India only country with talent surplus by 2030: Korn Ferry study

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Mumbai: Skilled talent shortages will continue to impede growth and if not addressed, could have a significant impact on major Asia Pacific (APAC) economies by 2030, states a study by Korn Ferry.
According to the study, which estimates the gap between future talent supply and demand in 20 major economies at three milestones (2020, 2025 and 2030), and across three sectors (financial and business services; technology, media and telecommunications; and manufacturing), the expected deficit of workers is 85.2 million across the economies analyzed. If left unchecked, the financial impact of this talent shortage amounts to $8.5 trillion in unrealized annual revenue globally over the next 12 years.
The country that’s at the other end of the spectrum is India. The world’s sixth largest economy is the only place in the study which will have a talent surplus by 2030, with 245 million more workers in the next 12 years.
“Companies must work to mitigate this potential talent crisis now to protect their future,” said Michael Distefano, Chief Operating Officer, Korn Ferry Asia Pacific. “Left to run its course, this shortage will severely impact the growth of markets across APAC, with an imminent talent deficit of more than 12.3 million workers by 2020, rising to a shortage of 47.0 million workers and $4.238 trillion in unrealized annual revenue across the region at 2030.”
Bhavna Sud, Client Partner, Korn Ferry India: “The right talent is the greatest competitive advantage for an organization – and that talent is getting scarcer every day. Our study reveals that there already isn’t enough skilled talent to go around, and by 2030, organizations and economies could find themselves in the grip of a talent crisis. Left unaddressed, the talent crunch will severely impact the growth of key markets and sectors across the region. India however, has the unique distinction of having a talent surplus right now and will continue to do so in 2030.”
“However, it’s no secret that while India has a surplus of talent, we must deal with the twin challenges of employability and job creation. The government as well as industry have made significant efforts to address both issues through programs like ‘Skill India’, but we will have to do more to create a competitive advantage of the surplus manpower we have. If left unchecked, the talent surplus will add to our woes of jobless growth and unemployment. Companies across Asia Pacific, including India must act now to future-proof their business,” said Sud.
To manage this critical talent challenge facing our global economy, companies need to re-think their hiring and talent management processes.

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