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Study: "Korn Ferry" reveals a gap in talent may threaten business growth in Europe, the Middle East and Africa

The study suggests that the lack of talent up 14.3 million workers in the region by 2030

UAE develop an advanced proactive strategy for building and planning future workforce stands at a better position compared with other global economies with the lowest projected deficit in the total of skilled labor and the second less potential economic loss

The company "Korn Ferry" listed on the New York Stock Exchange announced under the symbol (NYSE: KFY ) Today announced the latest studies, which centered on the lack of talent and skills crisis results. The study showed that Highly qualified gap and which are currently a challenge will continue to restrain growth, and if it is not addressed, it has left a tremendous impact on the world 's major economies by the year 2030, including the loss of a potential annual revenue of $ 50.6 billion in the United Arab Emirates and more than 206 billion dollars in Saudi Arabia.

Said Jonathan Holmes, General Manager for the Middle East and North Africa to the company "Korn Ferry": "talent crisis will impact significantly on the growth of individual companies as well as national economic development and ambitious strategies that aim to diversify and develop local economies. The leaders and decision - makers now in all from the public and private sectors to prepare and plan proactively to align future workforce to suit the needs of the growth in the economy of the future. "

Offers a study , "Korn Ferry" under the title " The Future of Work: Future talent crisis," expectations about the size of the gap between supply and demand for talent in the future in the 20 major economies on three time phases: 2020, 2025, 2030, and across three sectors including financial services, business, technology, media and communications, and manufacturing.
The second looking at how
to help governments and businesses to better prepare for the requirements of the future workforce in the new digital economy , the study of the company Korn Ferry is. Although the global leaders are betting heavily on technology as a key driver for future growth - where the first study on the future of the work showed that 67% of executives believe that technology will be the main source for value in the future of work, but they underestimate the importance and value of capital human. The study revealed that the leaders believe that the physical capital will outperform the human capital in the future work will lead to the loss of an important aspect of the value of a trillion dollars, the economic research within the framework of the same study demonstrated that the staff will add an estimated value of 1.215 trillion dollars   To the global economy, which is equivalent to about   2.33 times the value it will add physical capital including technology. The study also showed that for every dollar invested in human capital, about $ 11.39 is added to the gross domestic product ( GDP ) .

And to receive the new study highlights the challenge for companies in the task of finding talent that possess the appropriate competencies and expertise to achieve the potential of human capital in full, as well as to increase investments in advanced technologies, which in turn affect the workforce requirements. At the global level, is likely to reach economic opportunities unfulfilled to more than $ 8.5 trillion due to the shortage of talent, which is estimated at more than 85 million qualified workers with the skills required. And acquires markets in Europe, the Middle East and Africa for nearly $ 1.9 trillion of revenue is generated annually by the year 2030 with a talent gap in the estimated size of about 14.3 million workers.

Said Georges Karam, managing director of the group "Korn Ferry Hai": "Some countries such as the United Arab Emirates and Saudi Arabia to take proactive measures to deal strategically with the gaps of talent looming on the horizon as part of the economic and social development plans long - term. And put the UAE the new national higher education strategy and established the Education and human resources Council , which recently launched a new partnership with the private sector in the country in order to promote the development of advanced skills for future efforts, as well as to launch initiatives such as   Initiative million Arabic programmer, reflecting a clear vision aimed at planning and enhance the readiness of the state for the future of work. And also it established the Kingdom of Saudi Arabia and Digital Transformation Unit In the framework of Vision 2030 and the Kingdom it is structured to pump an estimated 200 thousand jobs in the economy by the year 2025 all of which are directly linked to the role played by advanced technology , artificial intelligence and industrial automation in the future of societies.

He added: " The UAE is an example of the countries that developed an advanced proactive strategy to build the future workforce to meet the needs and objectives of economic diversification in the long term and strategic sectors of development. Consequently, the state enjoys a privileged position compared to other global economies facing very large gaps in talent and a larger number of lost and untapped economic opportunities. "

Interestingly , it would not have any State participating in the study , excluding excess of talent India - trained enough to realize their full economic potential. At the global level, the study reveals a potential serious crisis with a huge gap and lack of large - scale mismatch between the numbers of available manpower and the requirements of the business sector:

●           Facing the United States, Japan, France, Germany and Australia , the biggest threat in the near term as they reach the cost of lost economic opportunities to 1.876 trillion dollars by 2020.

●           The shortage of labor in financial services and the most severe business forces with the expectations of the arrival of the size of the gap to 10.7 million workers globally by 2030

●           Technological progress in all sectors of the global economy may face significant challenges due to the severe shortage of global employment, which will reach 4.3 million workers in the technology, media and telecommunications sector by 2030.

●           The manufacturing sector faces a shortage of talent globally up to 7.9 million workers by 2030 crisis, despite being the only sector that enjoys a surplus in the workforce of highly skilled in 2020.

●           India is the only economy in the study , which will maintain a surplus of talent in the years 2025 and 2030.

These global figures are also reflected in the issue of talent that threaten the economies and sectors in Europe, the Middle East and Africa deficit:

●           Germany has seen the largest deficit in the region of Europe, the Middle East and Africa, an estimated size of about 4.9 million workers with a loss of about 629.89 billion dollars in annual revenue by 2030 if it is not dealt with labor shortages - which is equivalent to 14% of its economy.

●           Financial market is located in London and its distinguished under serious threat as the UK is facing a shortage of more than half a million workers in the field of financial and business services , which will lead to a loss of about 89.98 billion dollars in annual revenue by 2030 - equivalent to 7% of the sector.

●           The financial services sector and the services most affected in the region of Europe, the Middle East and Africa - where business   It will lose more than 358.70 billion dollars of annual income by the year 2030.

●           May see technological progress in all sectors slowed down due to the acute shortage of labor - is facing the technology and media sector and telecommunications shortage is estimated at more than 700 thousand workers are expected to lose this sector annual revenues of 103.25 billion dollars by 2030.

●           Germany and the United Kingdom is facing higher cost of lost opportunity in technology, media and telecommunications sector , where the two countries will lose 30.70 billion   And 27.70 billion US dollars, respectively , of annual revenue by 2030.

●           Manufacturing is facing a shortage of talent crisis in Europe and the Middle East and Africa is estimated at more than 1.1 million workers by 2030 although there is a surplus of workers in highly skilled in 2020.

●           Facing the site of Germany 's strong and outstanding in the field of manufacturing great danger where ranked the highest in Europe and the Middle East, Africa and the second within twenty markets surveyed in terms of the size of the income is realized in the manufacturing sector (77.93 billion US dollars by the year 2030).

He continued Holmes: "appropriate talent is a competitive advantage of the most important for any company, and become this talent more scarce day after day. Competing companies and countries all over the world strongly to find those talents in a limited talent base increasingly. Reveal our study of the lack of already sufficient skills where may face companies and economies by the year 2030 a severe crisis in the availability of talent. to face such a severe shortage of appropriate competencies and talents, you must plan and build the workforce and understanding of the numbers and types of talent that will be available in the future in a comprehensive manner. " 

Karam concluded: " The future of work on the effective partnership between the workforce and technology will. Will become a sharp demand for qualified talent with the right skills needed by companies the issue of age rather than the issue of control   Technology business sector. "

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