The workforce crisis is looming, a situation that could hit the global economy to the tune of $10 trillion, according to some studies. The crux of the problem relates to a mismatch between supply and demand, with some economies facing a workforce shortage and others a surplus.
“An equilibrium in supply and demand is rapidly becoming the exception, not the norm,” a report from the Boston Consulting Group (BCG) noted. “Between 2020 and 2030, we project significant worldwide labor-force imbalances — shortfalls, in particular. One significant implication is the potential aggregate value of GDP squandered, because either these nations cannot fill the jobs available or they cannot create enough jobs for the workers they have.”
On the other side of the fence, artificial intelligence (AI) is also increasingly encroaching on the workforce, with up to 800 million people potentially displaced by automation by 2030, according to a recent McKinsey report.
Put simply, a lot of change is afoot in the world of employment.
AI upstart
Against that backdrop, a number of startups have emerged from the shadows to try to fix the impending workforce headache. Venture capitalists (VCs) have taken note, plowing millions of dollars into myriad recruitment-focused startups.
One such startup is Fetcher, which relaunched this week with a brand new name after rolling out last year under the name Scout.
The underlying problem that Fetcher is looking to fix is this: Highly skilled, in-demand employees are less inclined to be on the hunt for new jobs, which is a problem for companies seeking top talent. Headhunting is…
