Shift" study. The vast majority are aware that there will be a shortage of talented professionals in the future. Despite this, companies are confident: 95 % are confident that their company can meet the skills shortage in the future. Nearly 75 % also believe that technology will replace many skilled workers.

A structural change with consequences

According to experts, this mindset can cost companies dearly. The skills shortage is not a temporary phenomenon, but a structural shift that could cost companies nearly $8.5 trillion in lost revenue by 2030. "Skilled workers needed to execute business strategy, who will be in short supply in the future, could become the defining issue of the age, threatening nations' GDP and companies' profitability," says Stefan Steger, chairman of Korn Ferry Switzerland and Austria.

Personnel planning must become a priority

The expected shortages are not limited to a specific region. China, for example, could face a shortfall of 6.7 million highly qualified workers by 2030, as could the USA with 6.6 million or Germany with a gap of 2.5 million skilled workers. With the majority of executives surveyed not locating these shortages within their own companies, experts fear they will underinvest in internal talent development programs or overall talent strategy in the future. "It is necessary for companies to make future workforce planning their priority if they want to avoid being limited in their work in the future by a lack of necessary skills," says Stefan Steger. The skills shortage will have an impact on salaries, he adds. Korn Ferry estimates that the global skills shortage could drive up salaries by $2.5 trillion.

More information: Grain Ferry