As airlines around the world expanding their fleets, everyone is looking for people to do the flying. But there doesn't seem to be enough people around to fill those jobs. After all, it takes a tremendous amount of time and money to train a pilot.
Thus, the pilot shortage is real and some airlines are beginning to feel the pinch. According to Patrick Smith, it is regional carriers that are bearing the brunt of the shortage. However, if this trend continues, it may one day affect mainlines carriers as well.
One airline executive clarified the situation by saying there isn't a shortage of pilots, there's a shortage of good, qualified pilots.