The report,The Future of Manufacturing: Opportunities to Drive Economic Growth, by the World Economic Forum in collaboration with Deloitte Touche Tohmatsu Limited estimates that 10 million manufacturing jobs worldwide cannot currently be filled due to a growing skills gap. This shortage is pervasive despite the high unemployment rate in many developed economies where companies are struggling to fill manufacturing jobs, such as highly trained workers and engineers. At the same time, emerging economies cannot fuel their growth without more workers in the skilled production category.
“In the race to future prosperity, nothing will matter more than talent,” says Craig Giffi, Vice Chairman and Consumer & Industrial Products Industry Leader at Deloitte LLP in the United States, who helped author the report. “The skills gap that exists today will not likely close in the near future, which means companies and countries that can attract, develop and retain the highest skilled talent–from scientists, researchers and engineers to technicians and skilled production workers–will come out on top.”
Innovation leads to differentiationAccording to the report, innovation will play a key role in determining which countries and companies can succeed in global manufacturing looking two decades down the road.
“Companies regarded as more innovative grew net income nearly two times faster from 2006 to 2010 than their non-innovative counterparts,” says John Moavenzadeh, Senior Director for Mobility Industries at the Forum. “Meanwhile, countries that are more successful at fostering innovation performed better when it comes to both gross domestic product (GDP) and GDP per capita.”…
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