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Feeling the Squeeze: The Looming Talent Crunch

Wednesday, September 5, 2018

The recently released Korn Ferry report “Future of Work: The Global Talent Crunch” paints an alarming picture of a brewing issue that promises to disrupt labor markets across many industries and countries. The report states, “...An imminent skilled labor shortage affecting both developed and developing economies— could ultimately shift the global balance of economic power by 2030 if left unaddressed.” According to the report, this shortage could cause $8.452 trillion in unrealized annual revenue by 2030 globally.

The report examines 20 developed and developing economies, and it’s findings for the United States should serve as a wake-up call for American companies. The report predicts:

- U.S. financial services sector will suffer the most from stunted growth due to lack of talent.

- Labor-skills shortage will reach 4.3 million workers by 2030 in technology sector. And the U.S. can expect to lose out on  $162.25 billion by 2030 due to sector skills shortages. 

- The U.S. manufacturing industry already struggles to find talent, and this deficit is expected to increase over the next decade, reaching a 2030 shortfall of 383,000 workers.

- In total, the United States could experience unrealized revenue of $1.748 trillion due to labor shortages, equivalent to 6% of its entire economy, in 2030.

For the United States, the report attributes much of the labor shortage of skilled workers to an aging population. “The United States faces one of the most alarming talent crunches of any country in our study,” the report explains, “This is partly because America’s population is graying rapidly, with 10,000 baby boomers reaching retirement age each day for the next  19 years.”

With the highest figure of expected unrealized revenue by 2030, almost a fifth of the total revenue shortage across all 20 economies, now is the best time for U.S. companies to prepare for the talent shortage. Orion Talent can help your company combat this shortage by bringing businesses and highly qualified talent together. Orion helps businesses acquire skilled professionals, optimize recruitment processes and employ motivated, well-matched, military candidates, providing a variety of customizable solutions. Don’t let the crunch hit your company in the wallet, contact Orion Talent today.

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