Reblog: The $2.5 Trillion Salary Surge

By 2030, thanks to a global shortage of as many as 85 million workers, organizations worldwide could be paying an additional $2.5 trillion to secure talent.

Some US trucking companies are offering big signing bonuses to the few new qualified drivers who enter the industry. In Germany, construction workers negotiated a nearly 6% raise because their employers are so worried about finding replacements if workers leave. And in Japan, manufacturers who normally would be easing out workers over age 60 are giving them pay raises.

This, however, may be only the beginning of a ground-shaking trend. By 2030, thanks to a global shortage of as many as 85 million workers, organizations worldwide could be paying an additional $2.5 trillion to secure talent, according to an exclusive Korn Ferry study. “The combined effect of these twin pressures could jeopardize profitability and threaten business models,” says Ben Frost, Korn Ferry’s vice president and general manager of Reward Products.

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