A new report (Global Talent Risk-Seven Responses 2011) published by World Economic Forum (WEF) and The Boston Consulting Group (BCG) urges increased labor migration to meet demands for economic growth. Talent scarcity could be a threat to sustained economic growth, especially in the knowledge-based economies. The report concludes that:
- Demand will be biggest for highly educated professionals, technicians and managers. Professionals will be in particularly high demand in trade, transport and communications industries in developing nations.
- In the next two decades demand for professionals in manufacturing will peak at more than 10% in developing countries, exceeding 4% across all countries sampled (labour demand growth rates are compounded annually).
- Healthcare research and development alone will generate an enormous demand for skilled labour worldwide.
- Employees without critical knowledge and technical skills will be left behind.
Severn responses to global talent risk:
- Introduce strategic workforce planning.
- Ease migration.
- Foster brain circulation.
- Increase employability.
- Develop a talent “trellis”.
- Encourage temporary and virtual mobility.
- Extend the pool (tap into the skill set of women, older professionals, the disadvantaged and immigrants).