Diligent strategies required to tackle global talent shortage

The global talent shortage is a growing issue that affects many industries and economies. Countries and companies compete to attract skilled professionals, leading to talent migration.
Globally, corporations and firms struggle to find skilled professionals, which slows expansion and innovation.
Delays in project completion and product development impact revenue and competitiveness.
Obviously, this creates workforce imbalances, with some regions suffering more shortages than others.
Countries with ageing populations face shrinking workforces. Economic growth slows as businesses struggle to find workers to sustain operations.
The scale of the global talent shortage before us is vast – estimated by one report to reach 85mn unfilled jobs by 2030. That, according to a report published by the World Economic Forum (WEF) is equivalent to around $8.5tn in unrealised annual revenues.
Ageing populations and demographic shifts are reducing the pool of skilled workers, even as rapid technological advancements outpace workforce skills.
Fields such as artificial intelligence (AI), data science and cybersecurity face surging demands but are struggling to find qualified candidates for these roles.
While not immune, the GCC economies are turning this challenge into an opportunity, adopting a three-pronged strategy to drive sustainable growth in the Middle East, noted Nada al-Saeed, Executive Director, Bahrain Economic Development Board.
The competition for top talent is fierce, requiring the right conditions to attract and nurture it.
GCC countries are, therefore, promoting entrepreneurship and innovation by establishing sandboxes, hubs, incubators and accelerators that encourage startups, attract skilled professionals and create ecosystems that cultivate talent.
Supporting local entrepreneurs and channelling resources into business growth boosts talent retention and economic development in the region.
Matching their leaders’ ambition, Middle East employees are also ready to embrace the future: recent research found that 61% recognise the need to learn new tools and technologies to excel in their jobs.
In response, GCC countries are investing in upskilling their citizens, empowering them to help drive the tech revolution through skills development programmes, vocational training and policies that encourage private companies to hire local talent.
This focus on developing tomorrow’s workforce is amplified by the area’s demographic advantage: nearly half of the Middle East and North Africa’s population is under 24, representing one of the world’s largest youth populations. This presents an opportunity to build a sustainable workforce and a future-ready talent pool.
Efforts to promote gender equality in the GCC are playing an important role in growing the talent pool. Initiatives to provide equal pay, improve opportunities for career advancement and create a better work-life balance are proving crucial.
GCC economies are responding to the global tech talent shortage at every level. Employees feel it too: the proportion of workers who believe their country lacks people with specialised skills ranges from 45% in the United Arab Emirates to as much as 75% in Kuwait.
However, there is optimism for the future. Respondents were more confident that skills improvement is a priority for their employers than the global average.
By creating an ecosystem that encourages entrepreneurship, elevates local talent and empowers women, the GCC is certainly investing in a sustainable, diverse and inclusive digital future.