According to the latest study released by KPMG International there will be a significant fall in the supply of labor in the developed countries in the coming decade. This approaching scenario will not only be a challenge for the business leaders but also offer a major opportunity for skilled and unskilled labors all over the world to migrate to these countries for employment opportunities.

“The Global Skills Convergence: Issues and Ideas for the Management of an International Workforce” study reveals that owing to the retirement of baby boomers from the work force and a lack of a generational replacement, a scarcity of labor will occur in Australia, China, Canada, New Zealand, United States, Western Europe and United Kingdom. Thus it is expected this issue will become a major issue in these countries in the next decade.

The KPMG study shows that the countries like Latin America, Africa, Middle East and India won’t face such a problem in the contraction of the supply of labor. Rather the migration of labor from the economies having excess supply to the areas having a high demand will take place at the end of the century.

According to Salt, of KPMG, “This would be the ultimate expression of Thomas Friedman’s concept of the flat world: first the globalization of capital, then information, technology and work tasks and now the globalization of talent and labor”.

In the study a number of factors have been identified that will help to solve issues related to management of the global workforce. Few of these factors include:
• Formulating effective career plans.
• Exposing people to the global cultures
• Offering management responsibilities of local offices to local staff
• Framing and developing a leaders group for the future.
• Designing a policy of workplace diversity
 

The KPMG survey which was prepared on the basis of the relevant data collected from the United Nations Population Division and the information extracted from the interviews of the experienced executives, who have gained 25 years of experience in directing and controlling a global workforce was accredited by the International Executive Services practice of KPMG.