The Future of Global Talent

The Future of Global Talent

By Ana C. Rold, Publisher & CEO, Diplomatic Courier; Host, Global Talent Summit
«What can be automated, will be automated.»

Chris Luebkeman, Global Foresight & Innovation, ARUP

Automation is inevitable and will contribute to a continuous change in the workforce landscape as human jobs disappear, and new, yet to be defined jobs emerge.

No specific education and knowledge/skill specialization can guarantee protection against loss of employment. It will not be possible to truly foresee skill needs created by the rapid development of technology.

It will therefore be necessary to prepare the individual for a future of Lifelong Learning aimed at continuous re-adaptation to ever-changing circumstances of the global talent market.

While the young learner must become a skilled user of new and emerging technologies, he/she must also learn how to quickly adapt to change and develop new skills for 21st century jobs.

The intensifying war for global talent.

Fewer students are graduating with the skills needed for the jobs AI and robotics are either replacing or re-creating. Many companies and entire countries are now confronted with significant talent shortages. According to a PwC report in 2015, 73% of CEOs surveyed see skills shortages as a key business threat.

Given the essential role of human capital in the coming expansion, a global war for talent is beginning and will intensify. At the heart of this competition are three issues:

1. Skill Gaps

Almost 200 million people around the world (40 million of which are in the advanced economies alone) are unemployed. Yet global businesses are struggling with jobs that remain vacant. Seventy-five million of these unemployed are youth.

The inability to fill jobs despite massive unemployment is not only due to geographic imbalances in demand and supply, but also due to large skill gaps between the needs of the industry and the output of the education systems.

 

2. Technology Development

Advances in technology, especially AI, Robotics and Information Technology, will continue to disrupt societies in the coming years.

Cloud, mobile technology, social networks and collaboration technologies, and big data provide almost infinite computing, storage, and bandwidth at very low cost.

This has increased the amount of innovation in every sector and aspect of our lives. These developments are redefining jobs of the future and with it, the talent needed for the future.

 

3. Change in Demographics

Emerging economies like India and China are increasingly becoming magnets for talent while advanced economies like Japan, the EU and the U.S. are facing the challenges of an aging workforce.

The most direct impact of the widespread aging around the globe is that regional and national economies that depend on a largely static local workforce will be challenged, as the local population ages out of the working economy.

The Global Talent Summit is the premier space for multi-disciplinary stakeholders from the private sector, policy, academia/education, and innovation to come together to discuss the trends and solutions for the future of work and education.

GTS—on its 6th year now—has convened over 2500 strategists, key opinion leaders, and relevant stakeholders to shape the future of talent through education, innovation, and recruitment. This year, we have joined forces with the World Web Forum because of our strategic alignment in supporting and fostering the next generation of talent.