In an era where technological advancements and automation are at the forefront of discussions related to the future of work, some researchers are raising the question: what will happen to skilled labor?
According to research published by Korn Ferry, by 2030 the world may not actually be grappling with a surplus of robots, but rather, a major deficit of skilled human talent.
Most notably, the comprehensive report predicts a staggering talent shortage of over 85 million skilled workers globally by 2030 — potentially leading to unrealized annual revenues of approximately $8.5 trillion. This labor shortage is attributed to demographic trends, such as aging populations in developed countries and insufficient training for specialized jobs.
The United States, China, and Japan are expected to bear the brunt of this challenge, with the technology sector in the U.S. likely positioned to suffer a major economic blow, potentially forfeiting $162 billion in annual revenues by 2030 in the tech industry alone — due to a lack of highly skilled tech workers. Conversely, it’s reported that India is predicted to avoid the skilled labor challenges in tech, with an estimated surplus of more than 1 million high-skilled tech workers in the country by 2030.
The data suggests that the race to close the widening skills gap has never been more important. To combat the impending talent crunch, Korn Ferry’s researchers suggest companies should prioritize internal training and development, while governments should revamp educational systems to cultivate the necessary talent pipelines.
