The global labor shortage crisis is already here: The Conference Board

The Conference Board today released “Global Labor Market Outlook 2024,” a new seven-part series examining the root causes of labor shortages; the negative effects of labor shortages on business performance and economic growth; and the number of additional workers needed to eliminate the shortage and where to find them.

“The global labor shortage crisis is already here. The U.S. economy alone needs 4.6 million additional workers per year to maintain current levels of supply, demand and population balance,” the Conference Board report said.

That’s equivalent to 2% of the US population, and shortages are even more severe elsewhere: Germany needs 1.6 million workers (3%), South Korea needs 2 million (5.5%) and China needs 47 million (5%).

“According to our surveys, CEOs around the world cite labor shortages and attracting and retaining talent among the most pressing challenges keeping them up at night,” said Dana M. Peterson, chief economist at The Conference Board.

“However, solutions to chronic labor shortages are within reach, if governments, businesses and nonprofits act together. Our new research finds that a multifaceted approach, including older workers, younger workers, men, women and immigrants, can bring millions more into the workforce,” Peterson added.

In each of its seven parts, “Global Labor Market Outlook 2024” analyzes the driving forces behind shortages and then offers detailed quantitative analysis of their impact on nearly 30 individual economies.

The study analyzes:

· What is at stake for companies?

· Adopting a multifaceted approach

· Immigration is necessary but insufficient

· Optimizing the older workforce

· Maximize the participation of working women

· How to get men back into the workforce

· Motivate young people to enter the labour market

To view the full report and its methodology, click here.

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