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Staffing firm Manpower published its latest Global Talent Shortage report earlier this year and compared with an edition covering the year 2017, it shows that the problem has only become worse.
Out of the approximately 40,000 employers surveyed in several industries and around 40 countries for each edition, three quarters now say that they have difficulty filling their roles.
This is up from 45 percent when the same question was asked in 2017 and just 36 percent from the group’s first report covering 2013.
Looking at different countries, aging society Japan occupied the top spot for staff shortages in 2017 and 2023 alike at 85 percent to 89 percent of companies reporting issues.
Places where staff shortages got a lot worse over the past six years include Germany, where previously just around half of employers has reported issues. This was now up to 82 percent.
In the United Kingdom, the change was even more drastic and went from just 19 percent to 80 percent.
India is also among the countries most plagued by the phenomenon because of the mismatch of the skills offered by workers and those sought by companies and institutions. While youth unemployment in India has become so severe that it has led to riots and protests at times when applicants have scrambled for the limited positions that the government and private sector offer, Indian companies find many of the country’s graduates not employable as the education system is struggling to teach them enough of the relevant skills.
Basic financial theory states that there is never a lack of anything as such, only a lack at a given price point. I wonder when the captains of industry will understand that this also is true for employees, and then realise they have to increase the salary.
Isn’t this why we moved all manufacturing to places where employees actually work 80 hours a week for a fair wage ? Many UK industries have already priced themselves out of the market due to excessive wages and poor work attitudes. Look at the Scottish ferries for example. Over 8 years late and 4 times over budget whereas ones built in Turkey coming in on time and to budget. And the far superior design Calmac have rented at £1m a month was made in Vietnam for even less.
My employer would not let me work after age fifty. I’m still able and available but my price has quadrupled because of taxes, inflation, and human resources DEI baloney.
You’re worth what people will pay you, or you’re able to pay yourself if self-employed.
No more, no less.
I pay myself double the going rate. In a sellers market the seller sets the value. I worked for three companies that fumbled and busted because they wouldn’t listen. I gleefully watch others fail from afar.
Soo this going to be a race between teaching AI and teaching under educated unemployed?