However, businesses in certain countries also face factors that lie largely outside their control. Political or economic circumstances can have a considerable impact on the qualifications available as an increasingly mobile workforce may take their skills elsewhere.
In the United Kingdom, for example, many businesses expect leaving the EU will have a major impact on recruitment. A 2018 survey by recruiting firm Adecco found that 71 per cent of companies think that Brexit will make it harder to acquire the skills they need because it will become more difficult for foreign workers to apply for jobs in the U.K.
In most other countries, immigration regulations are a key factor in meeting skills shortages, too. At the end of 2018, Germany moved to relax its laws to attract more foreign workers – an important step given that the German Economic Institute estimates there are more than 400,000 jobs that cannot be filled by German-based workers.
A similar issue faces the United States, where there are almost one million more job vacancies than people looking for work. Immigration could help, but the country is yet to follow Germany’s example.
While the Korn Ferry study predicts talent shortages across the globe in the next decade, it does name one exception: India is the only country projected to have a skilled-labour surplus by 2030, thanks mainly to its large number of working-age citizens and government programmes to boost skills.