Over the last few weeks I’ve heard and read much about the global skills shortage and its impact on the economy. It’s a concern for many business sectors, but in particular for the engineering industry.
I recently sat on a panel discussing the findings of a recent Totaljobs/Boston Consulting Group report on global talent mobility. This research focused on the factors that drive individuals to make global moves, but it also highlighted the critical issue of the global skills shortage. BCG shared some rather scary statistics that bring this to bear.
For example, if Germany continues to grow its economy at the same rate as now, there will be a shortfall of 10 million in skilled labor supply by 2030. In China it will be 25 million.
A recent report published by Engineering UK — The State of Engineering — highlights that the UK is unable to fill up to 55,000 engineering roles every year and that this could cost the British economy up to £27 billion per year.