WE ARE ON THE BRINK OF A STRUCTURAL TALENT CRISIS BUT LEADERS ARE ILL-PREPARED.

By: Khalif Barkhadle
Digital Journalist

Published On:
23rd August 2023.

Leaders are misreading an impending talent shortage as a fleeting economic cycle rather than permanent structural change. And they believe technology will overtake people as their organisation’s most valuable asset
The lack of skilled workers to drive business strategy could be the defining issue of the age, threatening the profitability of organisations and the gross domestic product of nations, concludes a study by global organisational consulting firm Korn Ferry.
Significant shortages will hit companies and nations as soon as 2020 while the deficit could reach 85.2 million workers by 2030, says The Global Talent Crunch survey. Without interventions, firms could fail to generate $8,452 trillion by 2030 while the resulting increase in salaries for skilled workers could add $2,515 trillion to annual wage bills globally.
However, while business leaders generally recognise they will need to redeploy their existing talent if they are to be successful in the future, few are taking the necessary action. “If companies can’t buy the talent they need from the market, they must find alternative ways of filling critical roles,” says the report