Every day brings more insights into an impending talent shortage in the U.S. and Europe. Even in global hot spots like India and China, salaries are increasing at a dizzying pace, even in pharma, as it becomes harder to find people with the exact mix of skills, experience and training. The Financial Times describes the situation as a "bidding war," resulting in "crazy salaries." For more read on. The Economist published a great article on this subject a while ago (click here to read) while Duke University and Booz Allen Hamilton just released a report on outsourcing and offshoring analyzing the issue. The reasons are three-fold, explains Duke University Professor Arie Lewin, director of Duke's Center for International Business Education and Research:
- Fewer Americans and Europeans are pursuing engineering and science careers (and more students returning home after finishing U.S. degrees)
- The number of retiring workers exceeds that of available entry-level employees Fewer students are graduating from high school with enough math and science skills.