Don’t Worry About Those Robots…

We have been hearing for years that the combination of AI and advances in robotics is going to cause us all to lose our jobs. But, that fear is completely unrealistic and something that is not worth your worry. Instead, what we really should be worried about is a massive shortage of skilled labor.  

A new Korn Ferry study (which is available via their website) shows that there are just not nearly enough humans to fill global demand for skilled talent. Their study finds that by 2030, there will be a global human talent shortage of more than 85 million people. If something is not done, this shortage could result in about $8.5 trillion in unrealized annual revenues. 

Much of the shortage is based on the fact that many developed nations are experiencing significant reductions in birth rates. This includes many countries in Europe as well as Japan. In the U.S. however, the problem is a little different. As the majority of baby boomers are moving out of the workforce, younger generations do not have had the time or training to take many of the high-skilled jobs left behind. 

Smart companies are recognizing that they need to look beyond the United States to find the talent they need. And, sometimes this means going to nations that may not be obvious. For instance, a country like Russia has a talent surplus currently and is a great place to find highly educated and experience software engineering resources.

Russia is not typically considered as an ally of the United States. With sizable controversy and frequent tensions, it has been a country that many in the U.S. consider adversarial. However, that presents an opportunity to many U.S. companies that recognize that there is an untapped talent pool to access.

“Look beyond the geo-politics”, suggests Jason Nedelman, Senior Vice President at Insurance Tech Talent. “Our governments may not see eye to eye on many issues, but that is often not a reflection of the populous”, comments Nedelman.

Many insurance / insuretech companies are utilizing Russian software engineering resources to complete their digital initiatives. They value the talent and also appreciate that there is sizable cost savings (often in the range of 50%) over hiring a domestic based software engineer.

“The talent shortage is real and robots are not going to solve it”, hints Nedelman. We need to consider other options, including accessing talent in nations that we might not immediately feel are allies.