The Global Talent Crunch: AI - A Looming Crisis Threatens Economies Worldwide

Thursday, May 2, 2024

As the world hurtles towards the technologically driven future, a stark reality looms on the horizon: the impending global talent crunch. With the AI boom shaping the business landscape, the demand for skilled individuals capable of navigating these advancements has reached unprecedented levels. Yet, business owners find themselves grappling with a dire shortage of qualified personnel, exacerbating the strain on already tight labour markets.

A recent analysis conducted by Korn Ferry paints a grim picture: by 2030, over 85 million jobs worldwide could remain unfilled due to a scarcity of skilled workers. This revelation underscores the urgent need for action to bridge the gap between technological innovation and human expertise.

In the United Kingdom, the situation is particularly dire. A study by the Boston Consulting Group reveals that a vast majority of employees feel ill-equipped to work with AI technologies, with minimal training provided to adapt to these transformative changes. Kevin, a concerned industry insider, emphasizes the critical importance of prioritizing the development and empowerment of existing staff to meet evolving business objectives.

"Organisations must invest in upskilling their teams to not only bolster their bottom line but also safeguard against future talent shortages," Kevin asserts.

To navigate this challenging landscape, industry leaders offer valuable insights and recommendations:

  1. Transparency and Communication: Keep your team informed about challenges, demonstrate awareness, and reassure them of active efforts to find solutions.
  2. Individualized Support: Assign dedicated team managers to provide one-on-one support, understanding their concerns, and offering assistance where needed.
  3. Collaborative Training: Foster interdepartmental collaboration through training sessions to enhance mutual understanding and support among team members.
  4. Recognition and Rewards: Implement programs to acknowledge and reward staff, emphasizing their value and contribution, especially during high-stress periods.

However, the talent deficit extends far beyond individual companies—it threatens entire economies and sectors worldwide. Signs of this crisis are already evident in countries like the Czech Republic, Hungary, and Slovakia, where labour shortages have accelerated automation and increased reliance on robotics.

Korn Ferry's report, "The Global Talent Crunch," predicts severe shortages across Asia Pacific, with financial and business services bearing the brunt of the deficit. Japan, in particular, faces a precarious future, with its technology, media, and telecommunications sectors at risk of significant revenue loss.

In the face of this impending crisis, companies across the Asia Pacific region must act swiftly to future-proof their businesses. Failure to address the talent crunch could stifle technological advancement and impede economic growth, posing a significant threat to the region's global dominance.

As the debate rages on about the role of technology in shaping the future of work, one thing remains clear: the effective partnership between human ingenuity and technological innovation, especially AI, will be the cornerstone of success in the decades to come. The time to act is now—the talent crunch waits for no one.


Have something noteworthy to contribute? Whether it's agency news, an upcoming event, a useful business link, or a thought-provoking blog post, we welcome your input. Simply reach out to, and our dedicated team will ensure your content reaches the right audience on our platform.