Left unaddressed, global talent shortages will constrict growth for organizations and economies in the future of work, new Korn Ferry research finds. A major crisis is coming, a seismic shock that will impact organizations and economies around the world. Global labor shortages of 85.2 million skilled workers are projected by 2030, resulting in lost revenue opportunities of $8.452 trillion – the combined GDP of Germany and Japan.
The United States’ financial services sector will suffer the most from stunted growth due to lack of talent, with $435.69 billion in projected unrealized economic output, equal to about 1.5% of the country’s entire economy. For the all-important technology sector, that labor-skills shortage will reach 4.3 million workers by 2030, or 59 times the number of employees of Alphabet, Google’s parent company. On the positive side, India is projected to have a skilled-labor surplus of around 245.3 million workers by 2030, the only country in our study expected to have a surplus, owing mainly to its vast supply of working-age citizens and government programs to boost workers’ skills.