Workers Wanted, Worldwide: Strategies for the Sansdemic
Strategies to Succeed in the Global Demographic Drought
Sansdemic : sans-without, demic-people
A demographic drought that is projected to worsen throughout the century and will impact every business, college, and region.
In our previous report, Demographic Drought, we dove into the current state of the US labor market and US talent pools. Now, we’re zooming out to address the global labor market. What started as a sansdemic in a few countries will continue to devolve into an outright global labor shortage.
Three factors will shape the future global labor supply:
Through 2040, growth in the working age population is expected to slow in eight out of 10 countries globally, and outright shrink in three out of 10.
Net migration is projected to slow in nearly 60% of developed economies over the next 20 years, contributing to the global labor shortage.
Over the last decade, labor force participation has outpaced working age population growth in four out of 10 countries.
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Strategies to Succeed in the Global Demographic Drought
- There are talent strategies employers can use to get more people into the workforce.
Flexible work, skill-based hiring, and making accommodations for health or family challenges are ways to tap into overlooked talent.
- Businesses need to understand the skills, tech readiness, and innovative capacity of the local workforce.
To compensate for the worker shortage, employers may need to invest in training and support to ensure workers keep up with change.
- Employers must value the workers they have.
Understanding and accommodating workers’ unique circumstances will give employers a competitive advantage in the labor market.
How will you respond to the worldwide sansdemic?
Faster-than-expected demographic shifts pose extraordinary risks—and opportunities—for governments and employers. Our global workforce is more important than ever, and with the right global talent strategy, you can succeed.
