An Analysis of Supply and Demand of High-skilled Labor and Implications for Industrial Workforce Policy

Young Min Kim ()
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Young Min Kim: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 22-9, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: To strengthen industrial competitiveness and productivity, the digital transformation is necessary. In addition, new technologies such as artificial intelligence (AI), robots and big data, among others, create new industries and are poised to increase demand for high-skilled workers. The Korean Ministry of Trade, Industry and Energy (MOTIE) predicts that demand for Industrial Technology Labor Force (ITL) workers will increase by 155,000 workers in five new industries by 2029. Given the circumstances, this paper explores why the shortage rate of high-skilled workers has consistently increased despite the expansion of industrial workforce policies. Following a review of the current literature and issue of industrial workforce policy, the work proposes a suite of policies to stabilize the supply of high-skilled workers for the digital transformation and new industries.

Keywords: labor economics; labor policy; labor market; labor conditions; labor demand; Korea; digital transformation; skilled labor; labor productivity; firm productivity; firm competitiveness (search for similar items in EconPapers)
JEL-codes: J08 J23 J24 J44 J48 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2022-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kieter:2022_009

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