The skilled labor market is facing a major shortage. According to our research, annual hiring for critical roles is expected to be 20x the projected annual increase in net new jobs. This high rate of churn could cost companies more than $5.3 billion every year in talent acquisition and training costs alone. Targeted upskilling, regional workforce strategies, and productivity-enhancing tech can help companies close gaps and boost performance. Learn more: https://lnkd.in/e4-vG2iz #SkilledTrades
In addition to political controversies around migration, many economies cannot admit enough foreign workers to make up for missing workers. Low immigration growth—and/or the failure to integrate migrants—contributes to labor shortages in many economies.
You think tech is bad...
The long-term cost of prestige bias in talent strategy. We need new ways to recognise and reward talent early.
The labor market churn is certainly a challenge, but it also highlights the need for targeted upskilling and strategic workforce planning. By leveraging technology, we can enhance productivity and reduce those hefty acquisition costs. Great insights—let's keep exploring solutions to tackle this issue together!
You may find this interesting and helpful in accelerating your consulting career: https://lnkd.in/gcRqjdsy
Stay tuned More Opportunities Alert AI