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

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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.

Suggested Citation

  • Kim, Young Min, 2022. "An Analysis of Supply and Demand of High-skilled Labor and Implications for Industrial Workforce Policy," Industrial Economic Review 22-9, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2022_009
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    Keywords

    labor economics; labor policy; labor market; labor conditions; labor demand; Korea; digital transformation; skilled labor; labor productivity; firm productivity; firm competitiveness;
    All these keywords.

    JEL classification:

    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations
    • J48 - Labor and Demographic Economics - - Particular Labor Markets - - - Particular Labor Markets; Public Policy

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