The $8.5 Trillion Skills Gap and How HR Can Address It

The world is already facing a serious talent deficit, and it is poised to get worse in the coming years. “Future of Work Findings” from Korn Ferry estimates that there will be a talent deficit of 85 million workers by the time we reach 2030. This has the potential to cause a massive amount of unrealized revenue worldwide—almost $8.5 trillion. The United States alone could miss $1.748 trillion because of labor shortages.

It’s important to keep in mind that the labor shortage is not a shortage of people. There are still plenty of people that could fill roles. However, the problem stems from a shortage of skills. Times are changing, new technologies are being introduced, and the usual talent pipelines are starting to diminish. It is more important than ever for workplace leaders to understand that even though the technology is important, the people behind it—and the talent they could bring—are equally important.

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