By 2030 — no more than a couple of economic cycles away, in all likelihood — the worldwide talent shortage will reach about 85 million people with needed skills, according to a new report. The estimated financial impact: as much as $8.5 trillion of unrealized annual revenue.
More scary datapoints include: The U.S. would lose out the most, with $1.7 trillion in unrealized revenue; the projected labor deficit of 3 percent in 2020 will be 11 percent in 2030, and the U.S. labor participation rate dropping to 60 percent by that same time.
The good news, however, is robots are NOT taking people’s jobs:
In countries with low unemployment and booming manufacturing production — the Czech Republic, Poland, Hungary, and Slovakia, for example — labor shortages are accelerating automation and increased use of robotics “not to replace people, but because there aren’t enough of them to fill the factories,” the report says.
Plus, a growing skills shortage. Whee!
Snap is giving an Amazon exec $20 million in stock to replace its CFO [BI]
If you enjoy big compensation package porn, the one Snap is giving Tim Stone should be sufficiently arousing:
Stone, 51, will be paid an annual salary of $500,000, plus $20 million in restricted stock units and 500,000 options to purchase Class A shares.
$19 million of Stone’s restricted stock vests over four years, while a $1 million “sign-on” grants vests in 6 months.
Snap likes big stock awards. CEO Evan Spiegel received — essentially from himself — one of $637 million; Chief strategy officer Imran Khan: $100 million, and general counsel Michael O’Sullivan: $16 million.
Jay-Z ordered to testify next week in U.S. SEC investigation [Reuters]
Aka Shawn Carter, Jay-Z sold his Rocawear clothing brand to Iconix Brand Group in 2007 for $204 million, but now the company has written down that investment to zero. The Securities and Exchange and Commission subpoenaed Jay-Z for its investigation, but his lawyer claimed it was a “celebrity hunt” and “is driven more by governmental fascination with celebrity and headlines than by any proper investigative purpose.”
Previously, on Going Concern…
Jason Bramwell wrote about how controllers support CFOs during the IPO process.
In Open Items: “I regret that I just threw away that big 4 opportunity so easily when I fought so hard for it and has worked so hard to get there. I am having a hard time finding peace with my decision and coming terms with myself.”
In other news:
- SEC filing suggests MoviePass’ time is running out
- Five More Nike Executives Exit Amid Probe
- Uber’s flying car prototype looks like a plane.
- Denver Post Journalists Go to New York to Protest Their Owner
- Sudden Urge For A Slurpee Helps Save Man’s Life
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Image: Kolforn/Wikimedia Commons