04.23.2024
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Posted by Marbenz Antonio on September 5, 2022
The issues faced by businesses develop and evolve along with the global population. It’s not a guarantee that a rise in the workforce within organizations will follow an increase in population. In this essay, we will examine in greater detail two phenomena: demographic changes and the talent gap, which will have a substantial impact on the workplace in the ensuing decades.
What do demographic changes mean? Why do we discuss the changing demographics? What elements affect demographic changes? And how do these elements play out in the workplace of today?
The demographic transition is a phenomenon that affects every country in the world. It entails declining birth rates and corresponding population aging, which have different degrees of negative effects on the economy and society.
With extremely high population growth rates, every nation on earth is experiencing demographic transformations that we have never seen before. The world population has increased from 3 to 7.9 billion people (as of May 2022), and the UN predicts that we will reach a population of 10 billion people by the year 2050. Because of this, forecasts for the next fifty years indicate a drastically different world.
These demographic changes are certainly having a big influence on the job market and related career options for younger individuals.
The term “demographic change” refers to shifts in migration patterns, birth and death rates, and population size and composition. Today’s Western developed nations are experiencing demographic change that is characterized by low birth rates and rising life expectancy.
Economically and socially, demographic change in Europe is having significant effects, and it is already obvious that many sectors will need to be able to deal with the fallout. To maintain Europe’s competitiveness, experts in every field must be prepared to respond to transformative requirements.
The talent gap is the difference between the existing level of talent, skills, or competencies of employees and the level required to meet the organization’s objectives. It is a term used to describe the absence of skilled personnel in an organization.
The rapid advancement of technology, which makes it challenging, if not impossible, for workers to keep up with changing work equipment, is the primary cause of the skill gap in the majority of cases. In addition, PMI names three factors that are exclusive to the project management sector:
The middle years of each worker’s life are when their labor production peaks in terms of the physiological span of human life. Because of this, a rise in the middle-aged population directly affects a nation’s output. On the other hand, dependent people—those who are too young or old to work (or to work very productively)—consume more than they produce via their labor, which has an impact on living standards.
To address the labor shortage and close the talent gap, organizations will need to come up with new strategies due to declining birth rates and an aging population.
But working longer hours won’t make up for the general fall in the number of people of working age. As sectors grow more project management-focused, the demand for project managers and other specialists will rise.
Several phenomena relating to the Talent Gap can be analyzed, according to the Talent Gap Report: Ten-Year Employment Trends, Costs, and Global Implications published by PMI in 2021.
First, there is an ongoing disparity between the demand for and actual supply of project management skills.
The population of the globe is predicted to increase dramatically by 2050, rising from 7.7 billion to 9.7 billion, and then reaching 11 billion by the end of the century.
Over the next ten years, the global business and economy will need 25 million additional project management experts, according to the Talent Gap Report released by PMI in 2021. According to estimates, the lack of resources might result in global GDP losses of up to 345.5 million people.
Based on information gathered by PMI:
The rising demand for project professionals in emerging nations is a final contributing factor to the talent gap’s persistence; this phenomenon implies a decline in the rate of emigration to other nations, creating a true talent shortage that is predicted to result in a GDP loss of 345 billion by 2030.
If organizations don’t promote a culture of continuous learning, it’s unlikely that the demand for project management skills will be satisfied by 2030. Employers will therefore have a problem closing the talent gap: developing the capabilities of the incoming workforce. They will need to be more persistent and well-equipped for the future, paying particular attention to demographic shifts.
Five elements that could improve present and next advancements have been recognized by PMI:
Future project managers will have the responsibility of putting equality policies into practice with the aid of human resources to support the generational gap at work by balancing new youthful talent with those staff members who are nearing retirement. The talent gap can be closed and the shortage of qualified workers can be made up for in this way.
Thus, finding and training new employees and the ensuing requirement to be competitive in the market is among the top priorities of organizations for the near future. Knowing how to “sell oneself” to potential employers as well as customers will become extremely important. Brand reputation will become a more important component of any business or corporation.
To address the increasing problem of demographic shifts, new approaches and new specialists, such as Project Managers, will be required. They will be the ones who will require brand-new abilities, like empathy and communication, along with a great capacity for change adaptation.
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