There are three key facts to bear in mind when considering the workforce of the future. Firstly, workers will be older, secondly a higher proportion will be female and thirdly, there will be less of them available.

Skills shortages are looming in most developed economies given profound population changes. By 2050, the number of people available to work in the Eurozone is expected to tumble from 203 million to 160 million. While demographic forecasts in the US are less severe, the American economy is faced with similar trends. Inevitably, the attraction and retention of skilled personnel will be THE big business challenge of the new millennium.

Those companies with the ability to source rare talent will have a competitive advantage every bit as valuable as a superior product.

Workforce diversity has increased considerably in recent years prompted by legislation in a number of markets and this trend will inevitably continue as employers shake off old habits and prejudices to proactively source personnel from minority groups and from among emerging economies.