Talent shortages will affect the future of the world’s largest economies in upcoming years, and developing new and creative solutions to address these critical shortages is an economic imperative. The global refugee population should be part of the solution.
A report commissioned by Talent Beyond Boundaries highlights the contributions from businesses who are spearheading efforts to include refugees in international recruitment practices, creating an additional solution to humanitarian displacement and filling skills shortages. These business perspectives illustrate the corporate sector’s willingness to contribute to the global response to the refugee crisis, and reveal the untapped value that refugees can provide if part of the global workforce.
By sharing their perspectives in this report, Talent Beyond Boundaries hopes that more companies will be inspired to recruit refugee talent internationally, and that governments will ensure refugees can access economic immigration pathways. This labour mobility solution will benefit companies, countries, and refugees worldwide.
Developed countries are seeing trends of slowed population growth, ageing populations, and education pipelines that do not match market demand, resulting in large skill gaps. The working-age population across the developed world is expected to shrink due to an ageing population. Forty-five per cent of employers globally report talent shortages that inhibit expansion. Nearly 70 per cent of large organizations (250+ employees) cite talent shortages. Talent gaps in financial and business services; technology, media and telecommunications (TMT); and manufacturing – will result in 85.2 million unfilled jobs and a loss of $8.5 trillion in revenue by 2030, according to Alan Guarino, the CEO of Korn Ferry.
Many countries and companies are working hard to attract immigrant talent, and many companies are already recruiting internationally to fill hiring needs. In the context that there are 25 million refugees worldwide, many of whom are working-age professionals with competitive skills who are restricted from working in their professions in their host countries, there is a clear opportunity for business. Given our desperate need of skills, at a time of one of the worst humanitarian crises since the Second World War, Talent Beyond Boundaries argues that it is time to bring refugee talent into the global workforce.
To read the full detailed report, click here: