Forecasting Labor Costs for 2030

“Organizations around the world could add more than $2.5 trillion to their annual labor costs within 12 years as a result of the global shortage of highly skilled workers, according to new research from Korn Ferry. The report follows up on the recruiting and workforce management firm’s forecast that talent shortage could cost companies $8.5 trillion in unrealized annual revenue by 2030. The United States will face the biggest “wage premium” in 2030, at $531 billion, Korn Ferry says. The term refers to the additional amount employers will need to pay to secure the right talent, above the amount that wages would rise over time due to normal inflation.”

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