Published on 31 Jan 2024 on Insider Monkey via Yahoo Finance
15 Countries With The Highest Labor Shortages In The World
In this article, we will look at the 15 countries with the highest labor shortages In the world. We have also discussed the latest labor shortages in the US. If you want to skip our detailed analysis, head straight to the 5 Countries With The Highest Labor Shortages In The World.
The aftermath of the COVID-19 pandemic is often called 'The Great Resignation, as it witnessed a major labor force disruption in the United States. With over 50 million workers quitting their jobs in 2022, following a trend of 47.8 million resignations in 2021, the workforce experienced a shift. However, in 2023, this trend began to ease, with 30.5 million workers resigning by August.
As workers sought improved work-life balance, flexibility, higher compensation, or a stable company culture, it drove them to transition to other jobs. As the US Chamber of Commerce closely monitors job opening trends, labor force participation, and quit rates countrywide, it noticed how certain industries bear the brunt of these dynamics. Despite American businesses creating hundreds of thousands of jobs monthly, there's a major shortage, particularly in the professional and business service sector. Hence, to cope with shortages, businesses around the US are engaging in deals and collaborations to fill their job positions as quickly as possible.