Over 14 million jobs globally are at risk in the Travel & Tourism industry, if Governments and private sector companies do not act now to address the talent shortage in the industry.
Research conducted for the World Travel & Tourism Council by Oxford Economics shows that the industry could employ 14m fewer people and contribute $610 billion less in GDP to the world economy over the next ten years, when compared to accepted growth forecasts, if Government and private companies fail to implement policies which promote proactive and careful talent management.
Travel & Tourism currently sustains 266 million jobs, once the indirect and induced impacts are taken into consideration, a figure projected to rise to 347 million by 2024. Similarly, the industry contributed nearly $7 trillion to the global economy in 2014; which is forecast to rise to $11 trillion by 2024.
The research, for the first time, quantifies the sheer scale of the human resource challenge in Travel & Tourism and the potential impact of the skill shortage on the 2024 projections, which are the equivalent of lowering the level of global total Travel & tourism employment by 4% compared to the baseline projected level in 2024.
The research looked at 46 countries, which together account for over 80% of the world's Travel & Tourism employment and GDP, and assessed how well placed these countries are to create the right 'enabling' environment to develop this talent over the next 10 years. It shows that there is a serious shortage of the right people, in the right place, with the right skills, to meet the growth of Travel & Tourism over the next ten years.
This research warns of serious potential economic cost over the next ten years. The total impact of talent gaps and deficiencies, including indirect and induced impacts, could cost the global economy approximately 14 million jobs and nearly US$610 billion in GDP (measured in 2013 prices and exchange rates). This jobs figure is 4% lower than the baseline projected levels of employment in 2024.
The research also underlines that Travel & Tourism's human capital challenges are significantly higher than those faced in other sectors, with 37 out of 46 countries showing a talent 'deficit' or 'shortage' in the industry over the next ten years, compared with only 6 out of 46 for the economy overall.
David Scowsill, WTTC President & CEO, explained the importance of the report's findings:
"Travel & Tourism is one of the world's largest economic sectors. It drives jobs and economic growth; well-being and prosperity. It creates jobs at different skills levels for often-marginalised sectors of society, such as young people and women, and in areas where other employment opportunities are scarce. Failure to plan properly for talent requirements leads to lower growth, reduced investment, less innovation and declining competitiveness for both countries and companies.
"When I speak to the leaders of the world's Travel & Tourism companies, it is clear that the biggest challenge to their growth plans is the supply and retention of talent across all levels of their businesses. That is borne out by this research.
Original post:
14 million jobs at risk due to global Travel & Tourism talent shortage - WTTC Reports
- Seaching for Condors in the Andes [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Visiting "The Mayor" again [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- The fantasy boot in my dream of childhood [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Day 53 54 55 [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- www.acb.my [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- day 22 [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Hoover Dam Grand Canyon Byrce Canyon and another little incident... [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Amazing first week [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- It's Been Awhile [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Busan [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Existential Migration: Feeling at Home as the Foreigner [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Passport Chop [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Travel Photography with a Disposable Camera (it’s NOT an oxymoron) [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Miss Travel Girl [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Cape to Cairo [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Alison Travels [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- True Nomads [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- How the Economy Affected 16 Travellers in 2009 [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- Do Travel Disasters Make the Best Travel Stories? [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- The Mother of All Trips [Last Updated On: November 8th, 2009] [Originally Added On: November 8th, 2009]
- A story by Kudra Ricketts [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Auckland City [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Another Published Article Penny [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- A Sparkling Xmas Surprise Penny [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Sandboarding [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- The Way Of Make Money In Runescape [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Highway 1 California [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- cancun on thanksgiven [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- On tour with Louise and Zane 46 students [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Hvad vi har lavet siden Gili [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Thailand Check. Laos here we come. [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Team America [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Tour Operator of Bangladesh Sundarbans Adventure Tour Package [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- The Last Leg [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Dec 13 2009 [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Latest Border News [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- The Wandering Soul’s Wander Tales [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Adventure Rob [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- The Golden Papaya [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Support Passports with Purpose 2009 [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- Vagabonding at 60 [Last Updated On: December 13th, 2009] [Originally Added On: December 13th, 2009]
- The Books that Inspired Us to Travel in 2009 [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Zululand drakensberg Lesotho and the wild coast [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- The Beautiful Higlands [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Loch Ness to Inverness and Culloden [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Aqaba The Little Merman [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Royal Deeside and the Castle Trail [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Southward in the Rain to Glamis Castle and Crail [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Iguassu Falls [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Stirling Castle and Edinburgh [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Edinburgh Old Town [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Galapagos II [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- El Chalten and Fitz Roy Massif [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Semuc Champey [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Mechanical Problems in Flight [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- "ACDC Tour Budapest without a satnav" [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Liat Airlines Stay Away [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Bariloche [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Lundi Macon [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Planning Australia Tour in Best way [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- Family Fun In Breckenridge Colorado [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- 5 Weeks in Australia [Last Updated On: December 14th, 2009] [Originally Added On: December 14th, 2009]
- The Movies and Music that Inspired Us to Travel in 2009 [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- A wonderful Japanes experience [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- So traveling again to a new part of the world [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Kangaroo roo roo a pinapple shake a tree.... [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Cutting wedding cost in the depression [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Pineapple Farm [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- South India Chennai Pondicherry Auroville... [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Back to Amarpurkashi Village Life... [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- MIA [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- The most northern of Thailand [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Photo's [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Trip to Marleshwar [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Season's Greetings from Berkeley [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Small hiccup [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Thailand Laos and Vietnam in Three Weeks [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- On the road again [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Part Two The Map Part Way in Cabal [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]
- Heading Back North [Last Updated On: December 16th, 2009] [Originally Added On: December 16th, 2009]