Why are so many organizations looking for talent?

Risky business

According to a leading financial services provider, the shortage is becoming so severe, that it is returning to the global top 10 list of risk in the Allianz Risk Barometer 2022.

The barometer, which is based on the insight of 2,650 risk management experts from 89 countries and territories, also found that shortage of a skilled workforce was a top five risk in the engineering, construction, real estate, public service and health-care sectors, and it was the top risk for the transportation sector.

“The shortage of skilled labour is concerning for businesses worldwide,” said Thomas Varney, ARC Regional Manager, Allianz Global Corporate and Specialty (AGCS). “With the pandemic, this risk was bumped down the barometer [to 13th position] in 2021 because other things took precedence, but now it’s right back up there as a serious concern.”

This shortage reached a staggering 40 million workers in late 2020 and will rise to 85 million by 2030, said Korn Ferry.

While the scarcity has been in the top 10 before, it continues to vex hiring managers around the world in 2022, said Varney.