skills gap

Skills gap could have alarming consequences

Shortage of talented workers will lead to negative impact on national economies, according to new report

An alarming skills gap between job openings and an increasingly shrinking pool of talented workers could “debilitate” key markets across the globe, according to a new analysis from executive search firm Korn Ferry International.

Those markets could lose trillions of dollars in unrealized annual revenues, with significant impacts on major economies evident by 2030, the analysis finds.

The study estimates the skills gap between future talent supply and demand will occur in 20 major economies at three milestones: 2020, 2025 and 2030, and across three sectors: financial and business services; technology, media and telecommunications; and manufacturing. It found that left to run its course, this shortage will create 85.2 million unfilled jobs and nearly $8.5 trillion in unrealized revenue in the economies analyzed.

What’s more, a shortage of what the report calls “Level A” workers–those who have completed postsecondary education or a high-level trade college qualification–could equal 21 percent of the highly-skilled workforce of the 20 countries in the study.

Laura Ascione