The Coming Workforce Crisis and How Companies Can Prepare

In an environment of job insecurity and market uncertainty, it’s hard to comprehend a day where North America experiences a labour shortage. Yes, much press has been given to the aging population and anticipated volumes of boomer retirement, but what often goes unmentioned is the corresponding shift in the types of skills needed for the modern workforce. According to renowned HR expert, Rainer Strack, the world is headed to a massive gap in skilled labour supply and demand.

In his TED Talk, Mr. Strack uses his native country of Germany to illustrate that by 2030, there will be a shortfall of 8 million people if the country were to maintain the current GDP and productivity growth.

Germany_2

To put the issue into context, he forecasts 12 of the world’s 15 largest economies are projected to face a labour shortage:

Global

Strack’s research is a call to action for countries and companies alike. There is a need to proactively forecast and plan for the jobs that will need to be filled. Part of the solution lies in training; part of it resides in attracting highly skilled workers from abroad. However, the primary solution in this highly competitive global environment is to provide great places to work. Strack’s team asked 200,000 job seekers to rank the importance of 26 aspects of a job. The top three aspects were:

Appreciation for their work
Relationship with colleagues
Good work-life balance

The talk is worth the listen!