A new Korn Ferry study has reported that if not addressed then skill shortages will impede growth in the US economy by 2030. It has been called a "potential talent crisis" by Korn Ferry's CEO. The impact could be a shortage of 10.7 million workers and missed revenue of c$1.3 trillion.
The report challenges employers to start to better understand how to adapt the skills and capabilities of their workers to fix these issues. A previous post I wrote http://insights.tmpw.co.uk/post/102eqb1/job-market-disruption-2026-from-the-4th-industrial-revolution looked at a report from the World Economic Forum which showed pathways for existing skills being mapped to future roles broken down into job families.
At TMP Worldwide our team of Occupational Psychologists are working with clients on the growth mindset which looks at the whole person and their fit not just for the today job but for the changing job coming around the corner.
The study points to an opportunity for employers to begin preparing workers for the future of work through training, upskilling and retooling of skills. Technology alone won't save employers; businesses have to take "collective action" to help employees develop the right mix of soft and technical skills to fill open jobs and prepare workers for the future said Becky Frankiewicz, President, ManpowerGroup North America. But despite the known positives of such investment, a Randstad Sourceright study shows that only 51% of employers are investing in addressing the skills gap through on-site benefits and innovative technologies. The contingent workforce has emerged as a sort of stop-gap solution for this issue, but employers that fail to adapt their processes for that workforce may find themselves behind their competitors. Agility will be key — but HR must first understand what that may entail.