Industrial nations will suffer skill shortages by 2030: Study
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The concept of "brain drain" would take the form of "brain cycle" in the next two decades, as migrants are expected to return to their home countries and fuel local development, says a study.
According to Hay Group's Leadership 2030 research, Industrial countries will suffer skills shortages and pressure on the welfare system, and migration will increase.
However, the "brain drain" will increasingly turn into a "brain cycle" as growing numbers of migrants return home and use their new skills to accelerate local development, it said.
Brain drain is the departure of educated or professional people from one country, economic sector, or field for another, usually for better pay or living conditions.
According to report, even in 2030 talent will continue to be at a "premium" and retaining employees with key skills will be a "challenge".
In order to address the demographic imbalances, organisations will have to work hard to attract, integrate and develop international migrants, older people, women and others with 'caring' responsibilities.
"This will mean introducing family-friendly and age-appropriate employment models, along with educational and development programs - not least those designed to transfer knowledge between different generations," the report said.
According to Hay Group the leaders of the future will need a host of new skills and competencies if they are to succeed which is tough, but not "insurmountable".
"Leaders will have to be multilingual, flexible, internationally mobile and adaptable. But, most crucial of all, they must be highly collaborative and have strong conceptual and strategic thinking skills," the report said.
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