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7 Stats that help explain the global labor shortage

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These issues are now preventing some workers from returning to the workforce or forcing them to change jobs. For example, in the United States, 66% of Millennials and 81% of Gen Z workers who left the workplace did so due to mental health issues. Additionally, one-half of the 400,000 Britons who left the workplace between February 2020 and November 2021 cited mental health issues as a reason for leaving. This is such a huge issue that employers simply can't ignore. Taking steps to provide more mental health support, such as hosting mental health workshops, offering virtual counseling sessions and providing paid time off for mental health purposes can improve retention and productivity. 2. one in six of the world's population will be aged 60 or over by 2023 Even more alarming is that the number of seniors aged 60 and over is expected to double between 2030 and 2050 and the population of seniors aged 80 and over is expected to triple over the same period. This factor means that more seniors will be heading to retirement in the upcoming years and these vacant positions will need to be filled. Typically, retirements wouldn't be a problem, except today's aging population coincides with a rapid reduction in birth rates. According to global statistics, fertility rates in over 70 countries around the world are already below the necessary replacement rate of 2.1%. These statistics are already creating a problem in the job market, where more people are retiring than are joining the workforce. This issue was only exasperated during the pandemic as many seniors decided to retire early due to health concerns, layoffs and terminations. 3. 41% of the global workforce is considering leaving their current jobs The 'Great Resignation' is not just a buzzword coined by the media. Rather, it's a real phenomenon affecting countries across the globe. For instance, in the United States 20 million workers left their jobs between April and August 2021. This challenge isn't only isolated to the United States. In Europe, 14 million workers didn't just leave their current jobs, they exited the job market altogether. In Latin America, studies show that 1-in-6 workers aged 18 to 29 also left the workforce. With more than 4-in-10 workers considering changing jobs and millions of other workers leaving the workforce altogether, employers should take steps to focus on retention. Strategies, such as career advancement opportunities, flexible scheduling and more paid time off can help. 4. an estimated 83 million jobs across the globe are expected to be disrupted by automation by 2025 The reality is that employers have been struggling with a skills gap well before the pandemic hit. However, the onset of the pandemic pushed this demand into overdrive. Factors, such as remote work, supply chain disruptions, and frequent quarantines forced many companies to invest in more technology and automation in the workplace. In fact, studies suggest that 30% of current jobs around the world could be automated by 2030. With these new investments also came the increased demand for tech-related skills in the workplace. The combination of the ongoing labor shortage and growing skills gap is making it challenging for some companies to find the skilled talent it needs. Some of these companies are now starting to invest more in upskilling and reskilling their current workers in an effort to acquire these crucial skills. 66% of Millennials % workers who left the workplace due, at least in part, to mental health issues in the United States 81% of Gen Z % of the global workforce considering leaving their jobs source: Mind Share Partners, 2021 source: Microsoft, 2022 41% are considering leaving their job

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