To compete both locally and globally, employers require the brightest and best people. However, it can be difficult for organizations to have the right employees with the right skills at the right time in the right place. Why do gaps exist, and how can government correct the issue?
In many countries, unemployment remains high among young people because of gaps in skills training and access to effective placement services. Other countries are coping with slowing structural growth. Even when jobs are available, the threat of labor shortages is often high due to a lack of critical skills and training, a “brain drain” of skilled individuals fleeing to more attractive economies, and an aging population.
An inadequate labor supply not only can affect organizational viability but also can threaten the local economy, social and political stability, and future development.
Government has an important role to play in matching people's skills and experience to the jobs of today and tomorrow, and ensuring that no talent is wasted and no job is left unfilled. What’s the key to long-term workforce equilibrium? A rigorous, data-driven approach. Such an approach links strategic workforce planning to changing demographic realities and the broader national agenda. At the same time, governments must incorporate evidence-based practices and technology advances in order to build and deliver better human resources and social services capability.
To identify global labor gaps and surpluses, BCG used our proprietary methodology to compare the supply and demand of labor in 25 developing and emerging economies through the year 2030.
BCG has a unique point of view on long-term workforce equilibrium. We see it as something that can help governments link strategic workforce planning to changing demographic realities and the broader national agenda.