Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • Agencies
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

Growing Labor Shortages on the Horizon in Mature Economies

With Postrecession Labor Markets Tightening and Baby Boomers Retiring, the Time is Now for U.S. and European Companies to Adapt


News provided by

The Conference Board

Sep 02, 2014, 08:30 ET

Share this article

Share toX

Share this article

Share toX

NEW YORK, Sept. 2, 2014 /PRNewswire/ -- Serious labor shortages in the world's advanced economies will create unprecedented challenges for business leaders and policymakers over the next fifteen years and beyond, according to a comprehensive new report released today by The Conference Board. From Not Enough Jobs to Not Enough Workers forecasts the impact of aging populations to compound rapidly as increasing numbers of baby boomers depart workforces. It draws on first-of-its-kind analysis of the relative risk of shortages in myriad individual labor markets, including 32 national economies, 266 industries and 464 occupations in the United States, and 40 occupations in Europe.    

"Mature economies are facing a historical turning point: for the first time since World War II, working-age populations are declining," said Gad Levanon, Director of Macroeconomic Research at The Conference Board and a co-author of the report. "The global financial crisis and its aftermath—stubbornly high unemployment in many countries—have postponed the onset of this demographic transformation, but will not prevent it from taking hold. Companies in the U.S., Europe, and elsewhere must begin planning now for an environment in which difficulties recruiting and retaining workers will make it significantly harder to control labor costs without losing labor quality."

Jobs—Now Hard to Find, Soon Hard to Fill

In examining likely labor-market trends in dozens of advanced economies, the report draws particular distinction between short-term outlooks—which reflect the continued impact of the Great Recession on various countries—and long-term forecasts rooted in demographic fundamentals. Indeed, while current labor markets in mature economies are not particularly tight overall—wage growth and labor turnover both remain below prerecession levels—this aggregate picture conceals huge variation between countries, with rapid reversal from labor surplus to shortage in many.

This growing labor-market tightness can be traced in the gap between current unemployment and the estimated natural rate of unemployment. Already, Canada, Germany, Japan, and South Korea have reversed any effects of the recession and fallen below their natural rate of unemployment. The United States and United Kingdom are likely to follow in 2014–15, while countries like Australia, Sweden, Belgium, and Denmark will cross the threshold by 2016–17. The hardest-hit European economies—Greece, Spain, Italy, and Portugal—as well as France will likely retain slack labor markets for longer, with natural rates of unemployment unlikely to be reached until after 2018.

To determine long-term trends, From Not Enough Jobs to Not Enough Workers introduces a Labor Shortage Index which combines current labor-market tightness with future demographic developments factors to predict the likelihood of countries experiencing labor shortages in 2025: 

  • Germany faces the largest risk of labor shortages among 32 countries compared, based on negative projected labor-force growth and an unemployment rate already below the natural level. Germany's highly integrated Central European neighbors—including Hungary, Poland, Austria, Slovakia, and the Czech Republic—face risks nearly as high.
  • Despite the severity of the economic crisis in Mediterranean countries, they may in fact see labor shortages by 2025. With minimal productivity growth and a large working-age population decline projected, Italy is at particularly high risk.
  • The Asia-Pacific picture is mixed. Already experiencing one of the world's tightest labor markets, Japan faces similar demographic pressures as Germany in the decade ahead. High productivity growth should moderate the risk in South Korea.
  • The risk of labor shortages in the United States will be moderate in a global context, as its working-age population grows minimally—but faster than most mature economies due to immigration. Risks in the U.K., France, and Canada will be broadly comparable to the U.S.

Ground Zeroes for the Looming Labor Shortage
Drilling deeper into country-wide data, the Future Occupational Labor Shortage Index introduced in the report identifies the industries most likely to face a scarcity of qualified talent over the next decade. The interaction of two factors—the speed of employment growth and the net number of new job-market entrants (or departures)—determines the level of risk for any particular occupation.

Occupational data from the United States indicates that future labor shortages will cluster around three major categories of concern:

  • Health-related occupations. The same aging of the U.S. population that will curtail working-age population growth to as low as 0.15 percent by 2030 is also driving up demand for medical workers. At the same time, high education and experience requirements limit entry into the job market. The result is a dearth in many healthcare professions, including occupational therapy assistants, physical therapists and therapist assistants, nurse practitioners and midwives, and dental hygienists. Among doctors, optometrists and podiatrists are the specialists most at risk of shortage, with the general physicians and surgeons category not far behind.
  • Skilled labor occupations. These jobs typically require more than a high-school education, but not a bachelor's degree. Unlike healthcare, the primary driver of shortages here is not increased demand—employment growth is expected to be low in the coming decade—but instead a rapidly shrinking supply of young people entering these fields as increasing numbers retire. Skilled labor occupations most at risk include water and wastewater treatment plant and system operators, crane and tower operators, transportation inspectors, and construction and building inspectors.      
  • STEM occupations. U.S. policymakers have long been concerned about shortages in science, technology, engineering, and mathematics, but many of these fields rank surprisingly average in a national context. Moderating the risk of shortages is the relatively high number of young entrants compared to baby-boomer retirees, as well as the large proportion of new immigrants in STEM jobs. Moreover, strong productivity growth means that output will continue to expand in areas like information technology, telecommunications, and high-tech manufacturing even as workforces in these jobs are expected to shrink. Nevertheless, certain STEM fields—including mathematical science, information security, and civil, environmental, biomedical, and agricultural engineering—do face significant shortages.  

"Our extensive database of occupational data points us to the U.S. industries most at risk of labor shortages," said Levanon. "Topping the list are: healthcare, including hospitals and nursing facilities; transportation industries, including ground passenger, water, and rail transport; utilities; social assistance; and mining and construction."

"European occupational and industry data reveal a similar profile of risks, with social services, health professions, and medium-skilled trade occupations facing impending labor shortages," said Bert Colijn, Senior Economist, Europe at The Conference Board and a co-author of the report. "STEM jobs  will also see higher pressures than in the U.S., while the low-skilled occupations that form the crux of the current unemployment crisis in much of Europe are unlikely to see higher demand. This puts the onus on governments, education systems, and business to retrain workforces in the decade ahead."   

Join the conversation on Twitter. @Conference Board | #LaborShortage

For complete details visit www.conferenceboard.org/laborshortages.

Report: From Not Enough Jobs to Not Enough Workers
What Retiring Baby Boomers and the Coming Labor Shortage Mean for Your Company
(Research Report R-1558-14-RR)
By Gad Levanon, Bert Colijn, Ben Cheng, and Michael Paterra

Related: International Comparison of Annual Labor Force Statistics
part of The Conference Board International Labor Comparisons (ILC) program
https://www.conference-board.org/ilcprogram/laborforceannual

About the Conference Board
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world's leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org

Follow The Conference Board
Twitter | Facebook | LinkedIn

SOURCE The Conference Board

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Also from this source

New Study: 7 in 10 Big US Companies Report AI Risks in Public Disclosures

New Study: 7 in 10 Big US Companies Report AI Risks in Public Disclosures

Nearly three-quarters of the S&P 500—72% of companies—now flag AI as a material risk in their public disclosures. That's up from just 12% in 2023,...

US Consumer Confidence Declines Again in September

US Consumer Confidence Declines Again in September

The Conference Board Consumer Confidence Index® declined by 3.6 points in September to 94.2 (1985=100), down from 97.8 in August. The Present...

More Releases From This Source

Explore

Banking & Financial Services

Banking & Financial Services

Economic News, Trends, Analysis

Economic News, Trends, Analysis

Not For Profit

Not For Profit

Surveys, Polls and Research

Surveys, Polls and Research

News Releases in Similar Topics

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform Login
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform Login
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.