While we remain in the throes of a pandemic, talent concerns, including recruiting and retention, skills development, capacity, and availability, have emerged as a threat to the global economic outlook. In fact, recent data shows there were more job openings in the U.S. this spring than before the pandemic hit in March 2020, along with fewer people in the labor force–signaling that the millions of displaced workers during the pandemic still remain on the side-lines of the job market.

On top of the talent shortfall, employers are continuing to realize a gap in skills among both their current employees and new hires, particularly in today's hybrid environment driven by digital processes. Even before the pandemic, business leaders were voicing concerns about threats to their business from the growing global skills shortage. PwC's 22nd Annual Global CEO survey found that the number of business leaders who expressed concerns was already high, averaging out to 79% in 2019.