The Talent Shift, the latest study in Korn Ferry’s Future of Work series
Although the world is on the brink of a talent crisis, business leaders are seemingly unaware of the challenges ahead and are, instead, focusing on technology at the expense of their people. They are misreading the impending talent shortage as a fleeting phase of an economic cycle, rather than a permanent structural change.
In reality, the lack of skilled workers needed to drive business strategy could be the defining issue of the age, threatening the GDP of nations as well as the profitability of organizations. Korn Ferry’s The Global Talent Crunch study showed that significant shortages will hit nations and companies as soon as 2020. The deficit could reach 85.2 million workers by 2030. The global talent crunch is driven by a skills mismatch: There are workers available, but not enough of them have the skills that organisations need now and tomorrow. The Talent Shift, the latest study in Korn Ferry’s Future of Work series, shows leaders lack awareness of their people problems, and—more importantly—that they’re ill-prepared to transform their approach to talent. If companies can’t buy the talent they need from the market, they must find alternative ways of filling critical roles.