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[Excerpt] In 2012, McKinsey & Company forecasted a troubling outlook on the labor market through the year 2020. The report highlighted three talent shortages across the globe: nearly 40 million too few college educated workers in the global labor market; a 45 million shortfall of workers with secondary and vocational education in developing countries; and up to 95 million workers that lack the skills needed for employment in advanced economies. This global crisis is known as the skills gap. It impacts nearly every industry, job and employer. Simply put, critical talent supply will fail to meet employment demand in the coming decade. Such an imbalance can be crippling to economic progress, put strain on governments, and leave millions unemployed


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Olson, M.P. (2015, May 8). A multilateral approach to bridging the global skills gap. Cornell HR Review. Retrieved [insert date] from Cornell University, ILR School site:

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