The labor market is in a strange situation right now. On one side of the coin, companies are forced to cut costs by making some of their employees redundant.
Thankfully, this trend has slowed since its peak in 2023, but on the other hand, businesses are still struggling to hire workers with the right skills to move forward.
Continued geopolitical tensions and new sovereignty requirements, with the number of cloud hosting providers and cloud computing services offering more localized options, will only exacerbate talent shortages across industries from technology to manufacturing. is.
Sovereignty and human resources shortage
The global talent shortage is further amplified by the growing tendency to seek national sovereignty in two very different ways. While companies are looking to deploy workers within specific boundaries to comply with evolving regulations, others are also looking to move technology closer to home, resulting in advanced The demand for skilled technology workers is skyrocketing.
While these moves are aimed at reducing dependence on foreign supply chains, the United States alone faces a shortage of approximately 1 million professionals in various high-tech fields, and Europe is in a similar position. It also highlights the serious problem that there is a high possibility that
Geopolitical tensions are exacerbating the problem
Tensions between the United States and China further complicate the global talent landscape. The deteriorating relationship between the world’s two largest economies has created restrictions and overall constraints not only on advanced hardware but also on other elements of the supply chain, including human resources.
The knock-on effect of this is that countries around the world are forming alliances with the United States, China, and other interests to bring the process closer to home, making them less and less dependent on other countries.
As a result, workers who previously benefited from overseas recruitment opportunities now find themselves with fewer opportunities and evolving skill requirements from employers.
Additionally, companies that can hire overseas are now looking at local talent, which may not be a great fit. Talent acquisition strategies are currently under consideration, but change rarely happens overnight and the struggle may continue.
Additionally, the rapid aging of the world’s workforce, especially in developed countries, creates an urgent need for skilled workers to replace retirees. But with key roles no longer available to young workers, healthcare, logistics, manufacturing and other sectors are forced to rely on technology to fill the gap.
The role of AI in bridging the gap
Introduce AI. Artificial intelligence and automation are still in their infancy, but they are already showing promising signs of increasing employee productivity and enterprise efficiency, and filling roles that are less attractive to humans.
Emerging technologies offer a partial solution, but experts warn that they are not much more than that, and that companies and governments need more human resources in education and training programs designed to help them succeed in an increasingly automated world. It emphasizes the need to develop capital.
Eager to demonstrate Armenia’s potential and restore the reputation as a technology hub it held under Soviet rule, Armenia’s high-tech companies and state officials are increasingly worried about what Armenia can offer not just the country but the world. We gathered at Digitech to demonstrate this.
Coinciding with the gathering of leaders, stakeholders and media for the World Congress on Innovation and Technology (WCIT) in the capital, Yerevan, the DigiTec Expo Hall is home to startups and more established companies looking to show off their contributions to the world. It was full of companies. technology.
Exhibitors included representatives from the Armath initiative, which aims to interactively educate young teenagers about STEM and the possibilities in the field. Considering its international reach and the fact that many of the exhibitors showcasing their startups were former Armath students, it was clearly a success.
summary
The world population has reached an all-time high and the world is experiencing one of the most severe talent shortages ever, but the complex nature of the various factors contributing to this means that this challenge is likely to continue for several years. . , or even decades.
As countries prioritize self-sufficiency, demand for skilled labor continues to outstrip supply, especially in critical industries where unauthorized access can have devastating effects on economies and populations.
Tech companies are jumping in with endless AI tools, but experts warn that artificial intelligence is just a co-worker, and the technology could replace human workers. At least those initial concerns have been allayed.
Those looking to future-proof their roles should consider increasing their upskilling efforts and becoming more adaptable to new technologies so they can fill gaps in the most efficient way. There is a need.
