Future of Work - Thematic Research

Future of Work - Thematic Research

Summary

Many people are re-evaluating their relationship to work, and the so-called Great Resignation, which began in early 2021, has seen millions leave their jobs or retire early. Employees are in a stronger position than they have been for years, as companies are forced to improve not only wages and career development opportunities but also well-being and work-life balance. Workers have an opportunity to redefine how they work, but challenges lie ahead. Talent scarcity and the volume of unfilled vacancies risk accelerating automation, despite the lack of policies to tackle the digital skills divide.

Key Highlights

• The post-pandemic recovery and economic downturn are shifting the future of work debate towards rebuilding more resilient labor markets and businesses. While there is no holding back technology adoption across industries, the question is how to ensure that workers capture its benefits without exacerbating inequalities.
• Global labor shortages, alongside a lack of critical talent, have left companies worldwide and across sectors struggling to fill vacancies. In the past two years, supply has been hit by the so-called Great Resignation, which has seen millions of workers leave their jobs, and reduced migration. According to the International Monetary Fund (IMF), by late 2021, there were 50% to 80% more unfilled jobs in Australia, Canada, the UK, and the US than before the pandemic. But this is also pushing up wage growth across the board.
• The IMF estimates that the annual growth rate of nominal wages in low-pay industries increased by four to six percentage points between mid-2020 and late 2021 because of rising labor market tightness, reducing wage inequalities in some countries. However, on average, these pay gains have not yet resulted in additional spending power due to high inflation. In the future of work, retention will become as important as recruitment in maintaining a stable workforce. In addition, tight labor markets will force organizations to improve employment offers to attract and retain staff. Active labor market policies will be crucial, including training programs that help workers develop the skills required for new digital-intensive jobs.

• This report provides an overview of the future of work, one of the most important themes impacting the world in which we live.
• It includes a comprehensive thematic framework for looking at the future of work.
• This framework is made up of five categories: visualization, connectivity, automation, collaboration, and interpretation.

• The future of work is shaping both factories and offices, encouraging greater collaboration between humans and technology, and empowering workers with new digital skills. In the background, the increased use of technology is bringing about profound political, economic, and social change. This report helps you make sense of this vitally important theme, by providing you with a clear thematic framework.
• In addition, we identify those companies that are developing and adopting the most advanced technologies across the future of work framework. These companies are the most likely to emerge as winners in this theme.