Ten million manufacturing jobs vacant due to skill shortage: Study

KOLKATA: An estimated ten million manufacturing jobs worldwide cannot be filled due to shortage of talent, says a recent study conducted by the World Economic Forum and Deloitte Touche Tohmatsu. The study notes that the future of manufacturing is turning into a competition for talent.

It says the shortage is pervasive despite the high unemployment rate in many 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.

The study says the skills gap that exists today is not likely to close in the near future, which means companies 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.

According 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.

The report also looked at the role energy will play in the future of manufacturing, finding that affordable clean energy strategies and effective energy policies will be a top priority for manufacturers and policy makers.