Monday, February 14, 2022

g-f(2)938 THE NEW WORLD (2/14/2022), Korn Ferry, FUTURE OF WORK / THE GLOBAL TALENT CRUNCH




ULTRA-condensed knowledge


"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital ageThe New World, Future Of Work (2/14/2022)  g-f(2)426 



ALERT, Korn Ferry

EXCEPTIONAL “Full Pack Golden Knowledge Container” (2018)


FUTURE OF WORK / THE GLOBAL TALENT CRUNCH 


Some Golden Knowledge (GK) Juice


  • A major crisis is looming over organizations and economies throughout the world. By 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people. 
  • Signs are already emerging that within two years there won’t be enough talent to go around. In countries with low unemployment and booming manufacturing production, including the Czech Republic, Poland, Hungary and Slovakia, a labor shortage has already accelerated automation and increased use of robotics—not to replace people, but because there aren’t enough of them to fill the factories.
  • The United States alone could miss out on $1.748 trillion in revenue due to labor shortages, or roughly 6% of its entire economy. While leaders are betting heavily on technology for future growth—a 2016 Korn Ferry survey found that 67% of CEOs believe technology will be their chief value generator in the future of work—they cannot discount the value of human capital.


Genioux knowledge fact condensed as an image



Korn Ferry - Future of Work




References




ABOUT THE AUTHORS


Korn Ferry


Korn Ferry is a global organizational consulting firm. We help companies design their organization—the structure, the roles, and responsibilities, as well as how they compensate, develop, and motivate their people. As importantly, we help organizations select and hire the talent they need to execute their strategy. Our approximately 7,000 colleagues serve clients in more than 50 countries.



Korn Ferry is a management consulting firm headquartered in Los Angeles, California. It was founded in 1969 and as of 2019, operates in 111 offices in 53 countries and employs 8,198 people worldwide. Korn Ferry operates through four business segments: Consulting, Digital, Executive Search, and RPO and Professional Search.



Extra-condensed knowledge



Lessons learned, Korn Ferry  

About this study


Some Golden Knowledge (GK) Juice


  • This study estimates the impending talent crunch by modeling the gap between future labor supply and demand. 
  • We uncover the extent of the talent shortfall in 20 major economies at three milestones: 2020, 2025, and 2030. 
  • The model focuses on three knowledge-intensive sectors within each market that act as critical drivers of global economic growth: financial and business services; technology, media, and telecommunications (TMT); and manufacturing, and also examines the remainder of each economy. 
  • Using level of education as a commonly accepted proxy for skills, and taking into account forecast productivity gains, the study uses available data to forecast shortages for highly skilled, mid-skilled, and low-skilled workers to reveal an imminent talent crunch.


Condensed knowledge




Lessons learned, Korn Ferry  


Some Golden Knowledge (GK) Juice


  • Left unchecked, the financial impact of this talent shortage could reach $8.452 trillion in unrealized annual revenue by 2030, equivalent to the combined GDP of Germany and Japan.
  • The United States alone could miss out on $1.748 trillion in revenue due to labor shortages, or roughly 6% of its entire economy. While leaders are betting heavily on technology for future growth—a 2016 Korn Ferry survey found that 67% of CEOs believe technology will be their chief value generator in the future of work—they cannot discount the value of human capital.
  • Even companies that are using more robotics foresee a growing need for human talent with advanced skills; for example, redeploying people from the factory floor, where robots can perform repetitive work, to the research laboratory. The problem, however, is the mismatch between technological advances, including automation, artificial intelligence (AI), and machine learning, and the skills and experience workers need to leverage these advanced tools. Technology cannot deliver the promised productivity gains if there are not enough human workers with the right skills. This has set the scene for a global talent crunch.


Lessons learned, Korn Ferry


We examined talent supply and demand in each of the 20 economies


Some Golden Knowledge (GK) Juice


  • More granularly, we examined talent supply and demand in each of the 20 economies as a whole and within three major knowledge-intensive industries—financial and business services (including insurance and real estate), technology, media, and telecommunications (TMT), and manufacturing—and at three distinct skill levels, referenced throughout as: 
    1. Highly skilled workers (Level A): These individuals have completed post-secondary education, such as college or university, or a high-level trade college qualification. 
    2. Mid-skilled workers (Level B): These individuals have attained upper secondary education, such as high school, or a low-level trade college qualification. 
    3. Low-skilled workers (Level C): These individuals have less than upper secondary education.


Some relevant characteristics of this "genioux fact"

  • Category 2: The Big Picture of the Digital Age
  • [genioux fact deduced or extracted from Korn Ferry]
  • This is a “genioux fact fast solution.”
  • Tag Opportunities those travelling at high speed on GKPath
  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
  • Type of validity of the "genioux fact". 

    • Inherited from sources + Supported by the knowledge of one or more experts.


References


“genioux facts”: The online programme on MASTERING “THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)938, Fernando Machuca, February 14, 2022, blog.geniouxfacts.comgeniouxfacts.comGenioux.com Corporation.


ABOUT THE AUTHORS


PhD with awarded honors in computer science in France

Fernando is the director of "genioux facts". He is the entrepreneur, researcher and professor who has a disruptive proposal in The Digital Age to improve the world and reduce poverty + ignorance + violence. A critical piece of the solution puzzle is "genioux facts"The Innovation Value of "genioux facts" is exceptional for individuals, companies and any kind of organization.




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