In 2030, there will be more jobs than workers able to fill them in many of the world's largest economies, according to Boston Consulting Group senior partnerRainer Strack.
In his October TED Talk, Strack explained that the world is facing a labor shortage and skills mismatch. However, he said it's not too late to begin employee development and recruitment strategies that take a global perspective.
Strack forecasts supply and demand for his native Germany, based on what it would take to maintain the current GDP and productivity growth. There's a gap of 8 million people.
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Of the world's 15 largest economies, responsible for 70% of the world's GDP, 12 are projected to face a labor shortage.
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Part of the problem will be a surplus of low-skilled workers and a significant lack of high-skilled workers. The emergence of new technologies will simultaneously replace low-skilled jobs and create high-skilled ones.
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BCG found that 60% of high-skilled workers are willing to work abroad, which can help lower the skill gap in certain countries.
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The US is one of the least mobile countries, but it's the most preferred place to work.
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Strack's team asked its test group to rank 26 aspects of a job based on importance. Corporate culture tops the list, while salary ranks at No. 8.
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Strack's concluded that the current workforce trend is not sustainable. Companies and governments need to forecast which jobs need to be filled in the next 15 years; how they will bring more millennials, women, and retirees into high-skilled jobs; and how they'll adapt their corporate cultures to become a global destination for these employees.
