Businesses around the world are currently experiencing a profound market shift that will impact the supply and demand for skilled talent over the next decade, according to the research study, Global Talent 2021. The study was conducted by Oxford Economics in partnership with professional services company Towers Watson and other firms.
The research reveals that while technology fuels demand for highly skilled workers, emerging economies are increasing the supply of talent by giving people greater access to education.
The study, which surveyed 352 human resource executives, examines how rapid globalization and the transformation of business models in virtually every industry will affect workforce needs in the future, and the implications for senior business executives and their HR leaders.
As the skills employers require become more complex, labor shortages are projected in many mature markets, including the U.S., Germany, Canada, and Italy. Meanwhile, a surplus of skilled talent is likely to emerge in locales such as Brazil, Colombia, India and South Africa.
Digital knowledge, agile thinking, interpersonal and communication skills, and global operating capabilities will be talent areas in high demand over the next five to 10 years.
In the developed world, where talent shortages in a number of managerial and technical fields are expected to persist, companies will be forced to think more explicitly about the trade-offs among outsourcing work, offshoring staff and retraining workers.