The connections between technological advances, economic growth, and societal development have always been important aspects of humankind. The 21st century introduced an era of many incredible technological breakthroughs, one of which includes the “convergence [of] computers, televisions and telephones” molding a huge internetwork. Innovation is an inevitable outcome in today’s global age of connectivity and accessible resources, with new businesses established every day due to this swift and steady influx of information to international communities. A crucial component of development comes directly from the workforce and, as a result, the working class bears the heavy burden in order to support a country’s growth and development. However,
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Dr. Rainer Strack, the global leader of numerous projects on human resource management in The Boston Consulting Group, addresses and emphasizes the current talent crisis in his research paper titled “The Looming Global Talent Crisis- How to Counteract Workforce Imbalances.” As Strack analyses in his research, “while mature economies struggle to replace baby boomers, developing economies seek the better educated workers to power markets,” introducing an intense global struggle to obtain talent. Currently, GDP growth and productivity of developed nations are at peak level, thus, requiring greater labor involvement. Due to an expanding disparity between an aging populace retiring from the workforce and the arrival of new workers, developing countries are seeking better-educated workers to “power[-]emerging markets.” The size of the workforce are gradually diminishing and, in turn, the quantity of talented individuals will be reduced to a miniscule fragment of a once profitable and prosperous labor pool; therefore, many countries will run into an unrelentless metaphysical brick wall that thwarts further development. As previously mentioned by Strack, due to the workers of the “baby boom” generation retiring, the percentage of births and newborns in first-world nations like Japan and America are slowly declining while the elderly continue to dominate demographics in these nations. Other recent studies of the declining population growth in the global demographics trend, are …show more content…
This prediction is extremely alarming and ominous for the future of nations everywhere as the presented data foreshadows that incoming issues will be persistent and exacerbated over the next few decades. In fact, Germany, Poland, Japan and Russia are already suffering from a shrinking workforce, and in the near future, multitudes of other countries will trek down the same
Dr. Rainer Strack, the global leader of numerous projects on human resource management in The Boston Consulting Group, addresses and emphasizes the current talent crisis in his research paper titled “The Looming Global Talent Crisis- How to Counteract Workforce Imbalances.” As Strack analyses in his research, “while mature economies struggle to replace baby boomers, developing economies seek the better educated workers to power markets,” introducing an intense global struggle to obtain talent. Currently, GDP growth and productivity of developed nations are at peak level, thus, requiring greater labor involvement. Due to an expanding disparity between an aging populace retiring from the workforce and the arrival of new workers, developing countries are seeking better-educated workers to “power[-]emerging markets.” The size of the workforce are gradually diminishing and, in turn, the quantity of talented individuals will be reduced to a miniscule fragment of a once profitable and prosperous labor pool; therefore, many countries will run into an unrelentless metaphysical brick wall that thwarts further development. As previously mentioned by Strack, due to the workers of the “baby boom” generation retiring, the percentage of births and newborns in first-world nations like Japan and America are slowly declining while the elderly continue to dominate demographics in these nations. Other recent studies of the declining population growth in the global demographics trend, are …show more content…
This prediction is extremely alarming and ominous for the future of nations everywhere as the presented data foreshadows that incoming issues will be persistent and exacerbated over the next few decades. In fact, Germany, Poland, Japan and Russia are already suffering from a shrinking workforce, and in the near future, multitudes of other countries will trek down the same