The global workforce will shrink in the coming decade. Consulting and executive search firm Korn Ferry predicts a worldwide talent shortage that will cost businesses $8.5 trillion in lost revenue by 2030.
This is driven by rapidly ageing demographics and lower birth rates around the world and more pronounced in developed nations such as Japan, Germany, the US, and the UK among others.
Technology, automation, and immigration will help alleviate some of the talent crunch problems but an equal amount of focus needs to be placed on attracting, building, and retaining skilled talent. This is a matter of survival for businesses and nations at large.
So what should organizations be doing to minimize the impact of talent scarcity now and into the future?