A new analysis estimates the impact of technology by 2030 across Australia, Germany, and the US
The report released by Boston Consulting Group (BCG) and Faethm has found that Australia is projected to experience a labor shortfall of up to 800,000 full-time employees of the national workforce by 2030.
In case if COVID-19 has a more pronounced long-term impact on GDP growth, the country could actually see a nearly equal labor surplus of approximately 800,000 full-time employees.
Meanwhile, Germany will likely experience a labor shortfall ranging from 200,000 to 2.5 million workers.
As to the US, it is expected to experience a labor shortfall in its workforce of 600,000 to 12.5 million people by 2030.
In all 3 countries, computer-related occupations and jobs in science, technology, engineering, and math are the professions with the biggest looming shortfalls. Meanwhile, in job groups that involve little or no automation but require compassionate human interaction tailored to specific groups (healthcare, social services, and certain teaching occupations) the demand for human skills will increase as well.
In fact, the report offers several measures that stakeholders can take to prepare for a digitized future. For instance, national governments should hone their predictions of how the workforce will change over time and develop training programs to give displaced workers new skills.
This way, companies should anticipate the skills and capabilities they will need to succeed in the future, improve their recruiting and retention programs, and build a culture of lifelong learning. And individuals can help as well, by proactively learning new skills and being flexible about changes over time.
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