Stimulating Economies through Fostering Talent Mobility

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(CC) lumaxart/Flickr

(CC) lumaxart/Flickr

The World Economic Forum, in collaboration with The Boston Consulting Group, (BCG) has released a new report, “Stimulating Economies through Fostering Talent Mobility”. The study highlights best practices from governments and companies that successfully address talent shortages, and outlines recommendations for improving workforce skills and attracting highly-skilled employees.

Despite high unemployment, the global economy has entered a decade of unparalleled talent scarcity and the report argues that a key part of the solution will be increasing labor mobility among countries.

The report recommends that countries:

-Assess current and anticipate future skills shortages through strategic skills planning.

-Develop skills recognition mechanisms for native-born and migrant workers.

-Design inclusive and comprehensive migration policies for students and experienced workers, alike.

-Integrate migration into development strategies of sending countries.

Companies, meanwhile, need to focus on developing global talent management processes; assessing current and anticipating future skills shortages through strategic skills planning; designing and promoting talent mobility programs; and expanding the talent pool for recruitment and growing talent internally, in a spirit of “talent well sourcing”.

The full-text is available online.