Ten million manufacturing jobs worldwide cannot be filled due to growing skills gap.
A report released by the World Economic Forum in collaboration with Deloitte Touche Tohmatsu Ltd (DTTL) said this shortage is pervasive despite high unemployment rate in many developed economies. Companies in these countries are struggling to fill manufacturing jobs, such as highly trained workers and engineers.
“The skills gap that exists today is not likely to 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,” said Mr Craig Giffi, Vice-Chairman and Consumer & Industrial Products Industry Leader at Deloitte in the US.
INNOVATION
The report said companies regarded as more innovative saw net income grow nearly two times faster from 2006 to 2010 than their non-innovative counterparts.
Meanwhile, countries that are more successful at fostering innovation performed better when it comes to both gross domestic product (GDP) and GDP per capita, said Mr John Moavenzadeh, Senior Director for Mobility Industries at the Forum.
ENERGY
The report said manufacturers will need to seek new energy-efficient ways of manufacturing, from energy efficient product designs to more efficient production and logistics.