Did you know that 9 out of 10 developed economies, such as the U.S., Canada, Russia, Japan, and Australia will face a talent deficit in 2021?
According to Korn Ferry Study:The global talent bank will be short by more than 85.2 million people by 2030. The U.S. financial services industry will suffer the most from this crisis with $435.7 billion in projected unrealized economic output, equal to about 1.5 percent of the entire economy of the country. For technology, media and telecommunications (TMT) sectors, this shortfall is expected to reach 4.3 million workers by the next decade.
Reasons behind such threatening shortage forecasts?
Aging populations – Taking America as an example, the country is facing one of the most alarming talent crunches of any country in the world with 10,000 baby boomers reaching retirement age each day for the next 19 years. “Talent shortages in the U.S. have more than tripled in a decade with 69% of employers struggling to fill positions, up from just 14% in 2010.”
Worker gap grows as tech industry expands – It is undeniable that technology has already impacted every other sector of the economy. In order to meet explosive demands of driving automation and people-tech partnership for AI and machine learning, organizations will face double challenges when looking for tech talent in both the immediate and longer term.
As a result, organizations may be prompted to relocate their headquarters and operational centers to places where the talent supply is more plentiful. Governments will be forced to invest in improving their people’s skills to avert corporate flight and to defend their nations’ income and status. Another solution?Yes, Business Process Outsourcing (BPO).
At Innovature, we provide business offshore solutions, such as Accounting Outsourcing Services, Customer Services, Data Entry and Post Production Services to clients in North America, Canada, Australia, and Singapore.
Our vision is to enable clients to become high-performance businesses and create long-term relationships by helping drive productivity and efficiency while delivering measurable results. We commit to attracting, developing and retaining the best talents for our business, challenging our people, and demonstrating a “can-do” attitude while fostering a collaborative and mutually supportive environment.So, why bother hiring anyone, anywhere?