I don't really believe in an overall shortage of pilots but there is definitely the need for experienced pilots with wide body PIC that can cover DEC positions, airlines in the middle and the far east are feeling the pinch already and they will have to sweeten the deal if they want to get people interested. Here in Japan the need for pilots is bad now and it will become grave when the LCC's enter the market next year.
Several things didn't turn out to be as grave as some pundits were predicting, first the so called "JAL effect" didn't turn the market upside down as some were saying, most of the pilots that were displaced (nowhere near the numbers that were predicted) have already moved on to other jobs or left the business all together, JAL is in a lot better shape financially today than it was even two years ago and the attrition due to retirements should kick in again by late next year according to some of their pilots that I have talked to, they tell me that right now they are short on crews and that even without any growth when guys start reaching 60 again they will be leaving at the same rate they were before the bankruptcy, recruiting of new cadets will be very hard for them because people will be very reluctant to start a career at an airline that can displace you out of seniority as they did. I'll be so bold as to say that JAL will be a source of expat jobs in the no so distant future because of that.
The natural disaster here in Japan didn't turn out to be the economical disaster that pundits were predicting either and the world economy will begin racing again, I know there is a lot of speculation about this AA+ rating but there is a more politics than sensible economics behind that.
Airlines will have to sweeten the deal if they want to attract suitable candidates, either that or park airplanes