Are we running out?
In a sense, yes. “When we think about who will fill our labor shortage, even with 150 million young people in the U.S., it’s still not enough,” notes entrepreneur and new book author Parag Khanna move, In our 11th episode greet tomorrow podcast.
Labor shortage is one of the main drivers of high population mobility. Every year, millions of people leave their homes in search of stable habitat, protection from violence, greater freedom and better economic prospects. Khanna and his podcast guest, Dion Shango, PwC’s Central and Southern Africa Regional Senior Partner, weigh in on who is moving, why, and how businesses should respond.
While goods, services, and information flow to where people are, economic demand is also attractive. With large populations in Asia and developing regions that are young and healthy and ready to relocate, “mass migration will occur solely on the basis of economic need and labor shortages, not to mention the climate crisis and political violence and other drivers,” Card Na added.
And don’t rule out less obvious factors – such as currency downgrades. “Any kind of reduction in purchasing power could prompt young people to say, ‘Wait, I have enough marketable and useful skills to qualify me for a job in another country,’ whether it’s the UK, or the US, or Europe. another part of that,” warns Shango.
Although companies in advanced economies may employ a large migration of skilled labor, this means that large numbers of people are left behind—either because they lack the necessary skills or do not know where to apply them. “What we need to do,” Khanna said, “is expand connections, expand opportunities. And that’s done through investments in infrastructure, education, digitization, supply chains, markets, and all of these things that come with public and private investment .”
Mass migration will occur on the basis of economic need and labor shortages alone, not to mention the climate crisis, political violence, and other drivers. “
It is also important not to simply leave liquidity issues to market forces. “Countries need to come together … to look for opportunities and explore ways to work together, try to combine challenges with opportunities,” Shango said.
Listen to the full podcast here.