[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.97,0:00:04.11,Default,,0000,0000,0000,,2014 is a very special year for me:
Dialogue: 0,0:00:04.11,0:00:06.03,Default,,0000,0000,0000,,20 years as a consultant,
Dialogue: 0,0:00:06.03,0:00:07.71,Default,,0000,0000,0000,,20 years of marriage,
Dialogue: 0,0:00:07.71,0:00:10.89,Default,,0000,0000,0000,,and I'm turning 50 in one month.
Dialogue: 0,0:00:10.89,0:00:16.44,Default,,0000,0000,0000,,That means I was born in 1964\Nin a small town in Germany.
Dialogue: 0,0:00:16.44,0:00:18.16,Default,,0000,0000,0000,,It was a Grey November day,
Dialogue: 0,0:00:18.16,0:00:20.04,Default,,0000,0000,0000,,and I was overdue.
Dialogue: 0,0:00:20.04,0:00:23.52,Default,,0000,0000,0000,,The hospital's maternity ward\Nwas really stressed out
Dialogue: 0,0:00:23.52,0:00:28.02,Default,,0000,0000,0000,,because a lot of babies were born\Non this Grey November day.
Dialogue: 0,0:00:28.02,0:00:30.100,Default,,0000,0000,0000,,As a matter of fact,
Dialogue: 0,0:00:30.100,0:00:34.57,Default,,0000,0000,0000,,1964 was the year with the highest\Nbirth rate ever in Germany:
Dialogue: 0,0:00:34.57,0:00:36.59,Default,,0000,0000,0000,,more than 1.3 million.
Dialogue: 0,0:00:36.59,0:00:39.72,Default,,0000,0000,0000,,Last year, we just hit over 600,000,
Dialogue: 0,0:00:39.72,0:00:40.95,Default,,0000,0000,0000,,so half of my number.
Dialogue: 0,0:00:41.49,0:00:45.32,Default,,0000,0000,0000,,What you can see here\Nis the German age pyramid,
Dialogue: 0,0:00:45.32,0:00:48.13,Default,,0000,0000,0000,,and there, the small black point\Nat the top, that's me.
Dialogue: 0,0:00:48.13,0:00:52.12,Default,,0000,0000,0000,,(Laughter) (Applause)
Dialogue: 0,0:00:54.31,0:00:58.44,Default,,0000,0000,0000,,In red, you can see the potential\Nworking-age population,
Dialogue: 0,0:00:58.44,0:01:02.69,Default,,0000,0000,0000,,so people over 15 and under 65,
Dialogue: 0,0:01:02.69,0:01:06.40,Default,,0000,0000,0000,,and I'm actually only interested\Nin this red area.
Dialogue: 0,0:01:06.40,0:01:08.45,Default,,0000,0000,0000,,Now, let's do a simple simulation
Dialogue: 0,0:01:08.45,0:01:12.98,Default,,0000,0000,0000,,of how this age structure will develop\Nover the next couple of years.
Dialogue: 0,0:01:12.98,0:01:14.41,Default,,0000,0000,0000,,As you can see,
Dialogue: 0,0:01:14.41,0:01:16.71,Default,,0000,0000,0000,,the peak is moving to the right,
Dialogue: 0,0:01:16.71,0:01:23.24,Default,,0000,0000,0000,,and I, with many other baby boomers,\Nwill retire in 2030.
Dialogue: 0,0:01:23.24,0:01:25.51,Default,,0000,0000,0000,,By the way, I don't need any forecasts
Dialogue: 0,0:01:25.51,0:01:28.38,Default,,0000,0000,0000,,of birth rates for predicting\Nthis red area.
Dialogue: 0,0:01:28.41,0:01:29.65,Default,,0000,0000,0000,,The red area,
Dialogue: 0,0:01:29.68,0:01:33.29,Default,,0000,0000,0000,,so the potential\Nworking-age population in 2030,
Dialogue: 0,0:01:33.29,0:01:36.59,Default,,0000,0000,0000,,is already set in stone today,
Dialogue: 0,0:01:36.59,0:01:40.14,Default,,0000,0000,0000,,except for much higher migration rates.
Dialogue: 0,0:01:40.14,0:01:46.27,Default,,0000,0000,0000,,And if you compare this red area in 2030\Nwith the red area in 2040,
Dialogue: 0,0:01:46.27,0:01:49.38,Default,,0000,0000,0000,,it is much, much smaller.
Dialogue: 0,0:01:49.38,0:01:51.82,Default,,0000,0000,0000,,So before I show you\Nthe rest of the world,
Dialogue: 0,0:01:51.82,0:01:55.12,Default,,0000,0000,0000,,what does this mean for Germany?
Dialogue: 0,0:01:55.12,0:01:59.20,Default,,0000,0000,0000,,So what we know from\Nthis picture is that labor supply,
Dialogue: 0,0:01:59.20,0:02:01.13,Default,,0000,0000,0000,,so people who provide labor,
Dialogue: 0,0:02:01.13,0:02:04.80,Default,,0000,0000,0000,,will go down in Germany,\Nand will go down significantly.
Dialogue: 0,0:02:04.80,0:02:07.40,Default,,0000,0000,0000,,Now, what about labor demand?
Dialogue: 0,0:02:07.40,0:02:09.21,Default,,0000,0000,0000,,That's where it gets tricky.
Dialogue: 0,0:02:10.16,0:02:14.97,Default,,0000,0000,0000,,As you might know, the consultant's\Nfavorite answer to any question is,
Dialogue: 0,0:02:14.97,0:02:16.71,Default,,0000,0000,0000,,"It depends."
Dialogue: 0,0:02:16.71,0:02:19.08,Default,,0000,0000,0000,,So I would say it depends.
Dialogue: 0,0:02:19.08,0:02:21.45,Default,,0000,0000,0000,,We didn't want to forecast the future.
Dialogue: 0,0:02:21.45,0:02:22.96,Default,,0000,0000,0000,,Highly speculative.
Dialogue: 0,0:02:22.96,0:02:24.51,Default,,0000,0000,0000,,We did something else.
Dialogue: 0,0:02:24.51,0:02:27.90,Default,,0000,0000,0000,,We looked at the GDP\Nand productivity growth of Germany
Dialogue: 0,0:02:27.90,0:02:29.60,Default,,0000,0000,0000,,over the last 20 years,
Dialogue: 0,0:02:29.60,0:02:32.08,Default,,0000,0000,0000,,and calculated the following scenario:
Dialogue: 0,0:02:32.08,0:02:36.56,Default,,0000,0000,0000,,if Germany wants to continue\Nthis GDP and productivity growth,
Dialogue: 0,0:02:36.56,0:02:38.68,Default,,0000,0000,0000,,we could directly calculate
Dialogue: 0,0:02:38.68,0:02:42.65,Default,,0000,0000,0000,,how many people Germany would need\Nto support this growth.
Dialogue: 0,0:02:42.65,0:02:45.62,Default,,0000,0000,0000,,And this is the green line: labor demand.
Dialogue: 0,0:02:45.62,0:02:51.33,Default,,0000,0000,0000,,So Germany will run into\Na major talent shortage very quickly.
Dialogue: 0,0:02:51.33,0:02:53.16,Default,,0000,0000,0000,,Eight million people are missing,
Dialogue: 0,0:02:53.16,0:02:55.93,Default,,0000,0000,0000,,which is more than 20 percent\Nof our current work force,
Dialogue: 0,0:02:55.93,0:02:58.60,Default,,0000,0000,0000,,so big numbers, really big numbers.
Dialogue: 0,0:02:58.60,0:03:00.71,Default,,0000,0000,0000,,And we calculated several scenarios,
Dialogue: 0,0:03:00.71,0:03:03.17,Default,,0000,0000,0000,,and the picture always looked like this.
Dialogue: 0,0:03:04.56,0:03:06.45,Default,,0000,0000,0000,,Now, to close the gap,
Dialogue: 0,0:03:06.45,0:03:10.51,Default,,0000,0000,0000,,Germany has to significantly\Nincrease migration,
Dialogue: 0,0:03:10.51,0:03:12.72,Default,,0000,0000,0000,,get many more women in the work force,
Dialogue: 0,0:03:12.72,0:03:14.48,Default,,0000,0000,0000,,increase retirement age.
Dialogue: 0,0:03:14.48,0:03:16.90,Default,,0000,0000,0000,,— by the way, we just\Nlowered it this year —
Dialogue: 0,0:03:16.90,0:03:19.66,Default,,0000,0000,0000,,and all these measures at once.
Dialogue: 0,0:03:19.66,0:03:23.72,Default,,0000,0000,0000,,If Germany fails here,\NGermany will stagnate.
Dialogue: 0,0:03:23.72,0:03:26.04,Default,,0000,0000,0000,,We won't grow anymore. Why?
Dialogue: 0,0:03:26.04,0:03:29.46,Default,,0000,0000,0000,,Because the workers are not there\Nwho can generate this growth.
Dialogue: 0,0:03:29.46,0:03:34.12,Default,,0000,0000,0000,,And companies will look\Nfor talents somewhere else.
Dialogue: 0,0:03:34.12,0:03:35.29,Default,,0000,0000,0000,,But where?
Dialogue: 0,0:03:36.73,0:03:40.100,Default,,0000,0000,0000,,Now, we simulated labor supply\Nand labor demand
Dialogue: 0,0:03:40.100,0:03:43.94,Default,,0000,0000,0000,,for the largest 15 economies in the world,
Dialogue: 0,0:03:43.94,0:03:47.64,Default,,0000,0000,0000,,representing more than 70 percent\Nof world GDP,
Dialogue: 0,0:03:47.64,0:03:51.58,Default,,0000,0000,0000,,and the overall picture\Nlooks like this by 2020.
Dialogue: 0,0:03:51.58,0:03:54.28,Default,,0000,0000,0000,,Blue indicates a labor surplus,
Dialogue: 0,0:03:54.28,0:03:56.76,Default,,0000,0000,0000,,red indicates a labor shortfall,
Dialogue: 0,0:03:56.76,0:04:00.45,Default,,0000,0000,0000,,and Grey are those countries\Nwhich are borderline.
Dialogue: 0,0:04:00.45,0:04:06.56,Default,,0000,0000,0000,,So by 2020, we still see a labor surplus\Nin some countries,
Dialogue: 0,0:04:06.56,0:04:08.74,Default,,0000,0000,0000,,like Italy, France, the U.S.,
Dialogue: 0,0:04:08.74,0:04:13.34,Default,,0000,0000,0000,,but this picture will change\Ndramatically by 2030.
Dialogue: 0,0:04:13.34,0:04:17.96,Default,,0000,0000,0000,,By 2030, we will face\Na global work-force crisis
Dialogue: 0,0:04:17.96,0:04:20.96,Default,,0000,0000,0000,,in most of our largest economies,
Dialogue: 0,0:04:20.96,0:04:23.37,Default,,0000,0000,0000,,including three\Nout of the four BRIC countries.
Dialogue: 0,0:04:23.37,0:04:26.53,Default,,0000,0000,0000,,China, with its former\None-child policy, will be it,
Dialogue: 0,0:04:26.53,0:04:30.45,Default,,0000,0000,0000,,as well as Brazil and Russia.
Dialogue: 0,0:04:30.45,0:04:34.17,Default,,0000,0000,0000,,Now, to tell the truth,
Dialogue: 0,0:04:34.17,0:04:38.97,Default,,0000,0000,0000,,in reality, the situation\Nwill be even more challenging.
Dialogue: 0,0:04:38.97,0:04:42.32,Default,,0000,0000,0000,,What you can see here are average numbers.
Dialogue: 0,0:04:42.32,0:04:44.01,Default,,0000,0000,0000,,We De-averaged them
Dialogue: 0,0:04:44.01,0:04:46.66,Default,,0000,0000,0000,,and broke them down\Nto different skill levels,
Dialogue: 0,0:04:46.68,0:04:47.92,Default,,0000,0000,0000,,and what we found
Dialogue: 0,0:04:47.94,0:04:51.88,Default,,0000,0000,0000,,were even higher shortfalls\Nfor high-skilled people
Dialogue: 0,0:04:51.88,0:04:56.06,Default,,0000,0000,0000,,and a partial surplus\Nfor low-skilled workers.
Dialogue: 0,0:04:56.06,0:04:59.22,Default,,0000,0000,0000,,So on top of an overall labor shortage,
Dialogue: 0,0:04:59.22,0:05:03.45,Default,,0000,0000,0000,,we will face a big\Nskill mismatch in the future,
Dialogue: 0,0:05:03.48,0:05:05.18,Default,,0000,0000,0000,,and this means huge challenges
Dialogue: 0,0:05:05.20,0:05:07.26,Default,,0000,0000,0000,,in terms of education, qualification,
Dialogue: 0,0:05:07.29,0:05:10.31,Default,,0000,0000,0000,,upskilling for governments and companies.
Dialogue: 0,0:05:12.40,0:05:18.38,Default,,0000,0000,0000,,Now, the next thing we looked into\Nwas robots, automation, technology.
Dialogue: 0,0:05:18.38,0:05:22.39,Default,,0000,0000,0000,,Will technology change this picture\Nand boost productivity?
Dialogue: 0,0:05:23.73,0:05:25.80,Default,,0000,0000,0000,,Now, the short answer would be
Dialogue: 0,0:05:25.80,0:05:30.36,Default,,0000,0000,0000,,that our numbers already include\Na significant growth in productivity
Dialogue: 0,0:05:30.36,0:05:31.94,Default,,0000,0000,0000,,driven by technology.
Dialogue: 0,0:05:33.09,0:05:36.63,Default,,0000,0000,0000,,A long answer would go like this.
Dialogue: 0,0:05:36.63,0:05:39.11,Default,,0000,0000,0000,,Let's take Germany again.
Dialogue: 0,0:05:39.11,0:05:41.67,Default,,0000,0000,0000,,The Germans have\Na certain reputation in the world
Dialogue: 0,0:05:41.67,0:05:44.24,Default,,0000,0000,0000,,when it comes to productivity.
Dialogue: 0,0:05:44.24,0:05:48.84,Default,,0000,0000,0000,,In the '90s, I worked in our Boston office\Nfor almost two years,
Dialogue: 0,0:05:48.84,0:05:52.100,Default,,0000,0000,0000,,and when I left, an old senior partner\Ntold me literally,
Dialogue: 0,0:05:52.100,0:05:56.48,Default,,0000,0000,0000,,"Send me more of these Germans,\Nthey work like machines."
Dialogue: 0,0:05:56.48,0:06:01.29,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:01.29,0:06:04.26,Default,,0000,0000,0000,,That was 1998.
Dialogue: 0,0:06:04.26,0:06:07.74,Default,,0000,0000,0000,,Sixteen years later,\Nyou'd probably say the opposite.
Dialogue: 0,0:06:07.74,0:06:11.41,Default,,0000,0000,0000,,"Send me more of these machines.\NThey work like Germans."
Dialogue: 0,0:06:11.41,0:06:15.57,Default,,0000,0000,0000,,(Laughter) (Applause)
Dialogue: 0,0:06:18.11,0:06:22.81,Default,,0000,0000,0000,,Technology will replace\Na lot of jobs, regular jobs.
Dialogue: 0,0:06:22.81,0:06:24.81,Default,,0000,0000,0000,,Not only in the production industry,
Dialogue: 0,0:06:24.81,0:06:26.67,Default,,0000,0000,0000,,but even office workers are in jeopardy
Dialogue: 0,0:06:26.69,0:06:29.52,Default,,0000,0000,0000,,and might be replaced by robots,
Dialogue: 0,0:06:29.52,0:06:32.04,Default,,0000,0000,0000,,artificial intelligence,\Nbig data, or automation.
Dialogue: 0,0:06:33.12,0:06:38.04,Default,,0000,0000,0000,,So the key question is not\Nif technology replaces some of these jobs,
Dialogue: 0,0:06:38.04,0:06:41.69,Default,,0000,0000,0000,,but when, how fast, and to what extent,
Dialogue: 0,0:06:41.69,0:06:43.38,Default,,0000,0000,0000,,or in other words,
Dialogue: 0,0:06:43.38,0:06:47.55,Default,,0000,0000,0000,,will technology help us\Nto solve this global work-force crisis?
Dialogue: 0,0:06:49.33,0:06:51.25,Default,,0000,0000,0000,,Yes and no.
Dialogue: 0,0:06:51.25,0:06:54.16,Default,,0000,0000,0000,,This is a more sophisticated\Nversion of "it depends."
Dialogue: 0,0:06:54.16,0:06:55.20,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:55.23,0:07:00.31,Default,,0000,0000,0000,,Let's take the automotive industry\Nas an example,
Dialogue: 0,0:07:00.31,0:07:04.81,Default,,0000,0000,0000,,because there, more than 40 percent\Nof industrial robots are already working
Dialogue: 0,0:07:04.81,0:07:07.55,Default,,0000,0000,0000,,and automation has already taken place.
Dialogue: 0,0:07:09.33,0:07:14.66,Default,,0000,0000,0000,,In 1980, less than 10 percent\Nof the production cost of a car
Dialogue: 0,0:07:14.66,0:07:17.33,Default,,0000,0000,0000,,was caused by electronic parts.
Dialogue: 0,0:07:17.33,0:07:20.58,Default,,0000,0000,0000,,Today, this number is more than 30 percent
Dialogue: 0,0:07:20.58,0:07:25.40,Default,,0000,0000,0000,,and it will grow\Nto more than 50 percent by 2030.
Dialogue: 0,0:07:25.43,0:07:29.61,Default,,0000,0000,0000,,And these new electronic parts\Nand applications
Dialogue: 0,0:07:29.63,0:07:33.65,Default,,0000,0000,0000,,require new skills\Nand have created a lot of new jobs,
Dialogue: 0,0:07:33.65,0:07:36.20,Default,,0000,0000,0000,,like the cognitive systems engineer
Dialogue: 0,0:07:36.22,0:07:40.69,Default,,0000,0000,0000,,who optimizes the interaction\Nbetween driver and electronic system.
Dialogue: 0,0:07:42.08,0:07:48.67,Default,,0000,0000,0000,,In 1980, no one had the slightest clue\Nthat such a job would ever exist.
Dialogue: 0,0:07:49.53,0:07:51.03,Default,,0000,0000,0000,,As a matter of fact,
Dialogue: 0,0:07:51.05,0:07:55.25,Default,,0000,0000,0000,,the overall number of people\Ninvolved in the production of a car
Dialogue: 0,0:07:55.25,0:07:58.66,Default,,0000,0000,0000,,has only changed slightly\Nin the last decades,
Dialogue: 0,0:07:58.66,0:08:01.68,Default,,0000,0000,0000,,in spite of robots and automation.
Dialogue: 0,0:08:01.68,0:08:03.44,Default,,0000,0000,0000,,So what does this mean?
Dialogue: 0,0:08:03.44,0:08:05.86,Default,,0000,0000,0000,,Yes, technology\Nwill replace a lot of jobs,
Dialogue: 0,0:08:05.88,0:08:11.71,Default,,0000,0000,0000,,but we will also see a lot of new jobs\Nand new skills on the horizon,
Dialogue: 0,0:08:11.73,0:08:17.77,Default,,0000,0000,0000,,and that means technology will worsen\Nour overall skill mismatch.
Dialogue: 0,0:08:17.77,0:08:19.51,Default,,0000,0000,0000,,And this kind of De-averaging
Dialogue: 0,0:08:19.51,0:08:23.11,Default,,0000,0000,0000,,reveals the crucial challenge\Nfor governments and businesses.
Dialogue: 0,0:08:25.18,0:08:29.01,Default,,0000,0000,0000,,So people, high-skilled people,
Dialogue: 0,0:08:29.01,0:08:33.05,Default,,0000,0000,0000,,talents, will be the big thing\Nin the next decade.
Dialogue: 0,0:08:33.05,0:08:38.69,Default,,0000,0000,0000,,If they are the scarce resource,\Nwe have to understand them much better.
Dialogue: 0,0:08:38.69,0:08:41.64,Default,,0000,0000,0000,,Are they actually willing to work abroad?
Dialogue: 0,0:08:41.64,0:08:43.40,Default,,0000,0000,0000,,What are their job preferences?
Dialogue: 0,0:08:44.55,0:08:49.59,Default,,0000,0000,0000,,To find out, this year we conducted\Na global survey
Dialogue: 0,0:08:49.62,0:08:54.87,Default,,0000,0000,0000,,among more than 200,000 job seekers\Nfrom 189 countries.
Dialogue: 0,0:08:56.02,0:09:01.45,Default,,0000,0000,0000,,Migration is certainly\None key measure to close a gap,
Dialogue: 0,0:09:01.47,0:09:03.01,Default,,0000,0000,0000,,at least in the short term,
Dialogue: 0,0:09:03.01,0:09:05.61,Default,,0000,0000,0000,,so we asked about mobility.
Dialogue: 0,0:09:05.61,0:09:10.23,Default,,0000,0000,0000,,More than 60 percent\Nof these 200,000 job seekers
Dialogue: 0,0:09:10.23,0:09:12.83,Default,,0000,0000,0000,,are willing to work abroad.
Dialogue: 0,0:09:12.83,0:09:14.99,Default,,0000,0000,0000,,For me, a surprisingly high number.
Dialogue: 0,0:09:14.99,0:09:18.41,Default,,0000,0000,0000,,If you look at the employees\Naged 21 to 30,
Dialogue: 0,0:09:18.41,0:09:20.71,Default,,0000,0000,0000,,this number is even higher.
Dialogue: 0,0:09:20.71,0:09:24.03,Default,,0000,0000,0000,,If you split this number up by country,
Dialogue: 0,0:09:24.03,0:09:29.23,Default,,0000,0000,0000,,yes, the world is mobile, but only partly.
Dialogue: 0,0:09:29.23,0:09:33.28,Default,,0000,0000,0000,,The least mobile countries\Nare Russia, Germany, and the U.S.
Dialogue: 0,0:09:34.36,0:09:37.63,Default,,0000,0000,0000,,Now, where would these\Npeople like to move to?
Dialogue: 0,0:09:37.63,0:09:42.46,Default,,0000,0000,0000,,Number seven is Australia,\Nwhere 28 percent could imagine moving to.
Dialogue: 0,0:09:42.46,0:09:46.78,Default,,0000,0000,0000,,Then France, Switzerland,\NGermany, Canada, U.K.,
Dialogue: 0,0:09:46.80,0:09:50.11,Default,,0000,0000,0000,,and the top choice\Nworldwide is the U.S.
Dialogue: 0,0:09:50.74,0:09:54.24,Default,,0000,0000,0000,,Now, what are the job preferences\Nof these 200,000 people?
Dialogue: 0,0:09:54.26,0:09:55.75,Default,,0000,0000,0000,,So, what are they looking for?
Dialogue: 0,0:09:57.04,0:10:03.48,Default,,0000,0000,0000,,Out of a list of 26 topics,\Nsalary is only number eight.
Dialogue: 0,0:10:03.48,0:10:08.00,Default,,0000,0000,0000,,The top four topics\Nare all around culture.
Dialogue: 0,0:10:08.00,0:10:09.56,Default,,0000,0000,0000,,Number four,
Dialogue: 0,0:10:09.56,0:10:12.55,Default,,0000,0000,0000,,having a great relationship with the boss.
Dialogue: 0,0:10:12.55,0:10:16.57,Default,,0000,0000,0000,,Three, enjoying a great work-life balance.
Dialogue: 0,0:10:16.57,0:10:20.33,Default,,0000,0000,0000,,Two, having a great relationship\Nwith colleagues;
Dialogue: 0,0:10:20.33,0:10:23.73,Default,,0000,0000,0000,,and the top priority worldwide
Dialogue: 0,0:10:23.75,0:10:27.34,Default,,0000,0000,0000,,is being appreciated for your work.
Dialogue: 0,0:10:28.32,0:10:31.15,Default,,0000,0000,0000,,So, do I get a thank you?
Dialogue: 0,0:10:31.15,0:10:34.50,Default,,0000,0000,0000,,Not only once a year\Nwith the annual bonus payment,
Dialogue: 0,0:10:34.50,0:10:36.70,Default,,0000,0000,0000,,but every day.
Dialogue: 0,0:10:36.70,0:10:41.93,Default,,0000,0000,0000,,And now, our global work-force crisis\Nbecomes very personal.
Dialogue: 0,0:10:41.93,0:10:44.97,Default,,0000,0000,0000,,People are looking for recognition.
Dialogue: 0,0:10:44.97,0:10:48.27,Default,,0000,0000,0000,,Aren't we all looking\Nfor recognition in our jobs?
Dialogue: 0,0:10:51.30,0:10:54.88,Default,,0000,0000,0000,,Now, let me connect the dots.
Dialogue: 0,0:10:54.88,0:10:57.25,Default,,0000,0000,0000,,We will face a global work-force crisis
Dialogue: 0,0:10:57.25,0:11:00.22,Default,,0000,0000,0000,,which consists\Nof an overall labor shortage
Dialogue: 0,0:11:00.22,0:11:02.17,Default,,0000,0000,0000,,plus a huge skill mismatch,
Dialogue: 0,0:11:02.17,0:11:05.31,Default,,0000,0000,0000,,plus a big cultural challenge.
Dialogue: 0,0:11:05.31,0:11:09.23,Default,,0000,0000,0000,,And this global work-force crisis\Nis approaching very fast.
Dialogue: 0,0:11:09.23,0:11:11.97,Default,,0000,0000,0000,,Right now, we are\Njust at the turning point.
Dialogue: 0,0:11:11.97,0:11:16.36,Default,,0000,0000,0000,,So what can we, what can governments,\Nwhat can companies do?
Dialogue: 0,0:11:16.36,0:11:17.96,Default,,0000,0000,0000,,Every company,
Dialogue: 0,0:11:17.96,0:11:19.75,Default,,0000,0000,0000,,but also every country,
Dialogue: 0,0:11:19.75,0:11:21.68,Default,,0000,0000,0000,,needs a people strategy,
Dialogue: 0,0:11:21.68,0:11:24.65,Default,,0000,0000,0000,,and act on it immediately,
Dialogue: 0,0:11:24.65,0:11:28.60,Default,,0000,0000,0000,,and such a people strategy\Nconsists of four parts.
Dialogue: 0,0:11:28.60,0:11:30.41,Default,,0000,0000,0000,,Number one, a plan
Dialogue: 0,0:11:30.41,0:11:36.54,Default,,0000,0000,0000,,for how to forecast supply and demand\Nfor different jobs and different skills.
Dialogue: 0,0:11:36.54,0:11:38.23,Default,,0000,0000,0000,,Work-force planning
Dialogue: 0,0:11:38.23,0:11:41.01,Default,,0000,0000,0000,,will become more important\Nthan financial planning.
Dialogue: 0,0:11:42.11,0:11:45.73,Default,,0000,0000,0000,,Two, a plan for\Nhow to attract great people:
Dialogue: 0,0:11:45.73,0:11:48.83,Default,,0000,0000,0000,,generation Y, women, but also retirees.
Dialogue: 0,0:11:49.86,0:11:53.85,Default,,0000,0000,0000,,Three, a plan for how to educate\Nand upskill them.
Dialogue: 0,0:11:53.88,0:11:56.43,Default,,0000,0000,0000,,There's a huge\Nupskilling challenge ahead of us.
Dialogue: 0,0:11:57.67,0:11:59.50,Default,,0000,0000,0000,,And four,
Dialogue: 0,0:11:59.50,0:12:02.03,Default,,0000,0000,0000,,for how to retain the best people,
Dialogue: 0,0:12:02.05,0:12:03.40,Default,,0000,0000,0000,,or in other words,
Dialogue: 0,0:12:03.42,0:12:08.30,Default,,0000,0000,0000,,how to realize an appreciation\Nand relationship culture.
Dialogue: 0,0:12:11.64,0:12:17.68,Default,,0000,0000,0000,,However, one crucial underlying factor\Nis to change our attitudes.
Dialogue: 0,0:12:18.42,0:12:22.63,Default,,0000,0000,0000,,Employees are resources, are assets,
Dialogue: 0,0:12:22.63,0:12:25.07,Default,,0000,0000,0000,,not costs, not head counts,
Dialogue: 0,0:12:25.10,0:12:26.48,Default,,0000,0000,0000,,not machines,
Dialogue: 0,0:12:26.50,0:12:28.05,Default,,0000,0000,0000,,not even the Germans.
Dialogue: 0,0:12:28.18,0:12:29.28,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:12:29.30,0:12:33.19,Default,,0000,0000,0000,,(Applause)