There are talents in Europe and they need to be nurtured, especially since the EU is going through an important demographic transition. This is even more necessary in regions that have a problem with a labor shortage and a low proportion of people with tertiary education, and in regions that are affected by the departure of young people.

Due to mentioned the Commission is launching the ‘Talent Booster Mechanism'. This Mechanism will support EU regions affected by the accelerated decline of their working age population to train, retain and attract the people, the skills and the competences needed to address the impact of the demographic transition.

The Mechanism is presented in Communication on Harnessing Talent in Europe's Regions and is the first key initiative in 2023 contributing to the European Year of Skills as proposed by the Commission, which aims to bring a fresh impetus for re- and upskilling. The Communication offers tailor-made, place based and multi-dimensional solutions, including the use of existing EU funds and initiatives to support regions most affected by the ongoing demographic transition and its side-effects and prevent the emergence of new and increased territorial disparities in the EU.

The Commission will develop the Talent Booster Mechanism based on 8 pillars:

• A new pilotproject will be launched in 2023 to help regions facing a ‘talent development trap' elaborate, consolidate, develop and implement tailored and comprehensive strategies, as well as to identify relevant projects, to train, attract and retain skilled workers. Support will be provided to pilot regions selected on the basis of an open call.
• A new initiative on ‘Smart adaptation of regions to demographic transition' will kick off in 2023 to help regions with higher rates of departure of their young people to adapt to the demographic transition and invest in talent development through tailored place-based policies. Benefiting regions will be selected on the basis of an open call.
• The Technical Support Instrument(TSI) will support Member States, upon demand under the TSI 2023 call, with reforms at national and regional level, necessary to address the shrinking of the working-age population, the lack of skills and respond to local market needs.
• Cohesion Policyprogrammes and the Interregional Innovation Investments will stimulate innovation and opportunities for high-skill jobs and thus contribute improving possibilities to retain and attract talents in these regions.
• A new call for innovative actions will be launched under the‘European Urban Initiative' to test place-based solutions led by shrinking cities that address the challenges of developing, retaining and attracting skilled workers.
• EU initiativesthat support the development of talents will be signposted on a dedicated webpage. This will provide easier access to information to interested regions about EU policies in areas such as research and innovation, training, education, and youth mobility.
• Experiences will be exchanged and good practices will be disseminated: regions will have the possibility to set up thematic and regional working groups to address specific professional or territorial challenges.
• The analytical knowledgerequired to support and facilitate evidence-based policies on regional development and migration will be further developed.

Source: European Commission