The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "OK", you consent to the use of cookies. 

How Will the Global Economy Cope withSlowing Workforce Growth: Implications for the CHRO


February 2015 | China Center Publications

Smaller labor supply slows economic growth. To offset this, labor productivity will be the most important tool. This productivity will mainly come from investments in innovation and new technology. But to see results, organizations will need to make the most of their human capital:

  • Using SWP on a global scale, identify where labor shortages may occur over the next ten years
  • Retain skilled employees, encourage and facilitate the transfer of knowledge through training, phased retirement for veteran employees, among other strategies
  • Move the work to where the workers are: select production and sales locations according to the geographic areas with larger workforce availability

In addition, most mature and even several emerging economies will be facing serious shortages in workers, and not just in the most skilled occupations. Tighter labor markets around the world will result, which in turn will put upward pressure on labor costs. To stay competitive, companies need to strategize to mitigate those costs.

Explore our full portflio of thought leadership on the global economic outlook here.


AUTHOR

BartVanArk1.jpg

Bart van Ark

Outgoing Chief Economist; Program Director, CFO: Fortune 250 Council
The Conference Board


Support Our Work

Support our nonpartisan, nonprofit research and insights which help leaders address societal challenges.

Donate
FILTER BY CENTER

Our Experts

BartVanArk1.jpg

Bart van Ark

Outgoing Chief Economist; Program Director, CFO: Fortune 250 Council

Ataman.jpg

Ataman Ozyildirim, PhD

Director, Economic Research, and Global Research Chair

IlariaMaselli.jpg

Ilaria Maselli

Senior Economist

YuanGao.jpg

Yuan Gao

Senior Economist

ErickLundh.jpg

Erik Lundh

Senior Economist

OTHER RELATED CONTENT