New research by Oxford Economics is presented in a paper entitled “Global Talent 2021: How the New Geography Will Transform Human Resource Strategy”. The paper examines the global changes that are affecting the staffing and HR industry and what the future role of locally- and globally-recruiting companies might be. 
Technology innovation, globalization, shifting labor demographics, customer needs, and competition are rapidly affecting the recruitment industry. The research reports that an estimated 9 out of 10 developed countries such as North America, Canada, most of Europe, Russia, Japan, and Australia will face technical and managerial staffing shortages by the year 2021.
At the same time, certain developing countries such as India, Indonesia, Colombia, South Africa, Brazil, and Morocco will face surplus labor resources. Moreover, education and worker training is inadequate for the needs of many countries adding to outsourcing and off shoring activity to replace the knowledge functions that domestic workers are unable to provide.
The HR and recruitment industry must adapt in the following ways:
- HR leaders and recruiters will require skills in new technologies, analytical tools, and trend analysis to predict the future labor market and allow them to meet the supply and demand for staff. Remote work will increase in response to global shortages and surpluses in labor and talent.
- HR leaders and recruiters will have to meet the growing demand by hiring companies to provide ROI in terms of talent acquisition and management, and the HR industry will be expected to monitor human resource investment and to recommend where investment is required.
- A volatile global environment and unpredictable fluctuations in the talent market will require the HR industry to undertake more risk and to leverage the knowledge that they acquire.
The recruitment and HR industry faces the challenge of transforming from a service industry to a strategic staffing management industry. The industry must utilize global technology and data analysis to offer economic predictions, accurate forecasts with respect to future labor availability, and advice to businesses on human capital investment.
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