Talent Mobility and the Future of Jobs
Businesses and governments around the world are beginning to come to terms with the new reality of the post-financial crisis era. In response to the excesses leading to the crisis, today there is a primary emphasis on constraints, not growth—e.g., reductions in government spending, postponed corporate expansion, stagnant or declining hiring, and slowing growth in the Far East coupled with little growth in the EU and US. At the same time, there is a critical need to unleash growth, to leverage emerging trends in technology, market needs, and society to expand enterprise and economic opportunity. Success in breaking through to a new wave of growth and prosperity will depend increasingly on human and social capital. In turn, a new, global burst of innovation and entrepreneurship will require a deep pool of highly skilled, creative, inclusive, risk taking individuals and communities.
Given the essential role of human capital in the coming expansion, a global war for talent is beginning and will intensify. At the heart of this competition are three issues:
Almost 200 million people around the world (40 million of which are in the advanced economies alone) are unemployed. Yet global businesses are struggling with jobs that remain vacant. Seventy five million of these unemployed are youth.The inability to fill jobs despite massive unemployment is not only due to geographic imbalances in demand and supply, but also due to large skill gaps between the needs of the industry and the output of the education systems.
Advances in technology, especially Information Technology, will continue to disrupt societies in the coming years. Cloud, mobile technology, social networks and collaboration technologies, and big data provide almost infinite computing, storage, and bandwidth at very low cost. This has increased the amount of innovation in every sector and aspect of our lives. These developments are redefining jobs of the future and with it, the talent needed for the future.
Change in Demographics
Emerging economies like India and China are increasingly becoming magnets for talent while advanced economies like Japan, the EU and the U.S. are facing the challenges of an aging workforce. The most direct impact of the widespread aging around the globe is that regional and national economies that depend on a largely static local workforce will be challenged, as the local population ages out of the working economy.
“Talent Mobility for the 21st Century” is an article written by Kris Gopalakrishnan. The excerpts and ideas here were published for the G20 magazine edited by Ana C. Rold.