In this article: 15 countries with the world's worst labor shortages. We also discussed the recent labor shortage in the United States. If you want to skip the detailed analysis, please proceed directly to the next page. 5 countries with the world's worst labor shortages.
The aftermath of the coronavirus pandemic is often referred to as the “Great Resignation” as the United States saw massive workforce disruption. Following the trend of 47.8 million people retiring in 2021, more than 50 million workers will retire in 2022, creating a shift in the workforce. However, in 2023, this trend began to subside, with 30.5 million workers retiring by August.
As workers seek better work-life balance, flexibility, higher compensation, or a stable company culture, they are encouraged to move on to other jobs. As the U.S. Chamber of Commerce closely monitors job trends, labor force participation, and turnover rates across the United States, we have found that certain industries are bearing the brunt of these trends. Even though American businesses create hundreds of thousands of jobs every month, there are significant shortages, especially in the professional and business services sectors. Therefore, to address the talent shortage, companies across the United States are making deals and collaborating to fill positions as quickly as possible.
For example, United Parcel Service, Inc (NYSE:UPS) recently signed a deal with the Teamsters Union, promising United Parcel Service (NYSE:UPS) drivers an average of $170,000 a year. This could solve the long-standing problem of a shortage of truck drivers. This job is often ignored and doesn't pay well, making it unattractive to job seekers. The new agreement aims to change this by offering better pay and benefits. United Parcel Service, Inc. (NYSE:UPS) hopes that increased investment in its drivers will increase productivity and bring about positive change in the logistics industry.
United Parcel Service (NYSE:UPS) stock initially fell due to the transaction's costs, but the move is seen as necessary. The $170,000 package is designed to attract experienced drivers who are essential to successful package delivery. The decision also sets the stage for the introduction of new technologies such as drones and hubs in the delivery process.
Despite the worsening labor shortage, many companies Industry is being revolutionized by AI and automation The fast food industry is no exception. For example, Chipotle Mexican Grill, Inc. (NYSE:CMG) is testing Autocado, an avocado cutting robot designed to reduce guacamole preparation time by 50%, a task that would take an employee about 50 minutes. The robot efficiently cuts, cores, and peels the avocado, while human employees still handle the manual crushing and adding ingredients. The robot, developed in partnership with Vebu Labs, is part of Chipotle Mexican Grill Co.'s (NYSE:CMG) efforts to improve the employee experience, including faster grilling and streamlined ordering.
Despite this, Chipotle Mexican Grill Co. (NYSE:CMG) plans to hire. 19,000 Employees are gearing up for the busy “burrito season” from March to May. The company introduced new benefits to address Gen Z's financial challenges. Benefits include a free employee assistance program that includes six counseling sessions for her to address mental health. Chipotle Mexican Grill, Inc. (NYSE: CMG) uses SoFi's Student Loan Verification to pay off student loans and contribute up to 4% of an employee's salary to his 401(k) if eligible. Masu. Additional benefits include financial education with SoFi and credit score improvement with Cred.ai.
A porcine cell platform in a laboratory at Mount Sinai Hospital. A medical professional is operating a microscope.
methodology
for Countries with the world's most severe labor shortagesWe used Manpower Group's 2024 Talent Shortage Report to obtain country-specific rates of skilled labor shortages. For similar skilled labor shortage rates, we used the World Bank's aging population (% of total population) data by country as a tiebreaker. Countries with high aging rates ranked high.
Given that the two countries have similar rates of aging populations and skilled labor shortages, we considered the number of permanent immigrants that could be accepted in 2021 to break the equation. The list is displayed in ascending order.
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15. Singapore
Skilled labor shortage: 79%
Aging population: 15%
Singapore addresses labor shortage by hiring 260,000 experts, focuses on the IT and software, banking and engineering sectors. The hiring surge comes after the number of foreign workers fell by 194,000 during the pandemic. Sales and compliance specialists, engineers, software developers, product managers, and AI specialists are particularly sought after.Singapore is one of them Countries with a shortage of IT professionals.
14. Slovakia
Skilled labor shortage: 79%
Aging population: 17%
In 2022, Slovakia will see a significant increase in the number of Indian workers, quadrupling their number. 1,350 This is due to the severe shortage of human resources in the IT and automotive sectors. The Department of Labor, Social and Family Affairs acknowledged the surge and highlighted the help provided by nationals from India and other Asian countries to fill critical vacancies such as truck drivers and welders. This trend continues, with the Jaguar Land Rover factory in Nitra employing an additional 173 workers from India.
13. Romania
Skilled labor shortage: 79%
Aging population: 19%
a 2019 A national survey in Romania reveals a labor shortage of 300,000 people, which is predicted to reach 549,000 by 2023. Randstad HR Trends research suggests a labor shortage of 1 million people in the country. Migration of professionals such as healthcare workers, temporary workers, IT professionals, and students contributes to this gap. One of the. Countries facing the greatest skills shortages.
12. Hong Kong
Skilled labor shortage: 79%
Aging population: 20%
Hong Kong plans to ease immigration restrictions and hire 27,000 foreign workers to address the labor shortage, targeting sectors with severe shortages such as construction and aviation, according to Bloomberg. He is one. Countries with a shortage of skilled workers.
11. Brazil
Skilled labor shortage: 80%
Aging population: 10%
As outlined in the 2018 OECD Skills for Jobs database, Brazil faces severe labor shortages in key sectors and services such as healthcare and ICT. The personal care, protective services and medical professions professions are showing significant deficits, with a shortage of medical imaging technicians and ICT professionals numbering in the thousands. Customer service representatives and business professionals are also in high demand. In contrast, electrical trade, metal-related trade, and sales personnel are redundant.
10. United Kingdom
Skilled labor shortage: 80%
Aging population: 19%
According to Indeed, overseas interest in British jobs has doubled since the post-Brexit points-based immigration system began, particularly from non-EU countries such as India and Nigeria. The proportion of foreign job seekers rose to 5.5% in June 2023, compared to 2.2% in April 2021. The top job categories are social care and software development. The number of permanent migrants admitted to the UK in 2021 was 338,300.of Britain is one of them best country for education.
9. Canada
Skilled labor shortage: 80%
Aging population: 19%
Canada plans to admit 485,000 permanent residents in 2024, increase to 500,000 in 2025, and maintain the same level in 2026. The Immigration Levels Plan focuses on addressing labor shortages, promoting economic growth, and reunifying families. The target for French-speaking immigrants will increase to 8% by 2026. Priority will be given to key areas such as healthcare, STEM, trade and agriculture. Express Entry aims to enroll 117,500 students annually, and the state recommendation program aims to enroll 120,000 students by 2025. The number of permanent immigrants admitted to Canada in 2021 was 401,100.
8. France
Skilled labor shortage: 80%
Aging population: 22%
France's hydrogen sector faces workforce challenges, with tens of thousands of workers needed by 2030. 100,000 jobs projected. But labor shortages and inadequate training are hindering progress. In 2022, there will be 6,800 positions in this field, an increase of 77% from 2019. Countries with labor shortages in Europe.
7. India
Skilled labor shortage: 81%
Aging population: 7%
Despite a growing workforce, India faces unique labor challenges. Every year, 12 million Indian youth enter the job market; 1.04 Despite this demographic advantage, India faces a shortage of skilled and unskilled labor. The impact will be significant, affecting manufacturing capacity both domestically and internationally. One of the. Top 10 countries with the world's most severe labor shortages.
6. Ireland
Skilled labor shortage: 81%
Aging population: 15%
Ireland is suffering from a severe labor shortage crisis, as revealed by an investigation by the Irish Sun. There are around 100,000 vacancies across 10 major industries, with construction, hospitality and healthcare sectors being the hardest hit. To address the shortage, Reland is taking in 40,000 non-EU workers a year. The government is rushing to issue non-EU visas for skilled workers, with 39,955 granted last year.
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Disclosure: None. 15 countries with the world's worst labor shortages Originally published on Insider Monkey.
