Despite many big tech companies laying off large numbers of employees in recent months, the global demand for skilled tech workers remains high. According to a study by management consulting firm Korn Ferry, by 2030 there will be a projected global human talent shortage of 85 million people.
“In tech alone, the US could lose out on $162 billion worth of revenues annually unless it finds more high-tech workers,” according to the report. “India could become the next tech leader; the study suggest that the country could have a surplus of more than 1 million high-skilled tech workers by 2030.”
Commenting on research undertaken by the firm, Yannick Binvel, president of Korn Ferry’s Global Industrial Markets practice, wrote in the report that “Governments and organizations must make talent strategy a key priority and take steps now to educate, train, and upskill their existing workforces.”
Germany is not the only country looking to attract skilled workers to tackle the growing skills gap.
In the US, the H1-B visa allows companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. However, the visa has not always been supported across the political spectrum. During his presidency, Donald Trump stopped the distribution of new H1-B visas and attempted to raise employer compliance obligations and reduce H-1B visa validity for workers employed at third-party job sites.
All of these proposals were ultimately overturned by current US President Joe Biden early in his first term.
